AngelouEconomics was hired to create a sustainable economic development plan for Broome County, New York.
AngelouEconomics was hired to create a sustainable economic development plan for Broome County, New York. Despite being the hometown location for one of the world’s largest technology firms – IBM – the Region had suffered steady job losses and economic sluggishness for 10 years prior to the plan.
In August 2002, AE provided Broome County with a complete economic development strategy to serve as a roadmap for the entire Greater Binghamton Region. The final reports included an organizational plan, a land use and redevelopment strategy, an incentives analysis, and a marketing plan to guide the Region over the next five years.
As a result of AE’s work, the BC Plan has received national recognition, and Senator Hillary Clinton has endorsed the plan and become personally involved in its implementation. Broome County has secured more than $1.2 million in funding to support economic development. They are developing a 21-acre Innovative Technologies Complex on the Binghamton University campus that will support AE’s recommendation of creating a biotechnology research initiative, and in November 2002, received a $15 million grant from the State’s Gen•NY•sis program to fund renovations of the former NYSEG building on the campus. The building is home to a new Bioengineering Department and the Center for Protein Dynamics, technology incubators for biotech and advanced sensor design companies, research laboratories, as well as home to the Division of Research, which oversees technology transfer and economic outreach. In March 2004, the Press and Sun-Bulletin announced the construction of a state-of-the-art printing facility worth $48 million on one of the priority sites identified by AngelouEconomics for redevelopment.
Angelos Angelou, Principal of AngelouEconomics, returned to Broome County in July 2006 to present an assessment of Greater Binghamton’s implementation results and push for greater emphasis on entrepreneurial development. In four years, the region has been able to implement 50-60% of the plan’s recommendation. At the Summit, Mr. Angelou also provided his advice and direction for continuing to move forward with implementation, including obtaining sustainable funding for an economic development organization and marketing campaign, prioritizing brownfield redevelopment, and energizing citizens about economic development and changing negative attitudes about the community and its future.