Broome County economic development surged in 2024 with $174m in new private investment

Binghamton, NY Broome County marked a pivotal year of economic momentum in 2024, with more than $174 million in new private investment supported by the Broome County Industrial Development Agency (IDA) that will drive more than 1,000 jobs and $30 million in tax revenue, according to The Agency’s 2024 annual report.

The report details significant new investments made by major regional employers that are creating jobs in high-growth industries like clean energy manufacturing. These projects also are supporting the regionwide and statewide need for affordable housing while delivering much-needed tax revenues for local and county governments. Examples of these transformative IDA-backed initiatives include:

• Toyota Material Handling converted existing underutilized buildings in Kirkwood into locations for light manufacturing and finished goods storage.

• Regan Development Corp. is building 72 new affordable housing units in Johnson City.

• Clean energy company Fiomar Inc. is relocating their operations from Connecticut to a shuttered former Binghamton power plant.

“Broome County is on the upswing,” said Stacey Duncan, executive director of The Agency and CEO of the Leadership Alliance. “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.”

As outlined in the report, five significant IDA-assisted projects in Kirkwood, Johnson City and Binghamton alone represent more than $168.6 million in investment that is spurring 102 new jobs and 868 construction jobs.

In addition, the 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. In total, these small business projects represent commitments to create 149 new jobs while retaining 333 jobs across fields like health care, manufacturing and entertainment.

Several community anchor projects also reached major milestones last year. Oakdale Commons — a once-struggling mall — continued its transformation into a thriving mixed-use campus, with new national retailers, a 125-unit workforce housing development and a 22,000 s/f childcare center. Additionally, UHS Wilson Medical Campus celebrated the completion of a nearly $300 million expansion, supported by The Agency’s tax-exempt bond financing, marking the largest capital investment in UHS history.

Beyond these large-scale projects, the Agency continued advancing its mission to support small business growth and local entrepreneurship.

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, delivering targeted grants of up to $50,000 to help 15 local businesses expand, purchase equipment, and improve their facilities.

“This is what smart, targeted economic development looks like,” said John Bernardo, chair of the IDA board of directors. “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.”

Broome County executive Jason Garnar said: “We’re seeing real results from the work we’ve put in to grow our economy. These investments mean more jobs, more opportunity, and more reasons for people to stay and build their future right here in Broome County.”

The Agency also made progress on long-range planning and site readiness efforts, including work to advance the proposed Broome Technology Park aimed at attracting high-growth, sustainability-focused industries. An environmental review is underway, with the goal of positioning Broome County as a hub for the next generation of clean, innovative manufacturing and technology.

To access a full copy of The Agency’s 2024 annual report, visit theagency-ny.com/economic-development-resources.