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Posted on Jan 28th, 2020

Building on the optimism about our economy

Binghamton Business News

There are a number of reasons to feel optimistic about the direction that our economy is moving.  I hope that these, and many other factors signal an opportunity for us to speak collectively and with confidence that businesses in Broome are doing well and growth is on the horizon. While this doesn’t eliminate continued regulatory and financial barriers – it is a moment for us to take ownership and pride in the work we’ve done to build a vibrant community.

February is host to one of my favorite events with the Chamber's annual Economic Forecast and Building BC Awards sponsored by M&T Bank. This is a great event to do a “temperature check” on the economy and understand the broader, more global issues that impact us here at home. M&T Bank Regional Economist Gary Keith has always provided a wealth of information and we look forward to his return this month. In addition, I am excited to host my first official Building BC award presentation. The addition of the Building BC awards has been a great complement to the program, and I am confident that we’ve got great awardees in store.

Attendees at our event will also receive our 2020 Economic Outlook Guide, which includes results from our annual Economic Outlook survey to our membership. The results are clear. Of the more than 175 respondents to our survey, the majority feel optimistic about the economy; their opportunity for business and sales growth; and new job creation. Things are bright in Broome. Much of this is because of our continued collaborative efforts. 

And as they say, the proof is in the pudding. What better proof of than the Southern Tier being named a Top Performer through the Southern Tier Regional Economic Development Council competitive funding process. Not only were we a top performer, receiving $88.9 million in economic development funding, but we were the highest awardee in the state! We’re excited to see a number of great projects, including the expansion of Buckingham Manufacturing in Kirkwood, Sam A. Lupo & Sons in Endicott, the continued support for the LUMA projection arts festival and the expansion of Beer Tree Brewing to the Oakdale Mall, to name a few.

And finally, I’ve been privileged to work with a number of exciting companies and developers to provide incentives from the IDA over the last five years. Just last year, we provided support to projects that will realize nearly $200 million in new private sector investment including projects by Canopy Growth Corporation, Buckingham Manufacturing, L3 Harris, and Spark Broome, LLC - a project that will reinvest in the former Sears building at the Oakdale Mall.

These are just a few of the projects and businesses that are positively impacting our economy, and I look forward to growing your business next.

Take a look at February's Chamber Report for more great things happening in Broome.

Wishing you continued success and happiness.