BINGHAMTON, N.Y. — The Greater Binghamton Chamber of Commerce held its annual Economic Forecast and Building BC Awards event on Wednesday, Feb. 19 at the Holiday Inn Binghamton.

Leadership Alliance CEO Stacey Duncan presented the results of a local business leaders survey conducted in December 2024 that showed the top five state and local business challenges include the regional economic climate, state business regulation, state business tax, attracting and retaining employees, and transportation infrastructure.

The top national factors impacting the economic outlook of business leaders included federal regulations, inflation, energy policy, intellectual policy and cybersecurity, and interest rates.

About 84 percent of respondents expect their business will grow over the next year, while 15 percent anticipate business to stay the same. Looking ahead, 40 percent of businesses feel more optimistic about 2025 than they did about last year, 21 percent feel less optimistic, and 37 percent say their optimism level is unchanged.

When it comes to sales, 81 percent of respondents expect business revenue to increase this year. About 60 percent of respondents anticipate adding employees this year, 34 percent expect their workforce to stay the same, and 3 percent foresee a decline in staff.

During the Economic Forecast and Building BC Awards event, the chamber recognized and celebrated innovation and growth in the community, honoring three companies that have enhanced the business and economic climate of Broome County with the 2025 Building BC Award.

Station 45 American Chop House was honored with the Building BC Restorative Award for the efforts of Mark Yonaty and Anthony Capozzi to transform the former Lackawanna Train Station into an American steakhouse that honors the building’s history and fills the need for restaurants in the area.

Marc Newman and Doug Matthews accepted the Building BC Transformative Award for Spark JC, LLC’s efforts to redevelop the former Oakdale Mall in Johnson City. Now known as Oakdale Commons, the property is now home to a mixed-use center that includes retail, wellness, service, and leisure amenities including Dick’s House of Sport, BJ’s Wholesale, Dave and Busters, Five Guys, Five Below, Lourdes Health & Fitness, Beer Tree Factory, and several Broome County government offices. Spark JC also has plans to build 125 units of workforce housing on the north end of the property, Guthrie’s new Orthopedic and Spine Center and Ambulatory Surgery Center, and a 22,000-square-foot childcare center with slots for 200 children.

The Building BC Legacy Recognition was awarded to Bates Troy and accepted by Ed Arzouian and Joseph Liparulo. The award honors a business either founded in the greater Binghamton area and continues to operate there or is a multi-generational business based in the Binghamton area. Founded in 1851, Bates Troy is a third-general family business created with Bates Steam Laundry merged with Troy Laundry in 1902. The company partners with New York State Industries for the Disabled, creating meaningful employment for individuals with disabilities and partners offsite with AVRE and Achieve locally.