Though the Greater Binghamton area has fallen into a recession, it is weathering the storm a little better than other regions in the nation.
Experts are pointing to the region’s high-tech manufacturing and the health care industries as anchors in a volatile economy. The housing bubble didn’t hit this area as hard as elsewhere. And although small businesses may struggle, the local economic climate still provides suitable conditions for planting new businesses.
Currently, no metropolitan economies in the United States are growing. But as last year came to a close, Economy.com reported that only 13 out of 381 U.S. metropolitan areas were still growing, and Binghamton was one of them.
“You’re not going to experience the severity of the recession of the rest of the nation or other areas,” said John Stapleford, senior economist at Economy.com. “Binghamton is going to come out of this recession at least as fast as the U.S. when it comes to employment.”
Stapleford predicted Binghamton’s economy will turn around in the third quarter of 2009, and employment could climb to previous levels through 2010.
Some officials say growth is already visible in the area. Broome County had about 10 percent more job openings this month than in December 2008, according to the New York State Department of Labor.
“For a long time we had a very stable economy that seemed to be negative because other people were growing,” said Merry Harris, director of economic development for the city of Binghamton. “We are still in a growth mode. We’re still adding jobs when a lot of other areas are losing jobs.”
Manufacturing, especially for technology and the defense industry, is a top industry in the area. BAE, Lockheed Martin and other “tremendous” high-tech companies are significant community partners, excellent employers and stable assets, according to Darcy Fauci, Broome County’s director of economic development.
Endicott Interconnect, which produces everything from implantable catheters to pacemakers to guided missile parts, has 23 job vacancies.
“As long as you’re not in the commodity world [with products] that can be duplicated by somebody else cheaper,” said Felicia Williams, vice president of human resources at EI, “chances are you will have an easier time surviving in a down market as long as your products are still in demand.”
Impress USA, which produces can lids, invested at least $44 million into constructing an advanced manufacturing facility in Broome Corporate Park. After it breaks ground this spring, the plant is expected to bring in 75 to 150 new jobs over the next three years.
Nurses and lab technicians needn’t fret. United Health Services, Lourdes Hospital and local hospitals create employment.
“Health care across the board from hospitals to nursing homes, those are jobs that are always in demand,” Darcy said.
Public administration students are also lucky — the area boasts city, state, county and federal agencies.
It came in handy that the region had a moderate housing market and number of building permits.
“You managed to dodge a lot of what’s going on up into this point,” Stapleford said. “You weren’t way out on the limb in terms of the housing bubble.”
Still, businesses are failing.
In Binghamton, the Coca-Cola bottling plant, Ascendia and the Microdyne call center have closed their doors. Shopvac shut down its Endicott location, affecting 220 employees.
While the national crisis has sent chains crumbling — Circuit City liquidated its 567 stores, including its Vestal branch — smaller business remain steadfast. As taxes and employee health coverage rise, retailers are keeping tighter control over their inventories and are treating their customers with extra care, according to Ron Sall, co-president of the Downtown Binghamton Business Assocation.
“You can’t sweat about the stuff you can’t control,” Sall said, “so you just got to work on the stuff you can control.”
Binghamton University is another asset. The Innovative Technology Complex, the Watson School of Engineering and the Decker School of Nursing continually pump work out of the students and staff.
Catalysts for Intellectual Capital 2020, an independent student-led economic think tank, is pairing students with professionals in the community in their project “Partnership for Knowledge Entrepreneurship.”
The Southern Tier Opportunity Coalition annually awards 20 leaders in their 20s who have set a standard in areas such as community service and leadership — half of 2008’s roster had attended BU.