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Like most things in life, timing is everything. Knowing when to make a move is as important as where to locate. In thinking how to get the best ROI for your next business investment, what are the essential components of a sound and strategic investment? Location and access to markets; powerful industry clusters, workforce and education; targeted state and local incentives; and an affordable and high quality of life. Broome County has all of the components so you can “check all the boxes” you need to make a sound and strategic business investment.
Location and access
Broome County is truly at the crossroads of every major northeast market, with access to Canada within a day’s drive. Our major highway systems intersect in Binghamton and the area is known for providing a strategic cost advantage for industries requiring significant road travel. Interstates 81, 88 and Rte. 17 (future I-86), connect you to markets in NYC, Boston, Philadelphia, and Washington, D.C., Toronto and Montreal.
Our strategic location was a deciding factor for Dick’s Sporting Goods, Inc. in identifying the best location for their next regional distribution center. The recently completed distribution center at the Broome Corporate Park is the company’s largest, at more than 900,000 s/f and the company is currently constructing its first-ever e-Commerce facility at the site. The cost advantages provided by Broome’s ideal location is providing Dick’s Sporting Goods the access it needs to serve more than 200 retail stores in the northeast. How can our strategic location help your company?
Mighty industry clusters, workforce and education
Broome is the perfect size for your next opportunity. Broome County’s economy is one of Upstate New York’s largest, generating nearly $8 billion in economic activity per year. In addition, Broome and the southern tier region of New York, has the highest concentration of scientists and engineers in the state. This highly educated workforce makes Broome the perfect location to connect to the knowledge economy.
Broome also packs a punch in the area of electronic component manufacturing with a location quotient at 4.37 and the presence of companies like IBM and Universal Instruments. Broome is part of a powerful and regional advanced transportation manufacturing industry cluster that includes companies like BAE Systems, Simulation Control Technologies, Rockwell Collins and L3 Simulation in Broome and Amphenol, Alstom, Lockheed Martin, Raymond Corporation and Corning, Inc. within the region.
Our economic development initiatives are aligned with the continued growth of Binghamton University–an economic driver in Broome County. Binghamton University is ranked among the nation’s premier public universities and can create impactful industry-education research partnerships among the Watson School of Engineering and the Small Scale Systems Integration Program (S3IP). In addition, the completion of the $70 million Smart Energy complex on the Binghamton University campus, the announcement of the Imperium3 Battery Manufacturing on the Huron Campus in Endicott and the growth of clean-energy companies like EthosGen in the Koffman Southern Tier Incubator in downtown Binghamton signal a prime opportunity to connect your company to this education powerhouse.
Also on the horizon is a significant bio-pharma presence with the recently opened Binghamton University School of Pharmacy and Pharmaceutical Sciences. A nationally accredited program, BU’s Pharma program will provide the opportunity to link your company to cutting-edge research in the rapidly growing pharma industry.
Targeted state and local incentives
Broome County is ripe for investment and strategic partnerships with New York State and our local incentives. Let us help you structure your project with our competitive incentive programs including a Payment in Lieu of Tax (PILOT) and sales and mortgage recording tax exemptions. In addition, we can work to connect you to state incentives through programs like the Upstate Revitalization Initiative (URI), the Excelsior Tax Credit program, the 76West clean energy program and other state incentives.
We also have access to programs like New Market Tax Credits through our strategic partnerships with the National Development Council and Empire State Development. Our team can provide technical assistance and guidance on historic tax credits (HTC), low-income housing tax credits (LIHTC) and the newly formed Opportunity Zones. We will be a committed partner in structuring your next deal.
Affordable cost of living and high quality of life
With an average commute time of 20 minutes or less, an average home value of $112,300, and a K-12 system that includes top-ranked schools in the United States, Broome County will have you loving your well-balanced life.
Looking for things to do? We’ve got something for enthusiasts of all kinds. Sports? Attend a Binghamton Devils AHL hockey game. Arts? Take in the Binghamton Philharmonic’s next performance, a jazz show at the Firehouse Stage or a concert at the Andersen Center for the Arts. If you like visual arts, visit the Roberson Museum & Science Centers exhibits or check out Artisan, a new local art space in downtown Binghamton. A craft beer and foodie? Eat and drink your way through Broome by visiting some of our hottest spots including Dos Rios Cantina, the Lost Dog Café, the North Brewery, Beer Tree Brewing, and the Garage Taco Bar, to name a few. If you prefer the outdoors, you can bike, hike or just enjoy a walk at a number of Broome’s parks and trails. You can check out interactive maps online at www.goalloutbroome.com.
The company you’d keep
There are so many reasons why locating to Broome is a sound and strategic business investment. We know this because of the company you’ll keep. Amphenol AIO, BAE Systems, Dick’s Sporting Goods, Inc. Johnson Outdoors, Imperium3, Teamworld, McIntosh, Innovation, Willow Run Foods, Inc., Modern Marketing Concepts, Samscreen, Inc., IBM, L3 Simulation, Rockwell Collins. These are a sample of the companies that have made Broome home. We encourage you to join us. Contact our Development Team at www.theagency-ny.com.
Stacey Duncan is the deputy director of The Agency, Broome County IDA/LDC, Binghamton, N.Y.
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