2.14.23 Broome County's 2023 Economic Outlook Guide
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2.14.23 Broome County’s 2023 Economic Brought to you by: Title Sponsor: Outlook Guide
WELCOME TO THE 2023
ECONOMIC OUTLOOK GUIDE
FOR BROOME COUNTY
felt as though their sales will on our own. We are so fortunate
increase in 2023, across the board for our business, community, and
industries are expressing concerns municipal partners alike, and we are
surrounding access to talent and eager to continue collaborating with
retaining a quality workforce. you as we work to revitalize Greater
At the end of each year Leadership Binghamton.
Alliance staff, business leaders, This concern surrounding attraction
and community members all come and especially retention has been Thank you for your interest in the
together to take a look at the state of a major theme since the beginning Greater Binghamton Chamber of
our economy. The Annual Economic of the COVID-19 pandemic across Commerce and your continued
Forecast and Outlook Guide serve as many communities, causing the commitment to building our
an important community resource, Leadership Alliance to take action. economy. If we can ever be of
providing crucial information For example, within the last year, assistance, please do not hesitate
about the business climate in our the Chamber’s diversity, equity, and to call or email me at sduncan@
community and giving our small inclusion (DEI) offerings have grown greaterbinghamtonchamber.com. I
business owners the insight needed exponentially in an effort to both would like to personally congratulate
in order to grow and find success. help employees feel safe being their the 2023 Building BC award
authentic selves at work while also winners: McIntosh Labs, Pritchard
As we continue to move forward assisting employers with retention; a Development Corporation, BAE
from COVID-19 and embrace our recent study by Glassdoor indicates Systems, and David & Karen Sobatka,
new normal, it is important that we that 76% of employees and job and extend my most sincere thanks
utilize the lessons learned from the seekers highly value DEI when to each of our awardees for believing
pandemic to facilitate impactful considering offers. In 2022, numerous in and investing in our community.
development for our business programs and resources such as the I would like to also give a very
community. Business and economic first DEI Resource Guide have been special thank you to all our sponsors
development has changed and is made available to our members, 60 who made this Economic Forecast
far more nuanced and dynamic than companies from a wide range of & Building BC Awards possible.
original industry definitions which industries participated in our DEI These sponsors include M&T Bank,
focused heavily on new investment programming, and the Leadership Delta Engineers, Architects, Land
and job creation. The community Alliance also formed a Minority, Surveyors, & Landscape Architects,
development aspect of business and Women, and Veteran’s Business DPC, Newman Development
economic development has become Enterprise Committee (MWVBE) Associates LLC, Andrew R. Mancini
increasingly important, especially in to help advocate and mentor small Associates, Inc., Greater Binghamton
the aftermath of the pandemic. minority-owned businesses in the Association of Realtors, WNBF, News
community. We are excited to Channel 34, and Idea Kraft.
Once again, the Greater Binghamton see what the future holds as we
Chamber of Commerce issued learn more, and ready to hit the
our annual economic outlook ground running in 2023 by making
survey to the business community, improvements and working towards a
allowing the Leadership Alliance more inclusive and equitable Greater
organizations to target which Binghamton economy. Stacey Duncan
programs and projects we should President & CEO, Greater Binghamton
take on next. Any community’s Of course, the Leadership Alliance Chamber of Commerce
greatest resource is our people, and could not do all of this community Executive Director, The Agency BC
overwhelmingly, while businesses and economic development work IDA/LDC
CEO MESSAGE 1
WELCOME TO THE 2023
ECONOMIC OUTLOOK GUIDE
Over the past 2-1/2 years, we’ve often While there are still challenges ahead ways to make a difference. With
been reminded that what happens of us, my genuine optimism continues ongoing collaboration, our region’s
halfway around the world can to grow. The region is already moving technology and innovation ecosystem
impact us here at home. A factory in forward in significant ways with the will gain even greater momentum.
China can shut down due to COVID announcement of major funding At M&T Bank, we remain unwavering
cases, so it makes fewer products, from New York State to support in our commitment to helping
and they become more expensive. lithium-ion battery production and local businesses grow and our
A war in Ukraine can disrupt the the transformation of our indoor mall communities thrive. That’s why we
international markets for food and into Oakdale Commons, anchored continue to support and contribute to
oil, causing scarcity and driving by Dick’s House of Sport, with a this guide.
prices to unsustainable levels. These promise to create new jobs and
days, international economists are deliver innovative wellness services We understand the value it provides
seeing storm clouds over much of and leisure opportunities while local companies and believe it’s
the planet. Inflation is high. Growth is maintaining the mall’s retail services. important for all of us to have this
stalling. And steps that governments information available — especially
are taking to provide relief to their We’re also seeing promising — and during this time of recovery.
citizens may come with their own frankly, inspiring — entrepreneurial
painful side effects. activity on main streets throughout As you look through this guide, I
our region and inside hubs of hope you will find inspiration and
All of this is causing continued innovation like the Koffman Southern motivation for the work ahead of
challenges for Binghamton and Tier Incubator, which has attracted us. Use it as a tool to inform your
the Southern Tier. However, facing significant investment to accelerate business planning, identify potential
challenges head-on is nothing new the growth of local startups. partnerships, and gain insights from
to us. It’s part of our DNA. It’s what talented people who live in the
we’re made of. It’s how we’ve faced These promising investments serve as greater Binghamton area. By learning
the challenges of a global pandemic inspiration for our team at M&T as we from each other, we will see how
and emerged ready and determined work each day to fulfill our purpose collaboration can bring to fruition an
to create lasting, positive change to make a difference in people’s inclusive and prosperous future for
for our communities. Our area’s lives. From helping people realize us all.
institutions, entrepreneurs and their financial goals and overcoming
workforce are putting into practice challenges, to advocating for
the incredible lessons of resilience those who need our support, our
we’ve learned over the years. employees are focused every day
on the needs of our customers and
Their experiences and our collective communities. That means they’re Peter Newman
commitment will fuel an inclusive helping customers solve problems Regional President,
recovery across our region. By lifting they’re facing, working on innovative M&T Bank
up our entire community, we have an teams to create new solutions,
opportunity to build a stronger future volunteering time and talents for
for all who call the Southern Tier home. nonprofits, or identifying new
2 SPONSOR MESSAGE
BUSINESS LEADER
OUTLOOK FOR 2023
GREATER BINGHAMTON ECONOMIC
OUTLOOK SURVEY
This survey gives the community a sense of the current economic
climate in our region. As we conduct this survey each year we will be
able to chart the trends year over year and see how accurately the data
reflects on what is happening in our business marketplace.
WHO PARTICIPATED IN THE GREATER
BINGHAMTON BUSINESS LEADER SURVEY?
• 5 5% of respondents were Business Owners/CEOs or the main
management decision makers
• 60% of the respondents employ 50 or less employees
• Diverse disbursement of different business classifications
• 32% said their business is located in the City of Binghamton;
25% the Town of Vestal; and 4% use multiple locations
BUSINESS LEADER OUTLOOK 3
SURVEY RESULTS
BUSINESS ROLE BUSINESS LOCATION
u Business Owner/CEO - 55% u City of Binghamton - 32%
u Business Management - 20% u Town of Vestal - 25%
u Non-Profit - 11% u Village of Endicott - 11%
u Business Administration - 9% u Town of Chenango - 7%
u Other - 4% u Town of Binghamton - 5%
u Business Sales/Marketing - 2% u Village of Endwell - 5%
u Other - 5%
u Multiple Locations - 4%
u Town of Conklin - 2%
u Town of Dickinson - 2%
u Town of Barker - 2%
BUSINESS TYPE NUMBER OF EMPLOYEES
u Finance & Insurance- 12% u 11 - 50 - 32%
u Real Estate/Rental/Leasing - 12% u 1 - 10 - 28%
u Other - 12% u 250+ - 16%
u Manufacturing & Transportation - 9% u 100 - 250 - 12%
u Professional/Scientific & Technical - 9% u 51 - 99 - 12%
u Accommodation & Food Service - 7%
u Construction - 7%
u Health Care & Social Assistance - 7%
u Business Services - 5%
u Arts, Entertainment & Recreation - 4%
u Educational Services - 4%
u Non-Profit Services - 4%
u Retail/Trade - 4%
u Utilities/Energy - 2%
u Information - IT/Technology - 2%
u Services - 2%
TOP 5 STATE AND LOCAL TOP 5 NATIONAL FACTORS THAT
BUSINESS CHALLENGES IMPACT ECONOMIC OUTLOOK
1. NYS Business Regulation 1. Inflation/Deflation
2. Lack of Qualified Workers 2. Access to Talent
3. NYS business taxes 3. Cost of healthcare
4. Attracting and retaining employees 4. Energy Policy
5. Regional economic climate 5. Interest rates
4 BUSINESS LEADER OUTLOOK
0
2018 2019 2020 2021 2022 2023
SURVEY RESULTS Expand Decline Remain Unchanged
2023 ECONOMY PREDICTION 2022 VS 2023 OUTLOOK
50 60
40 50
30 40
80
20 30
70
10 20
60
500
2018 2019 2020 2021 2022 2023
10
40 2018 2019 2020 2021 2022 2023
Expand Decline Remain Unchanged
More Optimistic Less Optimistic Remain Unchanged
30
20 Survey results are split on predictions for the 2023 Our survey revealed mixed sentiments on the
10 economy. While 39% of businesses expect the outlook for 2023. While 35% of businesses feel more
economy to expand (a 6% increase over 2022), optimistic about this year (an 11% increase over
0
60 another 39% expect it to remain unchanged. 2022), 40% of businesses feel less optimistic about
2018 2019 2020 2021 2022 2023
this year compared to 2022.
Increase Decrease Stay The Same Unsure
50
40
WORKFORCE EXPECTATIONS SALES REVENUE EXPECTATIONS
50
30 80
70
40
20 60
50
30
10
2018 2019 2020 2021 2022 2023 40
20 More Optimistic Less Optimistic Remain Unchanged
30
20
10
10
0 0
2018 2019 2020 2021 2022 2023
2018 2019 2020 2021 2022 2023
Increase Decrease Stay The Same Unsure Increase Decrease Stay The Same Unsure
Nearly 41% of survey respondents anticipate adding Nearly 43% of businesses who responded believe
employees to their company in 2023, while 47% revenues for their business will increase in 2023,
anticipate their workforce remaining the same. a 3% increase over 2022.
50
40
30
20
BUSINESS LEADER OUTLOOK 5
10
2023 U.S. & BINGHAMTON AREA ECONOMIC OUTLOOK
PETER KNEIS - GROUP VICE PRESIDENT, M&T BANK
The Big Picture
While the underlying fundamentals are strong, U.S. economic growth is being disrupted by four key drivers:
LABOR SHORTAGES AND WAGE COSTS
LP
H E TE D Employers across industries are struggling to find qualified applicants for open positions
N
WA
PENT-UP DEMAND / SAVINGS
Binghamton, New York Economic Outlook There was increased spending in 2022, while recessionary headwinds have increased
caution in discretionary spend into 2023 but there is still pent-up demand in certain
categories
Peter Kneis
Senior Vice President INFLATION
M&T Bank The FED has taken aggressive action to reduce inflation, but we can still expect a
post-COVID range above 2.5%
Internal Use Only 2
Inflation going forward expected to be higher than in the post global
financial crisis (GFC) era People earning more but less?
Inflation is expected to remain elevated for the foreseeable future into 2024 and beyond Total compensation with current dollars has increased significantly, but due to inflation earning is down in
constant dollars.
CPI Inflation (y/y%)
Data as of November 30, 2022. Sources: Bureau of Labor Statistics, Wilmington Trust Investments Advisors, Inc.
3 4
National Labor Market Trends Binghamton Labor Market Overview
Total Private Employment Binghamton Total Private Employment
Seasonally Adjusted, Indexed to January 2020 Seasonally Adjusted, Thousands
105%
103
96
101.5%
100% While improving, Binghamton private
Total U.S. private employment is sector employment is still ~1,000 jobs
95% below the pre-pandemic peak…
1.5% higher than before the
pandemic, with nearly 2 million jobs
Apr 21
Oct 21
Apr 22
Oct 22
Ma y 21
Ma y 22
Aug 21
Sep 21
Nov 21
Dec 21
Aug 22
Sep 22
Nov 22
Feb 21
Ma r 21
Feb 22
Ma r 22
Jan 21
Jun 21
Jan 22
Jun 22
Jul 21
Jul 22
90%
recovered…
85%
Binghamton – Number of Unemployed
80% Thousands
Ma y 20
Ma y 21
Ma y 22
Sep 20
Nov 20
Sep 21
Nov 21
Sep 22
Nov 22
Ma r 20
Ma r 21
Ma r 22
Jan 20
Jan 21
Jan 22
Jul 20
Jul 21
Jul 22
7.1
… once again, the number of
3.0
unemployed is smaller than before the
pandemic and is driven by fierce
# of Unemployed vs. # of Job Openings
Millions, Seasonally Adjusted competition for a smaller overall
Ma y 21
Ma y 22
Aug 21
Sep 21
Nov 21
Dec 21
Aug 22
Sep 22
Nov 22
Apr 21
Oct 21
Apr 22
Oct 22
Feb 21
Ma r 21
Feb 22
Ma r 22
Jan 21
Jun 21
Jan 22
Jun 22
Jul 21
Jul 22
workforce…
14.0 # of Job Openings
# of Unemployed
12.0
10.0 Binghamton – Total Labor Force
…yet there are not enough workers to Thousands
8.0
fill available jobs. On average, there are …because the labor force has shrunk
104
107
6.0 almost 2 available jobs for every by 2.6%, due to retirements, structural
4.0 unemployed person looking for work – changes, and lingering COVID
2.0 a record high pressures.
0.0
Aug 21
Sep 21
Nov 21
Dec 21
Aug 22
Sep 22
Nov 22
Apr 21
Oct 21
Apr 22
Oct 22
Ma y 21
Ma y 22
Feb 21
Ma r 21
Feb 22
Ma r 22
Jan 21
Jun 21
Jan 22
Jun 22
Jul 21
Jul 22
Ma y 21
Ma y 22
Aug 21
Sep 21
Nov 21
Dec 21
Aug 22
Sep 22
Nov 22
Apr 21
Oct 21
Apr 22
Oct 22
Jul 21
Jul 22
Feb 21
Ma r 21
Feb 22
Ma r 22
Jan 21
Jun 21
Jan 22
Jun 22
5 Source: Bureau of Labor Statistics, Federal Reserve Economic Data 6
Source: Bureau of Labor Statistics, Federal Reserve Economic Data
ECONOMIC OUTLOOK 7
2023 U.S. & BINGHAMTON AREA ECONOMIC OUTLOOK
PETER KNEIS - GROUP VICE PRESIDENT, M&T BANK
Upstate NY Peer Comparison Binghamton Key Industry Employment Trends
Unemployment Rate – November 2022 Private Employment as % of Pre-Pandemic Peak GOOD: Retail Trade MODERATING: Manufacturing
Seasonally Adjusted November 2021, Seasonally Adjusted
104%
98%
Manufacturing has 99%
Retail employment has
rebounded past pre-
Buffalo 3.1% rebounded and held flat for
pandemic but is now
Syracuse 99.9% the past year
stagnating
79%
Ma y 21
Ma y 22
Sep 21
Nov 21
Sep 22
Nov 22
Ma r 21
Ma r 22
Jan 21
Jan 22
Jul 21
Jul 22
Ma y 21
Ma y 22
Sep 21
Nov 21
Sep 22
Nov 22
Ma r 21
Ma r 22
Jan 21
Jan 22
Jul 21
Jul 22
Utica - Rome 3.0%
Albany 99.2%
GOOD: Transportation & Utilities MODERATING: Healthcare & Education
Binghamton 2.9%
Rochester 98.0% 109%
101%
Accelerated growth in e- After a large boost from
Rochester 2.8%
Buffalo 97.9%
commerce has led to 99% COVID healthcare and
hiring in warehousing and education have started to
96%
logistics which continues stagnate the last couple of
through 2022 months
Syracuse 2.8%
Ma y 21
Ma y 22
Ma y 21
Ma y 22
Sep 21
Nov 21
Sep 22
Nov 22
Sep 21
Nov 21
Sep 22
Nov 22
Jul 21
Jul 22
Jul 21
Jul 22
Ma r 21
Ma r 22
Ma r 21
Ma r 22
Jan 21
Jan 22
Jan 21
Jan 22
Binghamton 97.3%
Albany 2.4% GOOD: Leisure & Hospitality MODERATING: Business & Professional Services
Utica - Rome 97.2%
116% 104%
The sector has made
While Business &
tremendous
While there is some variation between major Upstate NY cities, the overall story is the same – Professional services
have not fared as well as 100%
improvements through
employment has overall recovered from the pre-pandemic lull 2021 and 2022 100%
other sectors
Ma y 21
Ma y 22
Sep 21
Nov 21
Sep 22
Nov 22
Ma y 21
Ma y 22
Sep 21
Nov 21
Sep 22
Jul 21
Jul 22
Ma r 21
Ma r 22
Jan 21
Jan 22
Jul 21
Jul 22
Ma r 21
Ma r 22
Jan 21
Jan 22
7 8
Source: Bureau of Labor Statistics, Federal Reserve Economic Data
Has the Workforce Returned?
Change in Labor Force Participation – By Age Group
Seasonally Adjusted, Indexed to January 2021
Ages 25 - 54 Older workers were more likely to
Ages 55 and over leave the labor force during COVID,
for reasons including health
101.5% concerns, shifting life priorities, and
101.1% financial gains (rising stock market)
but have started to return…
100%
Ma y 21
Ma y 22
Aug 21
Sep 21
Nov 21
Dec 21
Aug 22
Sep 22
Nov 22
Dec 22
Apr 21
Oct 21
Apr 22
Oct 22
Feb 21
Ma r 21
Feb 22
Ma r 22
Jan 21
Jun 21
Jan 22
Jun 22
Jul 21
Jul 22
Change in Labor Force Participation – By Education
Seasonally Adjusted, Indexed to December 2021
101.6
Bachelor’s
or Higher
100.8%
…one noticeable change is that those
100.6 who have attained a high school
High School 100.4% diploma have rebounded significantly
Only as they return to the workforce and the
economy reopened post-COVID
99.6
Dec 21
Dec 22
Apr 22
Oct 22
Aug 22
Feb 22
Jun 22
9 Source: Bureau of Labor Statistics, Federal Reserve Economic Data
8 ECONOMIC OUTLOOKBROOME COUNTY DEMOGRAPHICS
POPULATION HOUSING EMPLOYMENT
Population...................................197,240 Housing Units...............................92,891 Full-time, year-round civilian
employed population 16 years
Female population...................... 50.5% Owner-occupied housing
and over, Broome County
unit rate........................................... 65.2%
Persons under 5 years..................4.9%
Median value of owner-occupied Civilian Labor Force
Persons under 18 years.............. 19.4%
housing units......................... $120,200 (Percent of population)............ 56.5%
Persons 65 years & over............ 19.7%
Median selected monthly owner Mean travel time to work...19.2 mins
Veterans......................................... 10,740 costs with a mortgage.............$1,200 Median household income.. $52,237
Foreign born persons.....................7.1% Median selected monthly owner Per capita income in past 12
costs without a mortgage..........$527 months ........................................ $29,721
RACE & ETHNICITY Median Gross Rent........................$782
Persons in poverty....................... 18.4%
Number of households............79,528
Persons per household................. 2.29
TOP 6 EMPLOYMENT
COMPUTER AND SECTORS
INTERNET USE Healthcare
Households with a computer.. 89.3% Education
White................................................85.3%
Households with a broadband Transportation/Distribution
Black or African American......... 6.7%
Internet subscription...................84.0% Information Technology
Asian...................................................4.5%
Skilled Trade/Construction
Hispanic or Latino..........................4.8%
Engineering & Design
Two or More Races........................ 3.2%
www.census.gov/quickfacts/broomecountynewyork
American Indian & Alaska
Native.................................................0.3%
Native Hawaiian and Other Pacific BROOME COUNTY ECONOMIC BASE
Islander alone.....................................0.1%
2022 JOBS
Government 18,420
Health Care & Social Assistance 15,713
EDUCATION Retail Trade 9,964
Manufacturing 7,150
Accommodation & Food Services 6,525
90% 29% Other Services (except Public Administration)
Construction
4,185
3,850
Administrative & Support &
Waste Management & Remediation Services 3,278
Professional, Scientific, & Technical Services 3,169
Wholesale Trade 2,768
High School graduate Transportation & Warehousing 2,255
or higher......................................... 90.3% Finance & Insurance 2,058
Information 1,219
Bachelor’s degree or higher....28.8%
Real Estate & Rental & Leasing 1,033
Management of Companies & Enterprises 982
HEALTH
Educational Services 904
Arts, Entertainment, & Recreation 763
Utilities 758
With a disability, under 65.......... 11.8%
Agriculture, Forestry, Fishing & Hunting 265
Persons without health insurance, Mining, Quarrying, & Oil & Gas Extraction 64 theagency-ny.com/broome-county-statistics
under age 65 years......................... 5.2%
DEMOGRAPHICS 9• Pre-Construction • De
•• Pre-Construction
General Construction • Desig
• Bu
•• General Construction
Post-Construction • Build
• Pre-Construction •• Post-Construction
Design and Build
• General Construction • Build to Suit and Lease Back
• Post-Construction
• Pre-Construction • Design and Build
• General Construction • Build to Suit and Lease Back
• Post-Construction
BUILDING
BUILDING TOMOR
TOMO
BUILDING TOMORROW
DING TOMORROW
ECONOMIC FORECAST CEO MESSAGE 1WORKFORCE STATS
1
UNEMPLOYMENT
Unemployment Rates
RATES
(Not Seasonally
(Not seasonally adjusted) Adjusted)
October October Net Source: Local Area Unemployment Statistics (LAUS)
Area
2021 2022 Change
United States 4.3% 3.4% -0.9
New York State 5.3% 3.6% -1.7
Broome County 4.0% 2.7% -1.3
Source: Local Area Unemployment Statistics (LAUS)
2
NET CHANGE
Net Change IN POPULATION,
in Population, Broome County,BROOME
2012-2022 COUNTY 2012-2022
(By
(By Age Group)
Age Group)
3,000
2,370
Source: Economic
2,080
2,000 Modeling Specialists
1,338
918
1,123 International (EMSI)
1,000
52
0
-227
Note: Details may not add to totals due to rounding. Not Seasonally Adjusted. -226 -222
-1,000 -542
Source: Current Employment Statistics (CES) survey -837
-1,133 -1,258 -1,347
-2,000 -1,755
1
-1,939
-3,000
-4,000
-5,000
Unemployment
-4,385 Rates
(not seasonally
-5,242 adjusted)
-6,000
10 to 14
15 to 19
20 to 24
25 to 29
30 to 34
35 to 39
40 to 44
45 to 49
50 to 54
55 to 59
60 to 64
65 to 69
70 to 74
75 to 79
80 to 84
Under 5
5 to 9
85 and over
December December Net
Area
Source: Lightcast
2010 2017 Change
United States 9.1% 3 3.9% -5.2
NUMBER OF PRIVATE SECTOR JOBS
BROOME Sector New
COUNTY,
Number of Private Jobs 2ND QUARTER8.2%
York State 4.4%
OF EACH YEAR -3.8
Broome County,Adjusted) 2nd
Quarter of Each Year 8.8% 5.6% -3.2
(Not Seasonally
(Not seasonally adjusted) Broome County
75
70.5 70.5 70.1
70 68.7 68.9 68.9
68.6 68.4
65
63.4
62.1
60
55.3
55
50
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Note: Not Seasonally Adjusted
Note: Details may not add to totals due to rounding. Not Seasonally Adjusted.
Source: Local Area Unemployment Sta;s;cs (LAUS)
Source: Current Employment Sta;s;cs (CES) survey
12 WORKFORCE STATISTICSWORKFORCE STATS
4
CHANGE IN EMPLOYMENT
Change in Employment BY INDUSTRY,
by Industry, Broome BROOME COUNTY 2011-21
County, 2011-2021
Tra nsportation and Warehousing 530
Health Care and Social Assistance 490
Ma nagement of Companies and Enterprises 280
Other Services, Ex. Public Admin 40
Agriculture, Forestry, Fishing & Hunting -10
Real Estate and Rental and Leasing -100
Educational Services -150
Arts, Entertainment, and Recreation -310
Construction -310
Accommodation and Food Services -440
Professional and Technical Services -440
Information -450
Finance and Insurance -730
Wh olesale Trade -1,030
Administrative and Waste Services -1,130
Retail Trade -1,580
Ma nufacturing -2,590
Total Government -3,570
-4,000 -3,500 -3,000 -2,500 -2,000 -1,500 -1,000 -500 0 500 1,000
5
CHANGE IN EMPLOYMENT BY INDUSTRY,
Tier Region, SOUTHERN TIER REGION 2011-21
Source: Quarterly Census of Employment and Wages (QCEW)
Change in Employment by Industry, Southern
2011-2021
Tra nsportation and Warehousing 850
Ma nagement of Companies and Enterprises 600
Agriculture, Forestry, Fishing & Hunting 470
Professional and Technical Services 310
Real Estate and Rental and Leasing -140
Min ing -380
Other Services, Ex. Public Admin -510
Arts, Entertainment, and Recreation -520
Information -600
Construction -800
Health Care and Social Assistance -1,040
Accommodation and Food Services -1,270
Wh olesale Trade -1,280
Finance and Insurance -1,430
Administrative and Waste Services -2,060
Retail Trade -2,980
Ma nufacturing -4,900
Total Government -7,390
-8,000 -7,000 -6,000 -5,000 -4,000 -3,000 -2,000 -1,000 0 1,000 2,000
6
AVERAGE INDUSTRY WAGES, BROOME COUNTY 2021
Source: Quarterly Census of Employment and Wages (QCEW)
Average Industry Wages, Broome County, 2021
Ma nufacturing $81,500
Finance and Insurance $80,000
Ma nagement of Companies and Enterprises $73,900
Construction $69,000
Total Government $65,400
Professional and Technical Services $63,900
Health Care and Social Assistance $60,800
Wh olesale Trade $60,000
Total, All Industries $54,600
Information $48,900
Tra nsportation and Warehousing $45,200
Administrative and Waste Services $43,100
Real Estate and Rental and Leasing $41,700
Arts, Entertainment, and Recreation $39,200
Agriculture, Forestry, Fishing & Hunting $36,300
Retail Trade $33,800
Other Services, Ex. Public Admin $28,500 Source: Quarterly Census
Educational Services $25,900
Accommodation and Food Services $22,200
of Employment and Wages
$0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000
(QCEW)
Source: Quarterly Census of Employment and Wages (QCEW)
WORKFORCE STATISTICS 13THE GREATER BINGHAMTON ASSOCIATION OF REALTORS®, INC.
BELIEVING IN OUR COMMUNITY
SUPPORTING THEM IN SO MANY WAYS
UPSTATE FOUNDATION
GOLISANO CHILDREN’S HOSPITAL
FOOD BANK OF THE SOUTHERN TIER
TOYS FOR TOTS
ALZHEIMER'S ASSOCIATION
CENTRAL NEW YORK CHAPTER
THE CHILDREN’S HOME
WYOMING CONFERENCE
ROSS PARK ZOO
TOYS FOR TOTS
CATHOLIC CHARITIES
FOOD PANTRY
EPAC
KID’S THEATRE WORKSHOP
CHOW
607.729.6285 19 Jennison Ave., Johnson City, NY 13790 www.greaterbinghamtonmls.comRESIDENTIAL REAL ESTATE
2022 was a turbulent year for the US housing market, Economists predict sales will continue to slow and housing
as inflation, soaring interest rates, and elevated sales prices will soften in many markets over the next 12 months,
prices combined to cause a slowdown nationwide. with larger price declines projected in more expensive
Affordability challenges continue to limit market activity, areas. However, national inventory shortages will likely
with pending home sales and existing-home sales down keep prices from dropping too much, as buyer demand
month-over-month and falling 37.8% and 35.4% year-over- continues to outpace supply, which remains limited at
year, respectively, according to the National Association 3.3 months, according to NAR. Even if prices fall, many
of REALTORS® (NAR). Higher mortgage rates are also prospective buyers will find it difficult to afford a home in
impacting prospective sellers, many of whom have locked 2023, as higher rates have diminished purchasing power,
in historically low rates and have chosen to wait until adding hundreds of dollars to monthly mortgage payments.
market conditions improve before selling their home.
NEW LISTINGS DECEMBER YEAR TO DATE
2,937
122 2,791 2,543
A count of the properties that have 103
been newly listed on the market in a 88
given month.
-18.9% +18.4% -27.9% -12.7% +5.2% -13.4%
2020 2021 2022 2020 2021 2022
CLOSED SALES DECEMBER YEAR TO DATE
2,548
241 2,247
A count of the actual sales that 225 2,208
closed in a given month.
161
+11.9% +7.1% -33.2% +2.4% +15.4% -11.8%
2020 2021 2022 2020 2021 2022
DAYS ON MARKET DECEMBER YEAR TO DATE
78
UNTIL SALE
68
Average number of days between
when a property is listed and 41
when an offer is accepted in a 28 28 34
given month.
-36.4% -58.8% 0.0 -4.9% -47.4% -17.1%
2020 2021 2022 2020 2021 2022
16 RESIDENTIAL REAL ESTATERESIDENTIAL REAL ESTATE
AVERAGE SALES DECEMBER YEAR TO DATE
PRICE $172,273
$179,873 $184,389
$170,020
$165,347
Average sales price for all closed $145,570
sales, not accounting for seller
concessions, in a given month.
+35.8% +4.2% +4.4% +9.0% +16.8% +8.5%
2020 2021 2022 2020 2021 2022
HOUSING DECEMBER YEAR TO DATE
295
AFFORDABILITY 266
246
INDEX 238
This index measures housing 165 165
affordability for the region. For
example, an index of 120 means the
median household income is 120%
of what is necessary to qualify for -7.6% -7.5% -32.9% +6.9% -19.3% -30.7%
the median-priced home under
2020 2021 2022 2020 2021 2022
prevailing interest rates. A higher
number means greater affordability.
INVENTORY OF DECEMBER
HOMES FOR SALE 515
452
The number of properties available
for sale in active status at the end of
a given month. 335
-40.2% -12.2% -25.9%
2020 2021 2022
Current as of January 10, 2023. All data from the Greater Binghamton Multiple Listing Service. Provided by the New York State
Association of REALTORS®. Report © 2023 ShowingTime.
RESIDENTIAL REAL ESTATE 17PROJECTS IN THE WORKS
resources needed to search and prepare for a job that is
just right for them.
The Lourdes Pavilion offers residents access to both a
state-of-the-art fitness center as well as medical offices
providing primary care, walk-in service, heart care,
orthopedics, urology, endocrinology, lung care, lab and
imaging services. The new Lourdes Health & Fitness center
opened in May 2022 with the medical offices portion of
the Pavilion opening a few months later in November.
Due to the success of Spark Broome, the development
team elected to move forward with Spark JC extending
the renovation work to the remaining footprint of the mall.
When completed, the newly branded Oakdale Commons
OAKDALE COMMONS will feature diverse commercial businesses. Among the first
Major changes are coming to 501 Reynolds Road in announced are Chipotle and Panera Bread locations that
Johnson City as development team Spark JC pushes will be built in the former Key Bank space external of the
forward with the transformative redevelopment of the main building, as well as the new Dick’s Sporting Goods
former Oakdale Mall. Now referred to as the Oakdale House of Sport to open in the former Macy’s space. The
Commons, this project finds its roots in the completed House of Sport will become Dick’s largest retail location at
Phase 1 project Spark Broome, LLC. In 2020, Spark Broome 140,000 square feet, with an indoor climbing wall, batting
began to successfully repurpose the 150,000 square cage and the largest footwear department out of any
foot two story former SEARS building into a dynamic Dick’s location. Additionally, the House of Sport will also
multi-use project. The building, which had sat vacant be home to a 17,000 square-foot turf field and track which
since September 2017, is now home to Beer Tree Brew will double as an ice rink during the winter.
Co.’s Factory restaurant and brewery operations, the new
Broome County Career and Community Services Center, The business model for the burgeoning Oakdale
and two new facilities administered by Lourdes Hospital Commons is a shift from the traditional economic models
focused on comprehensive health and providing accessible for shopping malls in the past. Oakdale Commons is a
top of the line clinical care. prime example of community collaboration with major
investments from institutions like Lourdes and Dick’s
Beer Tree Brew Company was able to open Factory Sporting Goods, which is honoring their roots as well,
by Beer Tree in November 2020, featuring a beautiful having originally opened their first location in Binghamton
indoor dining area and event space, additional room in 1948. With attractions such as Beer Tree and Dick’s,
to increase brewing operations, and a striking, modern and resources such as Lourdes and the County Career
façade. The Broome County Department of Social Services and Community Services Center, in addition to options for
and Broome Tioga Workforce also made their move to shopping, the Oakdale Commons will become more than
their new space in 2020, allowing the offices to provide just a mall, but a destination for residents and visitors alike
residents with critical social services as well as the driving economic activity in Johnson City.
18 COMMERCIAL PROJECTSPROJECTS IN THE WORKS
4301 WATSON BOULEVARD
The former IBM Country Club located in the Town of
Union which once touched the lives of thousands of IBM
workers and their families will soon become home to
new life. The Broome County IDA/LDC selected Conifer
Realty LLC’s proposal in response to an RFP issued in late
2021. After working with the State Historic Preservation
Office (SHPO) once the building had been condemned,
The Agency, Conifer and construction partners LeChase
Construction received the green light to proceed with the
demolition of the blighted property. Demolition will make
way for Conifer’s proposed 75-unit affordable housing
complex. The new three-story apartment complex will
include fully ADA compliant 18 one-bedroom apartments,
38 two-bedroom apartments, and 19 three-bedroom
apartments. Ten percent of the units will be fully adapted
for those with mobility impairments, and 4% will be
adapted for those with hearing and/or visual impairments.
This project will continue to advance efforts to address
the need for new and modern affordable housing as our
workforce continues to grow with new investments.
COMMERCIAL PROJECTS 192023 INNOVATIVE AWARD
puts their employees and their success first. The hard-
work of their employees has led to the iconic brand
being recognized as the number one audio-equipment
manufacturer on the national and international stage.
McIntosh has long been driving innovation in Greater
MCINTOSH LABS Binghamton, and has grown into an international
For over 70 years, McIntosh audio products have powerhouse setting the standards for performance,
withstood the test of time and pushed the boundaries reliability, and service. Their longstanding commitment
of luxury home audio. McIntosh has called Binghamton to thinking “outside-the-box” has certainly made them
home for over seventy years, first opening its doors in deserving of the Innovation Award.
1951. During this time, the company has proudly created
countless local jobs adding to the local economy and
giving back to the community. Their commitment to
Greater Binghamton is unwavering; despite selling their
products across the United States and internationally in
over 80 different countries, McIntosh makes all of their
products right here in Binghamton, home to the only
McIntosh factory in the world.
McIntosh’s talented team of engineers are always
thinking “outside of the box,” developing new and
innovative products allowing listeners to have the ability
to create their own audio experience and truly live their
music. Their mission is to maintain high standards of
excellence through hand-crafting distinguished quality
audio products, offering superior customer service, and
delivering the ultimate experience in music and film to
their customers.
With a precise process from ideation to completion,
the quality of McIntosh’s work is of no question. A new
McIntosh model can take anywhere from months to even
years to progress from initial concept to final product.
Along the way, products are meticulously engineered THIS AWARD
and continuously refined until it meets McIntosh’s RECOGNIZES A PROJECT,
standards. Employees bring designs to life with their PRODUCT, OR SERVICE THAT
skilled handcraftsmanship combined with McIntosh’s vast “THINKS OUTSIDE THE BOX”
manufacturing capabilities and have the satisfaction of AND CONTINUES TO STRETCH
THE BOUNDARIES AND HAS
knowing their products are being enjoyed around the
PROVEN TO BE A LEADER
world. For example, their iconic blue Watt output meter is
IN INNOVATION.
globally recognized as a symbol of quality home audio.
While they have a global reach, what is arguably more
impressive is McIntosh’s local impact. McIntosh views
manufacturing as a vehicle to grow and sustain a higher
standard of living. Every dollar spent in manufacturing
creates another $1.45 for the local economy. The
company has a proven track record of creating high
quality jobs with competitive salaries, comprehensive
benefits, and most importantly, a workplace culture that
BUILDING BC AWARD WINNERS 212023 RESTORATIVE AWARD
THIS AWARD
RECOGNIZES A
PRITCHARD DEVELOPMENT PROJECT THAT BRINGS
NEW LIFE INTO AN
CORPORATION
AGING HISTORICAL
Pritchard Property Development The property, which has sat BUILDING.
is not your typical developer. vacant since the 2011 flood, as
Though the incorporation date is part of the Number 5 Commons
listed as 2015, the firm originally will serve to become a bustling corner
finds its roots in the passion of activity in the city. Foot traffic in the
of founder Brett Pritchard. area has already increased, and with more
Completing his first project in updates to come and tenants to set up shop,
1993, his first residential home, Brett has successfully Pritchard Property Development has successfully
grown his business from a residential construction restored the property to a beautiful and modern
company into the commercial firm known today as space for community members and visitors alike.
Pritchard Property Development. Pritchard emphasizes a
focus on community, teamwork, collaboration, and safety
above all else, proudly serving seven counties in New York
and areas of Northeastern Pennsylvania.
In the last year, Pritchard Property Development has greatly
focused its efforts on the revitalization of the Broome
County area. Most notably, Pritchard Property Development
has worked tirelessly since 2020 to breathe new life into two
historic buildings on Binghamton’s South Side.
Originally a firehouse and later more fondly remembered
as the restaurant Number 5, the property at 33 South
Washington Street is now home to several small
businesses. Recognizing the storied history of the building
and the memories it held for many residents, Pritchard
strived to maintain the nostalgia through including
the original exposed brick and firehouse doors in their
design. In contrast, sitting behind the former Number 5
property is the new Mirabito Commons, a beautiful new
construction offering a new bank on the South Side and a
full-service gas station convenience store equipped with
electric vehicle charging stations and a full café menu.
Together the redevelopment and new construction make
for an exciting destination for customers and clients.
As part of the growing Number 5 Commons family,
Pritchard Property Development has also been hard at
work with the second phase of the revitalization of the
former Latazza building at 39 South Washington Street.
22 BUILDING BC AWARD WINNERS2023 TRANSFORMATIVE AWARD
BAE
For years, Broome
County Transit has been
powered by a fleet of hybrid-electric power buses,
and soon, Battery Electric Buses will be moving the
people of Binghamton with zero emissions all thanks
to the groundbreaking work going on at BAE Systems.
BAE Systems is innovating to move the world through
delivering low and zero emission technology to our THIS AWARD
RECOGNIZES A PROJECT
communities in an effort to create a better environment.
THAT IMPACTS THE ENTIRE
COMMUNITY AND FOSTERS
In the last five years, BAE has invested millions of dollars GROWTH OF THOSE AROUND IT
to revolutionize the transportation sector, be it land, sea, OR A PRODUCT/SERVICE THAT
or air. Greenhouse gas emissions are of global concern, HAS INFLUENCED
and at BAE Systems, they are focused on moving high YOUR INDUSTRY IN A
integrity, harsh environment applications to zero emissions CUTTING-EDGE WAY.
with their proven electric technologies. The development
of BAE’s product lines through the combination of
leveraging cutting edge technology, state of the art energy
solutions, and novel packaging has allowed BAE to deliver
unparalleled results in solving the “weight vs power”
conundrum and paving the way for the implementation of
zero-emission battery electric transportation.
BAE Systems has been focused on electrification of the In 2023, BAE will be providing BC Transit with 5 Battery
transportation sector for 40 years, creating the first fly by Electric Buses from NovaBus, powered by BAE’s latest
wire flight controls before beginning to develop solutions technology. Over 1,000 of these Battery Electric Buses
to electrifying more of the aircraft. Using their foundation have been sold, providing high tech manufacturing jobs and
in aircraft controls and systems as a jumping off point, facilitating the growth of our community.
BAE expanded their research and product offerings to
develop hybrid electric drive system for transit buses. Furthermore, outside of the direct contributions that
These systems were first implemented in New York City come from their work, BAE is invested in giving back to
before being sold internationally. As more corporations the community through a variety of opportunities. Most
and governments make green pledges, demand for recently, BAE employees mentored more than forty
transportation electrification has only increased, and with engineering students to complete custom solutions for
it BAE’s investment. veteran clients, and worked with Binghamton University
to develop a stem-related program, Girls Who Code. BAE
BAE Systems employs over 400 individuals dedicated Systems also collaborates with local workforce offices
to electrification and their engineers diligently keep to help train adult learners in manufacturing as well as
themselves apprised of advancements in the industry offering internships and partnering with area schools to
and improvements to technology to strive towards their inspire and train the future generation of innovators in
goal of “Get to Zero.” The commitment to the people, Broome County.
the environment, and the community drives the resolve
of BAE Systems to bring state of the art technology to BAE Systems has made significant investment into
market and help enable zero emission transportation. electrifying transportation which has led to major
advancements in the field, will serve to fuel the local
While their products are sold globally, the impact of their workforce, training more operators, technicians, and
work can be seen locally, too. Since operating on BAE engineers, and will continue to transform not only Greater
Systems’ hybrid-electric power buses, BC Transit has seen a Binghamton but the way all communities move for years
30% improvement in efficiency over traditional diesel buses. to come.
BUILDING BC AWARD WINNERS 232023 INDIVIDUAL AWARD
DAVID & KAREN SOBOTKA,
OWNERS OF THE BINGHAMTON
RUMBLE PONIES
Though David & Karen Sobotka may have only lived in THIS AWARD
Broome County for a little over a year, their impact on our RECOGNIZES
community is already sure to last for decades. As owners AN INDIVIDUAL WHOSE
of the Binghamton Rumble Ponies, the Double-A affiliate INVESTMENT POSITIVELY
of the New York Mets, they have taken a community IMPACTS THE QUALITY
OF LIFE AND JOB
approach towards baseball. For Karen & David, the Rumble
GROWTH TO ENSURE
Ponies is more than just a team, it serves as a unifying artists throughout the year.
THE SUCCESS OF THE
force for the entire area. The pair worked tirelessly during This September, Mirabito REGION’S COMMUNITIES
their first season to ensure all fans felt welcome at Mirabito Stadium was transformed into AND ECONOMY.
Stadium, by not only enhancing the fan experience within a BMX and skate park for the
the park but doing their part to facilitate community number one action sports company
development efforts outside of the park. in the world, Nitro Circus. This year also
welcomed the first “Rock’N’Rumble” event
The heart of baseball in the Southern Tier lies in the City at the stadium, a battle of the bands featuring local artists
of Binghamton. Not long ago, the future of the team faced including students and faculty from Binghamton University.
uncertainty, especially as Major League Baseball began raising The Rumble Ponies is also incredibly involved with
facility standards. Fortunately, thanks to the investment by the community events, as residents instantly recognize and smile
Sobotka family in 2021, with the support of the community, as Rowdy the Rumble Pony makes an appearance at holiday
David & Karen as both brand new owners and residents parades, fundraisers, festivals, farmers markets, and more.
jumped right into work making the necessary upgrades
to Mirabito Stadium for the team to remain in downtown David and Karen only aspire to strengthen their connection
Binghamton. The Rumble-Ponies successfully signed a 23- with the community, having also recently established
year lease agreement with the City, and fans can already the new Rumble Ponies Foundation. Both the team and
visibly see the improvements brought on by the Sobotkas. the Foundation support a diverse set of not-for-profit
organizations including the YWCA of Binghamton’s
The Sobotka’s mission is to provide fun, affordable family Emergency Shelter program, the Community Hunger
entertainment by showcasing elite professional baseball Outreach Warehouse (CHOW), the Broome County Urban
players striving to reach the Major Leagues in a way that League, area schools, local Little Leagues, and many others.
engages every type of fan at the games and various events Looking into the future, the Sobotka’s hope to grow their
around the region. Their hard work is clearly not going philanthropic efforts to especially support our local youth.
unnoticed, as Binghamton was recently ranked the third
best small city for baseball in the U.S., largely due to the The Binghamton Rumble Ponies are thriving under the
Rumble Ponies and incredible facilities at Mirabito Stadium. leadership of David and Karen Sobotka. The two saw an
opportunity to keep baseball alive in Binghamton, and
Due to Binghamton’s central location, the team are now committed to making Mirabito Stadium a focal
successfully brings in both local fans and fans from across point of family, corporate, and not-for-profit organizations
the country to the Binghamton downtown sixty-nine alike, and to make the Rumble Ponies a positive force
times a year. Games offer a little bit for everyone with an within our community.
exciting competition, family-fun, specialty themed jerseys
& giveaways, evenings to honor local history, as well as the
opportunity for local businesses and non-profits to set up
at the stadium, and so much more!
As one of the most attended venues in the area, the
Sobotka’s have also decided to expand their entertainment
offerings by hosting both international shows and local
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