William C Dudley: Workforce development and reinvention in the Rochester economy Remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, before the Rochester Business Alliance, Rochester, New York, 12 August 2015. *  *  *  Jaison Abel, Chelsea Cruz, Tony Davis, Richard Deitz, Eric Pajonk and Joseph Tracy assisted in preparing these remarks. Good morning. I am very pleased to be in Rochester and to have the opportunity to speak here today. I would like to give a special thanks to the Rochester Business Alliance for their part in making this event possible. My meeting with you today is part of our continuing efforts to understand what is going on at the grassroots level of our economy. During these trips I meet with a variety of stakeholders, which helps me develop a comprehensive view of local conditions and a fuller understanding of any major issues and concerns. This is my third visit to Rochester in the past five years. In my remarks, I will provide an overview of the regional economy and discuss the importance of workforce development, both for Rochester and the broader economy. As always, what I have to say today reflects my own views and not necessarily those of the Federal Open Market Committee or the Federal Reserve System. Reinvention in the Rochester economy Like Upstate New York more generally, the Rochester economy has lagged behind the nation for a number of decades.

Forward-looking partnerships such as these create “win-win” opportunities for everyone involved, and help the local economy grow and prosper. Monroe Community College (MCC) also stands out with its significant workforce development initiatives. In fact, earlier this year Vice President Joe Biden – who was back in Rochester recently to announce the creation of a new manufacturing photonics hub – presented the college as a model for developing meaningful collaborations with employers to create job-training programs that align with current employment opportunities. MCC has taken a uniquely data driven approach to the development of tools and programs that work to address the most pressing workforce development needs in the greater Rochester area, and to provide diverse learners with clear paths to sustaining meaningful careers. For instance, the MCC Corporate College program has designed and delivered more than 100 new noncredit courses and provided education and training to more than 2,000 individuals. Additionally, the college has partnered with 128 employers, including CooperVision and Thermo Fisher Scientific, to deliver customized training to their employees. The Corporate College takes an innovative approach in providing workforce learning and development solutions informed by current labor market data and expert analysis. BIS central bankers’ speeches  3  There is increased awareness, both locally and nationally, of a growing skills gap within industries. Supporting middle-skill occupations has become a critical theme for many in the business community and within the workforce development community. In response to this issue, MCC announced a new collaboration with JPMorgan Chase called the Middle-Skills Bridge Program.