Broome County IDA highlights 2024 economic growth, list of projects

BINGHAMTON, N.Y. — Economic development surged across Broome County in 2024, with $174 million in private investment driving new projects and job growth, according to the 2024 Annual Report issued in mid-April by The Agency (Broome County IDA/LDC). Those private investment dollars, supported by the IDA, will generate more than 1,000 jobs and $30 million in tax revenue. “Broome County is on the upswing,” The Agency Executive Director and the Leadership Alliance CEO Stacey Duncan said in announcing the annual report. “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.” The annual report details significant new investments made by major regional employers that are creating jobs in high-growth industries like clean-energy manufacturing. Examples of these transformative IDA-backed initiatives include the following. The Raymond Corporation/Toyota Material Handling invested more than $28 million to acquire and modernize properties at 191 and 196 Corporate Drive in Kirkwood for light manufacturing and finished-goods storage. The project created 57 construction jobs and 74 new jobs. Square Deal Partners LLC will invest over $15 million to develop Riverside Gardens, a blend of residential and commercial space in Johnson City at the former Davis College. The development will feature 67 housing units and amenities open to the public including a restaurant, gym, and outdoor grilling area. The project will create 155 construction jobs and seven new jobs. Homesteads on Grand, by 333 Grand Ave LLC, will create 72 affordable-housing units including one-, two-, and three-bedroom apartments at 333 Grand Ave. and 154 Allen St. in Johnson City. An additional 6,200 square feet of nonresidential space is targeted for a daycare center. The $31 million project will create 79 construction jobs and 12 new jobs. Located at 435 Main St., Johnson City, The Lane Group of NY, LLC’s $20 million NYPenn Trade Center project will transform two historic buildings into 58 market-rate apartments and 12,000 square feet of commercial space. The project will create 80 construction jobs and just over one new job. Combined, the projects will generate an estimated nearly $30 million in new tax revenue and a new jobs payroll of $7.7 million. “This is what smart, targeted economic development looks like” IDA Board Chair John M. Bernardo said of the projects along with the IDA’s other incentive programs. “The IDA is using all the tools as its disposal to help breathe new life info long-underutilized sites and secure major commitments from companies who believe in Broome County’s future.” The IDA’s small business incentive programs are driving new private investment that will generate more than $317,000 in new tax revenue, create 149 new jobs, and retain 333 jobs across fields including health care, manufacturing, and entertainment. More key projects highlighted in the annual report include the following. Firomar, Inc. will invest $1.2 million to relocate from Connecticut to 22 Charles St., Binghamton. The company plans to hire 40 workers within its first two years of operation in New York. CMP Advanced Mechanical Solutions LLC is investing $627,000 to make infrastructure improvements to its facility in Binghamton, retaining 145 jobs and adding 75 new jobs. Phoenix Endicott Industrial Investors LLC will demolish a block of old buildings and install new electrical and mechanical services, investing $5.8 million at its Endicott facility. The project will retain 20 jobs and create 10 new ones. The company also invested $117,509 for boiler work, creating 40 new jobs and retaining 20. Skate Estate Vestal will spend $582,000 on interior and exterior renovations at its Vestal facility, retaining two jobs. A $1.6 million project by Neuroscience Healthcare modernized the Lourdes Hospital facility at 1020 Vestal Parkway East. Work included exterior renovations, heating and plumbing upgrades, and a building addition at the neurosurgery center. The project retained 41 jobs and created 15 new ones. Marchuska Productions LLC invested $381,300 to renovate and modernize multiple office spaces in the Metrocenter, 49 Court St., Binghamton, retaining eight jobs. The Agency’s 2024 annual report is available at: https://theagency-ny.com/manage/storage/uploads/00000002553.pdf.