Flower City Flop
by davidameyer
Tough day in my hometown of Rochester, New York. Eastman Kodak, once one of the most influential and innovative companies in the world, filed for Chapter 11 bankruptcy.
If you grew up in Rochester, this stings. Kodak was a pillar of the community and Rochester thrived, in part, due to the generous philanthropy of Kodak founder George Eastman and his estate. (Kodak also polluted vast stretches of local neighborhoods and created cancer blooms in and around Kodak Park, but we won’t get into that.)
Despite this development, there is hope for the resilient city and its understated residents. Small businesses seem to be picking up where Kodak and Xerox left off, taking advantage of the highly educated and skilled workforce left standing in the rubble of the two former industrial titans. Total employment has grown substantially in recent years and home values continue to rise despite a housing crash that has crippled the rest of the country.