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CNY quarterly consumer sentiment declines in Q4
Even in a period that included the festive holiday shopping season,consumers in Central New York and across New York state remained reluctant to spend their money in the final three months of last year. Overall consumer sentiment fell in the Syracuse, Utica–Rome, and Binghamton areas in the fourth quarter of 2013, according to the […]
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Even in a period that included the festive holiday shopping season,consumers in Central New York and across New York state remained reluctant to spend their money in the final three months of last year.
Overall consumer sentiment fell in the Syracuse, Utica–Rome, and Binghamton areas in the fourth quarter of 2013, according to the latest quarterly survey of nine metropolitan statistical areas (MSAs) of the state that the Siena (College) Research Institute (SRI) released Jan. 14.
The consumer-sentiment figure declined in all metro areas except Long Island, where quarterly sentiment inched up 0.7 points to an index level of 72, which ranked it second among the nine MSAs measured behind New York City at 75.4.
The index level in New York City fell 4.2 points, according to SRI.
Consumer sentiment in the Syracuse area decreased 2 points to 71.6, which ranked it third behind Long Island among the MSAs measured in the fourth quarter.
The sentiment figure in the Utica–Rome area slipped 0.3 points during the fourth quarter to an index level of 63.1, a sentiment figure that ranks eighth among the state’s nine MSAs in the quarter, according to SRI.
Consumer sentiment in the Binghamton area fell 4.5 points to 61.9, the lowest among the New York MSAs.
An MSA is a core, urbanized area of 50,000 or more people plus adjacent counties with strong social or economic ties, as measured by commuting patterns, according to SRI.
The year didn’t quite live up to the hopes that people had a year ago, says Donald Levy, SRI director.
“This quarter, especially, we saw a little bit of a slide. And we continued just to … hover at a mild level of pessimism, slight pessimism,” Levy says.
Consumers are just reluctant to spend their money, he adds.
When compared to the same quarter a year ago, the Syracuse overall sentiment figure of 71.6 is down 2.6 points from the 74.2 figure in 2012, according to the SRI data. At the same time, the Utica–Rome figure of 63.1 is down 5.1 points from the 68.2 registered a year ago, and the Binghamton number of 61.9 is down more than 10 points, according to the SRI data.
The intent of the consumer-confidence index is to measure people’s willingness to spend, as opposed to their ability to spend, SRI says. This data reports consumer confidence for the second quarter by MSA and should not be confused with SRI’s monthly New York index.
Buying plans
While consumer confidence is reported as an index number, the buying-plans portion of the survey reflects the percentage of respondents who plan specific expenditures in the next six months.
Of the 36 buying decisions possible across the nine MSAs, consumers boosted their buying plans in 25 product categories in the fourth quarter, and reduced buying plans in 19 categories. And, one category remained
buying plans are up in seven of nine regions, Levy notes.
“I think there’s been a pent-up demand that’s been building up. I think that the narrative in the press has been that real estate has solidified as an investment and that values have stabilized or begun to increase,” he adds.
And as it has done with its monthly consumer-sentiment surveys, SRI has replaced the computer category with consumer electronics in this survey.
In the Syracuse MSA, buying plans were up 4.2 points at 13.7 percent for cars and trucks, rose 4.9 points to 30 percent for consumer electronics, and increased 1 point to 3.7 percent for homes. Buying plans slipped 0.8 points to 14.6 percent for furniture, and fell 1.7 points to 16.1 percent for major home improvements.
In the Utica–Rome MSA, buying plans rose 3.9 points to 27.7 percent for consumer electronics, increased 2.6 points to 17.5 percent for major home improvements, inched up 1.7 points to 10.7 percent for cars and trucks, and rose 1.5 points to 4.6 percent for homes. Buying plans declined 0.1 points to 14.1 percent for furniture.
In the Binghamton MSA, buying plans rose 0.9 points to 12.9 percent for furniture. Buying plans fell 2.5 points to 6.5 percent for cars and trucks, declined 1.1 points to 3 percent for homes, dipped 0.7 points to 14.2 percent for major home improvements, and dropped 0.7 points to 23.9 percent for consumer electronics.
SRI conducted the quarterly consumer-sentiment survey by random telephone calls to more than 400 respondents over the age of 18 in all of the MSAs, except for New York City and Long Island, which are based on an average of SRI’s monthly consumer-confidence surveys.
Contact Reinhardt at ereinhardt@cnybj.com
C Speed seeks faster growth with its LightWave Radar system
SALINA — C Speed LLC, a Salina–based radar design and development company, recently landed high honors at the December Scottish Green Energy Awards when it won the 2013 Best Innovation Award for its LightWave Radar system to mitigate interference from wind turbines near airports and air fields. The award comes as the local company is
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SALINA — C Speed LLC, a Salina–based radar design and development company, recently landed high honors at the December Scottish Green Energy Awards when it won the 2013 Best Innovation Award for its LightWave Radar system to mitigate interference from wind turbines near airports and air fields.
The award comes as the local company is in the process of delivering the first LightWave system, under contract, to the United Kingdom’s Manston Airport in Kent where the system will eliminate “clutter” generated by the Vattenfall 51 megawatt Kentish Flats offshore wind farm.
It was back in 2007 when C Speed first saw opportunity for the LightWave system, says David Lysack, co-founder, president and CEO of C Speed. Current technology couldn’t effectively deal with wind turbines anywhere near an airport or other air field, such as a military base.
The problem, Lysack says, is that the huge turbines, with blades spinning around 150 miles per hour at the tip, confuse traditional radar systems, which send out a signal that bounces back when it encounters anything. The radar will detect the turbines, he says, but there is no way for the radar to know that what it sensed is a wind turbine rather than an aircraft.
“It’s bigger than a 747 spinning in the air,” Lysack says of wind turbines. The result is “clutter” on the radar screen where the radar thinks it is detecting aircraft due to the wind turbines.
Lysack and Justin Louise, his co-founder at C Speed, saw a real opportunity there, he says, to develop a system that could mitigate that clutter. “We kind of started over and designed, from the ground up, a radar system,” he says. That system was LightWave Radar which weeds out the clutter and allows air traffic controllers to accurately monitor the skies.
Here in the United States, Lysack notes, wind-farm clutter is an issue, but not to the degree it is in Europe, where the lack of land mass drives everything into close proximity. “The problem there really came to a crescendo,” he notes.
C Speed worked to develop the LightWave system from 2007 to 2011 and tested the unit in 2011 and 2012. Now, the company is in the process of delivering the system to the airport in Kent and will install the system in the first quarter of this year. By the end of this year, Lysack says he expects to have everything in place to begin offering the LightWave system to other airports.
While he declined to disclose revenue figures, Lysack says he expects revenue growth in 2014 and 2015 to be significantly higher than the 5 percent growth C Speed generated in 2013.
A good portion of that growth will come from the company’s LightWave system, but C Speed also has a robust design-service division that accounts for about half of the company’s current business, Lysack contends.
Through its design services, C Speed’s engineering team provides design solutions for customers, often augmenting a company’s own engineering department. It manufactures those solutions from its 15,000-square-foot, ISO 9001:2008 certified manufacturing facility on Steelway Boulevard in Clay, about a mile away from headquarters.
Markets served include medical, test and measurement, defense, and industrial inspection equipment.
“We have a balanced business,” Lysack says.
Headquartered in about 6,000 square feet at 316 Commerce Blvd., C Speed (www.cspeed.com) employs about 30 people, and Lysack expects that figure to grow as the LightWave system begins to attract more customers.
Wolken: Cuomo’s tax-relief plan for manufacturers ‘significant’
DeWITT — The proposed state tax breaks for upstate manufacturers send a message that New York “is trying to turn the corner at being a high-tech state.” That’s according to Randall Wolken, president of the Manufacturers Association of Central New York. “This is significant tax relief if you’re a manufacturer,” Wolken said in a
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DeWITT — The proposed state tax breaks for upstate manufacturers send a message that New York “is trying to turn the corner at being a high-tech state.”
That’s according to Randall Wolken, president of the Manufacturers Association of Central New York.
“This is significant tax relief if you’re a manufacturer,” Wolken said in a phone interview with The Central New York Business Journal on Jan. 13.
New York Gov. Andrew Cuomo on Jan. 6 announced details of a more than $2 billion tax-relief proposal he says is designed to increase economic opportunity and attract and grow businesses across the state.
The proposals include the creation of a refundable credit against corporate and personal income taxes that would be equal to 20 percent of a firm’s annual real-property taxes. The credit would provide $136 million in tax relief to the manufacturing sector, according to Cuomo’s office.
“That’s a very large number because it’s the biggest tax that manufacturers pay in the state of New York,” Wolken says, referring to the property tax.
Additionally, Cuomo recommends the elimination of the corporate income tax for upstate manufacturers to encourage the growth of manufacturing.
If approved, that would place New York among “a very rare group of states,” Wolken says.
“Only a few don’t have any corporate tax on manufacturers, so it sets a brand new tone, especially for an upstate manufacturer,” he adds.
The proposal would provide an additional $25 million in tax relief for upstate businesses and complement the proposal to reduce property taxes on manufacturers, Cuomo’s office said.
Cuomo is also recommending the elimination of the 2 percent Temporary Utility Assessment (18-A) levied on commercial electric, gas, water, and steam utility bills for industrial customers and accelerate the phase-out for remaining customers.
The phase-out will save businesses and residents $600 million over the next three years, according to the governor’s office.
The assessment wasn’t related to energy, but instead targeted the state budget’s general fund and was used to pay for budget deficits, Wolken says.
State lawmakers had planned to phase out the assessment, but Cuomo’s proposal is an even better outcome in Wolken’s eyes.
“An immediate repeal really helps industrial customers because they use a lot of energy,” Wolken says.
The business-advocacy group Unshackle Upstate pushed for repeal of the 18-A assessment in a 2013 legislative memo on the group’s website.
Unshackle Upstate is a coalition of more than 80 business and trade organizations representing upwards of 70,000 companies and employing more than 1.5 million people.
“New York State’s 18-A assessment has historically been used to fund the operations of the [New York State] Public Service Commission, the regulatory agency whose responsibilities include ensuring safe and reliable utility service and just and reasonable utility rates. To this end, the 18-A surcharge was statutorily set at one-third of 1 percent of the utilities’ intrastate revenues. Extending this tax will cost all energy consumers (businesses, governments, schools, non-profit organizations, and residences) in the state $254 million in 2013-14 and $509 million in subsequent years,” the memo says.
Unshackle Upstate “strenuously” opposed the increase of the 18-A assessment in 2009, and the group continues advocating for its “immediate” repeal, according to the memo.
Contact Reinhardt at
ereinhardt@cnybj.com
3D Rapid Prototyping Changing, Improving Manufacturing Process
“Faster. Better. Cheaper.” No, this is not the introduction to a “Six Million Dollar Man” episode from the 1970s. It’s the new mantra of today’s manufacturing companies, which are using innovative methods to get their products to market faster, better, and at lower cost than ever before. Who would’ve thought these words would be used
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“Faster. Better. Cheaper.”
No, this is not the introduction to a “Six Million Dollar Man” episode from the 1970s. It’s the new mantra of today’s manufacturing companies, which are using innovative methods to get their products to market faster, better, and at lower cost than ever before.
Who would’ve thought these words would be used to describe manufacturing?
In the old days, manufacturing took time. The “time to market” was clearly a lengthy cycle in any industry because getting a product from concept stage to being available for purchase took a while. Product development often had a difficult time making it out of the engineering department, based on such variables as initial approval, testing phases, budgeting, staffing allocations, manufacturing, and shipping — the list goes on.
But today, that’s all different. Thanks to an innovative process known as “3D rapid prototyping,” time to market can be greatly reduced. And the strange thing is — the technology is nothing new. It has been around for nearly three decades.
Known as “additive manufacturing,” 3D printing is used to fabricate models, prototypes, and parts from resin material. Using a CAD drawing, a part can be printed in a matter of hours.
Today’s high-end 3D rapid-prototype printers have improved exponentially over the last decade. There are machines with better print quality and resolution, significantly higher run speeds, more material choices, properties, and shades of color, and less of a footprint. It’s possible to buy a 3D printer to sit on your desk — similar in size to a laser printer — for printing convenience at your fingertips.
So, not only are 3D printers more capable, but also the range and mechanical properties of 3D print materials are expanding. The result of all this is that advanced 3D printers are becoming a must-have fixture within every large product-development company, from the automotive sector to electronic goods and household appliances.
Manufacturers are able to cut out much of their secondary tooling processes, such as injection molding, resin tooling, mold making, and soft tooling. And all of this will go into helping them shorten their time to market and reduce costs.
There is not a mechanical engineer on the face of the planet who wouldn’t want to hold their product idea in his hands — to see it, to feel its material properties, and to test how it works. A design engineer could have a new product idea on Tuesday, design a CAD drawing of it on Wednesday morning, and print a 3D part to have in-hand for the sales department’s customer meeting on Wednesday afternoon. Rapid prototyping virtually eliminates the need for preproduction tooling and speculative (costly) manufacturing.
Engineers today are using 3D rapid prototyping much the same way the business world embraced “spell check” for word-processing documents. It’s a step in the process that saves costly mistakes by enabling form, fit, and function testing prior to manufacturing.
There’s no end to the innovation that is taking place using 3D rapid prototyping, on a small and grand scale. According to The Wall Street Journal, Boeing plans to someday make an airplane wing without cutting or bending any metal — using a giant 3D printer. General Electric is getting in on the act, too, for new technology in health care. From musical instruments to dental orthodontics and automotive parts — 3D printing is turning ideas into reality.
The U.S. is obviously competing with other countries on the cost of manufacturing. And, 3D printing is but one tool to explore innovation and cost reduction, to determine if a product can be built stronger with less material, for example, or as a tool to check if a new design will function properly.
Businesses today compete with ideas in a global marketplace. In order to do battle in this modern, “instant” world, ideas have to be generated quickly. What’s your next-generation product? You’d better come up with it fast and it needs to be better than your competition’s product.
One of our customers is a major luggage manufacturer. We built a prototype of handles and a new wheel design on a piece of luggage so it could be tested via focus group for instant feedback critical to the manufacturing process. Another customer, a world-renowned gaming-technology company, came up with a cover design that we prototyped for a casino machine that would use less plastic, saving millions of dollars in the process.
For a major golf-ball manufacturer we prototyped four dozen balls, each with different dimple arrays, in a matter of two days. These balls were blown through a wind tunnel to see how they would react for speed and accuracy — something that would never have been possible before with traditional manufacturing processes.
Three-dimensional rapid prototyping is revolutionizing the manufacturing floor. The future is here, and its “one-off,” meaning it’s possible to produce just one part or model cost effectively, versus having to produce thousands. When faced with the pace of rapid change, 3D printing is allowing more businesses to compete and take advantage of developing opportunities in their own backyards and around the world. It puts imagination and innovation back into the hands of more companies.
Andy Coutu is president of R&D Technologies Inc., a Rhode Island–based reseller of 3D rapid-prototype printers and scanners. Contact him at acoutu@rnd-tech.comor visit www.rnd-tech.com
State of the State Dissected: Creativity, S.T.E.M. and Skills Needed for Tech-Boom
Recently, New York Governor Andrew Cuomo gave his State of the State address, and there are many aspects of it that I would like to discuss over the coming weeks. The issues include tax relief, economic development and many others, but this week I would like to discuss education. There are exciting opportunities developing here
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Recently, New York Governor Andrew Cuomo gave his State of the State address, and there are many aspects of it that I would like to discuss over the coming weeks. The issues include tax relief, economic development and many others, but this week I would like to discuss education.
There are exciting opportunities developing here in our region, particularly in the Mohawk Valley. The nano- and high-tech industries are growing in our state, and Central New York is one of the hubs. But in order to be prepared for these new opportunities, we need to ensure that our children develop the skills to secure the jobs currently being created.
The governor said “the best long-term economic development strategy is to have the best education system in the world…,” and I agree. Easily accessible public education that gives students the skills and training to succeed in the job market is critical. Time and time again, public education has proven itself to be the way out of poverty.
Expanded opportunities to study the sciences, technology, engineering and mathematics (STEM) are critical to ensuring that the tech-boom is being fed by a pool of talented young workers. The governor emphasized the need to get technology such as laptops, tablets, and broadband in our schools. He has proposed offering a referendum to voters to approve a $2 billion initiative to help struggling schools acquire tools to prepare our children for the emerging technological economy.
I would also like to encourage the expansion of trade curriculum in our BOCES system. The rapid growth of high-tech jobs requires a steady source of workers with traditional trade skills like machining, welding, electrical, and others. The opportunities are great, but our students must have the knowledge and skills to make them marketable in this changing economy.
I am on board with preparing students for these new opportunities, but we cannot forget that a real conversation must take place about the Common Core standards imposed on our children. Parents, students, educators, and administrators are concerned that Common Core, instead of helping our kids, is in fact stifling their educational progress.
While student performance metrics are designed to measure performance, the reality is that each child is different, and forcing them to fit into a mold isn’t helping anyone. Each student is imbued with unique and extraordinary talents, and it is our responsibility to help them harness and finesse those skills so that they can be successful.
Marc W. Butler (R,C,I–Newport) is a New York State Assemblyman for the 118th District, which encompasses parts of Oneida, Herkimer, and St. Lawrence counties, as well as all of Hamilton and Fulton counties. Contact him at butlerm@assembly.state.ny.us
It’s time for a real jobs agenda
The unemployment numbers are staggering. While the Obama Administration touts the official unemployment number, which shows a decline from 10 percent in October 2009 to 6.7 percent in the latest month (December 2013), the “real” numbers are substantially higher. If we include those workers who want to convert their part-time jobs into full-time positions and
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The unemployment numbers are staggering.
While the Obama Administration touts the official unemployment number, which shows a decline from 10 percent in October 2009 to 6.7 percent in the latest month (December 2013), the “real” numbers are substantially higher. If we include those workers who want to convert their part-time jobs into full-time positions and those who have left the workforce because they are discouraged, the unemployment number exceeds 13 percent. The jobless rate for low-skilled workers has reached as high as 36 percent for African-American teenagers and long-term unemployment reflects levels never seen before. Most ominous is the labor-force participation rate, which has fallen to its lowest levels in more than 35 years.
Washington’s answer to incentivizing people to work and to creating jobs is to double down on the same policies used since Franklin Delano Roosevelt was in office. The short answer is that most of the money and effort expended on creating jobs really goes to supporting the unemployed rather than helping them find gainful employment.
Michael R. Strain, in the lead article in the Winter 2014 issue of National Affairs, proposes a job agenda that can appeal both to conservatives and to liberals. First, government can play a meaningful role in investing in infrastructure by focusing on “longer-lived investment projects.” Forget the so-called, trillion-dollar stimulus of 2009 that turned out to be a payback to Democratic Party supporters. With interest rates at an all-time low, investments in our transportation industry, for example, would pay dividends for decades to come.
Second, roll back many of the licensing requirements that present an obstacle to creating new businesses. Why should a cosmetologist train for 372 days to receive a license while an emergency-medical technician may need just 33 days of training? Three, reform the disability system. The percentage of working-age adults collecting Social Security Disability Insurance (SSDI) benefits has doubled in 20 years from 2.3 percent of the population to 4.6 percent. SSDI is not intended to be a permanent alternative to work.
Four, any immigrant who earns a graduate degree in engineering, the sciences, technology, or mathematics should immediately become a permanent resident. These highly skilled individuals are responsible for creating a quarter of all the high-tech businesses in America. You want job creation; welcome these immigrants.
Five, promote entrepreneurship. Either reduce or eliminate the capital-gains tax and roll back the octopus of regulatory compliance that is often mindless and never seems subject to review. Six, offer assistance to unemployed workers who want to start businesses. Seven, open up federal lands to more energy exploration.a
Strain’s article also tackles a persistent obstacle to reducing unemployment: Encouraging the unemployed to move where the jobs are located. His suggestions include relocation assistance, sub-minimum wages with subsidies, and work sharing. The relocation assistance contains two parts: basic information about job availability and subsidies to the long-term unemployed to help finance moving from communities with high unemployment. In the past two decades, mobility in America has declined significantly. In the early 1990s, three percent of Americans moved each year. Today, the number is about 1.5 percent.
Our federal minimum wage law prohibits paying a sub-minimum wage. However, there are exemptions, such as those who receive tips, some full-time students employed in retail or at colleges and universities, and workers under the age of 20. There is nothing worse than letting your vocational skills atrophy through unemployment. A sub-minimum wage, paid for a limited period, coupled with subsidies or with the earned-income tax credit could get the long-term unemployed back to work faster and, in the long run, save money.
Strain’s last suggestion is to offer an alternative to layoffs. He proposes increasing work sharing, which is “the redistribution of labor hours among workers with the goal of reducing involuntary unemployment.” Workers would receive “short-time” unemployment insurance to compensate, in part, for the loss of income. Today, only half the states permit work sharing — leaving layoffs as the primary option exercised by employers.
America’s labor market is truly troubled. Every employer recognizes that productive human capital is not being utilized. While the economic tragedy is obvious, what is not really understood is the human tragedy of those who cannot find gainful employment. Their loss is not just monetary; it’s also a loss of dignity and their piece of the American dream.
It’s time for a real jobs agenda. It’s time to change our conventional thinking and sink more resources into creating jobs rather than into sustaining an environment that discourages the search for work.
Norman Poltenson is publisher of The Central New York Business Journal. Contact him at npoltenson@cnybj.com
“While I would love to see 1,000 jobs created in Johnson City as a result of Traditions at the Glen getting a casino license, the simple fact that is that there are not enough people in the area to support a casino and a racino 25 miles apart. At Tioga [Downs Casino], we currently do
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“While I would love to see 1,000 jobs created in Johnson City as a result of Traditions at the Glen getting a casino license, the simple fact that is that there are not enough people in the area to support a casino and a racino 25 miles apart.
At Tioga [Downs Casino], we currently do $60 million of slots revenue. And, [Traditions at the Glen owner Bill Walsh, who is bidding on a casino license from the state, said] he thought together we could do $165 million. I find it hard to believe that anyone really thinks that there is another $105 million of casino business in the Binghamton area.
Our own projections only show an increase of between $30 million and $40 million. It should also be noted that Mr. Walsh references Batavia Downs [Casino] and the fact that they co-exist with the Senecas [who operate the Seneca Niagara Casino & Hotel about 50 miles away], which is true. However, he fails to mention that there are 2.2 million people living within 50 miles of Batavia Downs while there are only about 800,000 people living within 50 miles of either Tioga Downs or [Traditions at the Glen.] That makes a big difference.
At Vernon [Downs], where we compete with Turning Stone [Resort Casino], which is only about 10 miles away, our slots revenue is only $40 million. The other error in Mr. Walsh’s analysis is his contention that our current gaming tax would decline from 68 percent to 37 percent. I wish that were the case, but, in reality, our gaming tax would only decline about 5 percent, which would not offset the approximate $20 million decline in revenue that even Mr. Walsh projects for Tioga [Downs Casino].
One additional concern is that, while we are arguing amongst ourselves, there is a third potential licensee [Rochester developer Thomas Wilmot] up in Tyre, which is in Seneca County, and [he] could be a strong contender for a license and we would end up with nothing down here where we desperately need more jobs. Obviously, the Governor has set up a process and hopefully we can convince the Site Selection Committee that we have the best proposal but the argument that 1 + 1 = 3 is unfortunately incorrect.”
Jeffrey Gural
Chairman & CEO
American Racing & Entertainment/
Tioga Downs Casino
CenterState CEO, local officials encourage adoption of Cuomo’s tax-relief plan
SYRACUSE — CenterState CEO and local-government officials on Wednesday expressed hope that state lawmakers would adopt Gov. Andrew Cuomo’s $2 billion tax-relief proposal in the
Destiny to get an IHOP Restaurant late this spring
SYRACUSE — IHOP Restaurant, the family eatery famous for its pancakes, plans to open a location in Destiny USA’s expansion area in late Spring. IHOP
UnitedHealthcare parent’s profit rises nearly 15 percent in 4th quarter
UnitedHealth Group (NYSE: UNH), the parent of UnitedHealthcare, today reported that its profit increased almost 15 percent in the fourth quarter on growth in enrollment
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