Rochester’s stability stands out amid economic uncertainty

Listen to this article

Rochester is better positioned than many comparable cities to weather today’s uncertain economic conditions, according to Brian Pietrangelo, managing director of Investment Strategy at Key Private Bank. 

“Rochester has been more stable,” Pietrangelo said during a recent visit to the city, noting the region’s unemployment rates have fared better than those in nearby Buffalo, Syracuse, New York State overall and the national average. 

He credits Rochester’s concentration of health care systems and higher education institutions as a stabilizing force, particularly compared to areas that rely more heavily on manufacturing. 

Pietrangelo, who is based in Cleveland at Key’s headquarters, regularly visits the 15 states in the bank’s footprint to provide economic updates to staff and clients.  

He believes the recent Federal Reserve rate cut—and the unlikelihood of a recession on the horizon—bodes well for stock and bond performance in the months ahead. 

To best navigate the environment, Pietrangelo emphasized the importance of financial discipline.  

“Control what you can control and manage what you can’t control,” he said, encouraging investors to stick to their plans, embrace volatility when it occurs and resist the urge to time the market. 

He likened financial planning to running a fire drill: “You never develop a plan where there is a fire; you do it before one occurs. The same is true with financial services.” 

KeyBank‘s latest Small Business Survey, released earlier this month, reflects the broader pressures entrepreneurs are facing.  

Nearly one in four (23%) small business owners say they are stuck in “survival mode,” while almost half (46%) reported falling short of their 2025 performance expectations. 

Still, there are signs of cautious optimism.  

Forty percent of small business owners are planning for the future, and nearly half (46%) say they could cover at least one month of operating expenses in an emergency—only a slight dip from the 49% reported in KeyBank’s Fall 2024 survey. 

At the same time, 72% of small business owners are highly concerned about the potential impact of upcoming federal legislative changes. Encouragingly, 80% feel confident they can make informed decisions even in a shifting economic and policy environment, though many admit to second-guessing themselves at times. 

“Navigating the current economic environment has proven to be no small feat for small business owners,” said Mike Walters, president of Business Banking at KeyBank. “Their ability to adapt—whether through tightening expenses, finding new ways to serve customers, or preparing for regulatory shifts—shows the grit and creativity at the heart of the small business community. It’s that determination that allows them to build the foundation needed for long-term growth.” 

[email protected] / (585) 653-4021