Economic Forum highlights progress on the national and local level

The Tioga County of Chamber of Commerce and Tioga State Bank held what they hope will be the first of many Economic Forums, featuring a panel of local business leaders last Tuesday at the Tioga Golf Club and Banquet Space. 

While the focus of the forum was on gains made in the local economy, much of that progress was attributed to the national economy and not anything specifically tied to the Southern Tier. 

“As long as the (national economic) expansion continues, a rising tide lifts all boats; and as long as (Tioga County) continues to add jobs it will be in good shape,” said Brian Jones, vice-president and financial economist with the Federal Home Loan Bank of New York.

Jones, who was the keynote speaker, added that currently the national economy looks strong over the coming years with very few signs of recession. However, statewide he said New York is currently repeating a cycle from the past. 

“It’s the mirror image of the 1970s where the New York City metropolitan area is driving job activity statewide. Most areas of the state are adding jobs, but depending where you look it can be different,” Jones said.

For Tioga, 2019 was the best year for real estate sales in 20 years, said speaker Robert Farrell, broker with the Greater Binghamton Association of Realtors. 

“It’s the overall economy; I wish (the increase in real estate sales and values) was due to companies hiring mass amounts of people, but that isn’t the case. However, there are a lot of people that are coming back to the area after moving away, especially millennials, so that is very good news,” Farrell told the audience. 

Speaker Betsey Hale, president of Three Rivers Development Corporation and Foundation based out of Corning agreed, saying there has never been a better time economically in Tioga County. 

In order to better meet the needs of local businesses during a growing economy, LeeAnn Tinney, director of Economic Development and Planning for Tioga County, stated that local school districts like Waverly and Owego are active in partnering with local businesses to create programs designed to give students the specific skills local businesses are looking for. 

“I think (the forum) helps change perceptions that this area is depressed and that people are leaving. I think this event helps change perceptions, showing that the business economy is doing fairly well,” said Roseann Cole, president-elect for the Tioga County Chamber of Commerce Board of Directors.

Along with giving an update on economic conditions, Gwen Kania, president and CEO of the Tioga County Chamber of Commerce, said the forum was also designed to give local businesses insight into other local businesses they might not be familiar with. 

“It helps give local businesses an overall picture of the local economy,” Kania said. 

As to local developments that might specifically aid the local economy, Kania said that the first set of projects authorized under the regional Downtown Revitalization Initiative that previously set aside $10 million for Owego have been approved, both locally and by the state. 

“A few (of the approved projects) will be announced in the next few weeks,” Kania added.