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Greater Binghamton 2016 Annual Economic Forecast

By Alex Howard (twitter:@alexhoward99).
With the New York upstate revitalization initiative to begin taking effect this year, the Binghamton area still trails other major metropolitan areas in the state in rate of job growth. However, local business and government leaders are optimistic.

"Thing's that we're going to look forward to in the future, the pharmacy school, the nursing school in Johnson City, upgraded manufacturing in the Endicott area if you take a look at downtown Binghamton today, compared to 5 to 10 years ago, you wouldn't recognize it, " said Lou Santoni, the President of the Greater Binghamton Chamber of Commerce.

While Broome County and its surrounding area's major economic engines are still focused on manufacturing, the industries have been in decline for the past several decades, with the closing of factories and plants by both IBM and Endicott Johnson. But officials say that growing Health care and Education sectors offer a growing economic potential for the region.

"I think the raw materials are here, the brainpower, the natural assets and just the infrastructure that we have to work with, that's still a positive for our future." said Gary Keith, Regional Economist for M&T bank

The Southern Tier is slated to receive $500 million from the State of New York for the Upstate New York Revitalization Project this year.