Local Rochester movie theaters will air the winning video for two weeks in September, and we will explore additional outlets for this video throughout the region as a public service announcement. These success stories that I’ve highlighted today illustrate the potential for workforce development to help cities such as Rochester continue to reinvent themselves for today’s economy. We need to be vigilant in our focus on those in danger of being left behind. Too many individuals, especially in our urban centers, lack a high school diploma. For example, the Rochester City School District has a dropout rate of 25 percent, and an alarmingly low graduation rate of just 50 percent. Without a high school diploma, people are in danger of being left behind without the skills they will need to truly participate in the economy. 4  BIS central bankers’ speeches  Succeeding in the international competition for jobs with a 50 percent graduation rate is like trying to win a boxing match with one hand tied behind your back. We must do better. While there are no easy answers, for the regional economy to thrive everyone needs to be an active participant. We need to figure out ways to re-engage those who have become detached from the workforce, or who feel like they don’t have the skills to compete in today’s challenging economic environment. In closing, Rochester is a metropolitan area in the midst of a process of transformation and reinvention.
While this process is not easy, Rochester possesses a unique set of assets that will help it succeed, and in many ways is on the cutting edge of adapting to these changes. Rochester is, in fact, becoming a leader in workforce development. Reinvention like reform can be difficult, and requires a degree of boldness. This sentiment was expressed by Rochester’s social reformer, Susan B. Anthony, who said that “Cautious, careful people, always casting about to preserve their reputation and social standing, can never bring about a reform.” Rochester is doing Susan B. Anthony proud, showing spirit and determination. Thank you for your attention, I would be happy to take a few questions. BIS central bankers’ speeches  5