Construction value in the city of Binghamton is up $7.4 million from this time last year.

According to a press release from the city, the 37 percent increase is due in part to a multitude of new projects in development around Binghamton, as well as the more than $5 million the city was awarded through various loans and grants. The programs mentioned include grants from the state’s Restore NY and City-by-City programs, and loans from the Binghamton Local Development Corporation.

In the press release, Binghamton Mayor Matt Ryan said the recent development strategy has allowed the city to pull in millions of dollars in public and private investments.

“We catalyzed the creation of the Charles Street Business Park with our City-by-City grant, removing blight in rehabilitating neighborhoods with our unique Restore NY programs,” Ryan said in the notice. “The BLDC’s commercial loan program has enabled the opening of several new businesses and renovations to our historic architecture.”

Another reason for the growth is the 40,000-square-foot Emerson Network Power Facility, which is creating and retaining engineering, manufacturing, administrative and marketing jobs in the Southern Tier, it states.

Andrew Block, the director of communications for the city, said that the projects have led to a positive city-wide development in Binghamton. Block said the development could be seen especially in the First Ward, where the Boys and Girls Club and the Upstate Mental Health Facility are located.

The project should also spark consumer confidence in purchasing real estate in the surrounding area, Block said, and should have a positive impact on local property value.

The city also intends to attract local development through the BLDC, which offers low interest rates on loans to small businesses looking to expand or relocate in the city of Binghamton, according to officials.

However, these recent grants will not be the only investment that the city will receive.

Block said the city is expecting more than $160 million in public and private investments over the next four years, and that the revenue will lead to further economic growth for Binghamton.

Overall, the construction value in Binghamton has increased by 30.5 percent over the last year, and the city was recently named the country’s top real estate market by “The Today Show.”

Merry Harris, director of economic development and the BLDC for the city, said continued investment will result in more opportunities for the city.

“Developers from Binghamton and elsewhere are making significant, long-term investments in our city,” she said. “As a result, we’ll see even healthier commercial and residential sectors, new job opportunities and a stronger local economy.”