BINGHAMTON, N.Y. — Broome County saw more than $174 million in new private investment supported by the Broome County Industrial Development Agency (IDA) in 2024, according to The Agency’s 2024 annual report released on April 17. The growth will create more than 1,00 jobs and $30 million in tax revenue.
“Broome County is on the upswing,” The Agency Executive Director and Leadership Alliance CEO Stacey Duncan said in a release. “We’re creating conditions where both existing local businesses and new industry leaders can invest with confidence and grow with purpose. I’m proud of the opportunities we were able to help create in 2024 and look forward to the progress we’re going to continue to make throughout 2025 to deliver a brighter future for Broome.”
Some of the projects spurring the growth are Toyota Material Handling’s conversion of underutilized buildings in Kirkwood into locations for light manufacturing and finished goods storage, Regan Development Corporation building 72 new affordable housing units in Johnson City, and clean-energy company Fiomar Inc. relocating operations from Connecticut to a shuttered former Binghamton power plant.
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Those five projects represent more than $168.6 million in investment that is spurring 102 new jobs and 868 construction jobs.
The Broome County IDA’s small-business incentive programs are driving $5.5 million in new private investment into projects that will generate more than $317,000 in new tax revenue and come with commitments to creating 149 new jobs while retaining 333 jobs across fields including health care, manufacturing, and entertainment.
Nearly $8.5 million was invested in small businesses through programs like the Small Business Assistance Program and the COVID Relief Grant Fund. In partnership with Broome County, the IDA also launched a new Small Business Development Grant program last year that delivered targeted grants of up to $50,000 to help 15 local businesses expand, purchase equipment, and improve facilities.
“This is what smart, targeted economic development looks like,” Broome County IDA Board of Directors Chair John M. Bernardo said. “The IDA is using all the tools at its disposal to help breathe new life into long-underutilized sites and secure major commitments from companies who believe in Broome County’s future.”
A number of projects around the county reached significant development milestones during 2024. Oakdale Commons, a once-struggling mall, continued its transformation into a mixed-use campus with national retailers, a 125-unit workforce housing development, and a 22,000-square-foot childcare center. UHS Wilson Medical Campus completed a nearly $300 million expansion supported by tax-exempt bond financing through The Agency.
“We’re seeing real results from the work we’ve put in to grow our economy,” Broome County Executive Jason Garnar said. “These investments mean more jobs, more opportunity, and more reasons for people to stay and build their future right here in Broome County.”
The full report is available online.
