mobileCommunity Calendar Broome A to Z Economic Development Community Calendar

Economic Analysis Of Broome Points To Regions Potential, Plans For Future Prosperity

 

(BINGHAMTON, NY) – Broome County Executive Debbie Preston today was joined by community leaders as E.M. Pemrick and Company presented an Economic Analysis of Broome County, which is a major component of Broome County’s Comprehensive Plan.
 
“This Economic Analysis is a key element as we work to finalize our first full Comprehensive Plan in nearly 50 years,” said Broome County Executive Debbie Preston. “The findings of E. M. Pemrick and Company highlight our many strengths and help us identify our challenges, as we develop the plan that will bring us from our current state to a place of economic prosperity.”
 
“Broome County has many of the tools needed to reverse recent trends, attract and grow business, and put its residents back to work,” said E.M. Pemrick Principal Ellen Pemrick. “The challenges that face the County are similar to many regions throughout the Country; this Economic Analysis is an opportunity for Broome to face its challenges head-on and re-establish itself as a center for business and innovation.”
 
For the last year the Broome County Department of Planning and Economic Development has solicited feedback from County residents, business owners, community leaders and other stakeholders on ideas and concerns for Broome County. The Economic Analysis is a professional, unbiased and non-partisan study of the County’s economy.
 
“The Economic Analysis for our Comprehensive Plan is a quintessential component of the future of our region,” said Broome County Planning and Economic Development Commissioner Elaine Miller. “E.M. Pemrick is an outstanding firm specializing in economic development, community planning and policy analysis, our Comprehensive Plan wouldn’t be complete without a detailed report from such a top agency.”
 
The 17-page Economic Analysis addresses:
·         Strengths and Challenges;
·         Business Life Cycles, Business Attraction, Retention and Expansion;
·         Real Estate Assessment;
·         Workforce, Education and Training; and
·         The Use of Incentives.
 
 
 

Strengths
Proximity to major markets in upstate New York, the NYC metropolitan area, and New England.
 
Geographic access via air, rail, and interstate highways; at the crossroads of I‐81 and I‐88.
 
Diverse manufacturing presence.
 
Industrial heritage and technical knowledge.
 
Binghamton University: emerging as one of the top public universities in the U.S., with strong programs in
engineering, business, nursing, and liberal arts.
 
University‐applied research in electronics and renewable energy.
 
University‐industry collaboration.
 
Broome Community College: strong health sciences and engineering programs; well‐regarded and
responsive to business needs.
 
Competitive labor costs.
 
Availability of skilled labor and a strong work ethic.
 
Affordable housing and commercial/industrial real estate.
 
Excellent health care systems that serve the local and regional population.
 
Abundant water supply.
 
Strong agricultural community, new regional farmers market, and land for farming.
 
Cultural and recreational opportunities; a growing arts scene.
 
Natural gas resources in the Marcellus Shale that underlies the region.
Challenges
Perceptions and realities of the New York State business environment: high income and property taxes, high level of unionization.
 
High electric power rates.
 
Low recognition of Broome County and the Southern Tier among businesses and the general public outside
the State.
 
Too much focus on the economic and industrial losses of the past.
 
Local media perpetuate a negative view of the region, hurting efforts to promote Broome County as a location for business and a good place to raise a family.
 
Aging workforce.
 
Educated young people leaving the area.
 
Difficulty recruiting workers, especially young professionals.
 
Issues with wastewater treatment capacity; in areas served by the Binghamton‐Johnson City Joint Sewage
Treatment Plant.
 
Lack of sites at a high level of readiness to support business attraction and expansion.
 
A lack of industrial buildings under 20 years old with the ceiling heights and column spans that today’s
industrial users require.
 
Limited developable/accessible land within the County due to wetlands, flood plains, steep slopes, rock
outcrops, etc.
 
Large supply of former industrial sites or brownfields that require environmental assessment, remediation, and other actions to facilitate redevelopment.
 
The Analysis gives recommendations on how to best capitalize on the County’s strengths and work to offset the challenges.
 
“The good news is that we have many of the ingredients for Broome County’s comeback right here within our workforce, Universities, housing market and geographical setting,” said Preston. “To address important issues like retaining young people and shovel-ready sites for development, we are in the midst of large-scale projects like our Hi-Tech Job Creation Incubator and development of our Airport Corridor to better meet the needs of the 21st century global economy. We look forward to putting this important Economic Analysis into action.”
 
The Department of Planning and Economic Development will now take the Economic Analysis coupled with extensive feedback from the public and develop an Action Plan as the final stage of the development of the Comprehensive Plan.
 
To read the Analysis:  click here.
 
 
###
 
07/23/2013 - 3:29pm