It's time to take another look. T he Northeast region's economic slump of the early 1990s is an increasingly distant memory. In fact, some observers point to a labor shortage as a potential detriment to attracting new business to the region. Most Northeastern governors and state economic officials are working to reduce or eliminate burdensome business regulations and are implementing new business retention and relocation incentives designed to get companies to take a second look.
New facilities can have an inordinately positive impact on the regional economy.
A key engine of regional growth is the metro New York area's vibrant economy. New York is the center of commerce for the world, and foreign companies moving into the area feel they must be here. Swiss Bank's new trading facility opened recently in Stamford, Conn., on the northeastern edge of the New York City metro area. Closer to Manhattan, financial service firms and others are spreading out into an increasingly short supply of suburban office space in New Jersey and Long Island. The rejuvenation of this and other industries are contributing to a regional sense of prosperity that the states are working to maximize.