by Stephen Kimball
2007 was an incredibly busy year in the economic life of Tompkins County. As with most years, there were reasons for optimism mixed with concerns for the economic future of the community we call home. Fortunately, due to the hard work of many dedicated individuals and organizations, there were many more reasons to be encouraged than discouraged. What follows are some of the highlights of 2007 and our outlook on 2008.
One of the many important developments that took place in 2007 was the first full year of the long-sought-after Tompkins County Empire Zone. During 2007, 34 businesses were certified to participate in the program. This represents the projected creation of 762 jobs and $91 million in capital investments over the next five years.
Tompkins County Area Development in collaboration with the Workforce Investment Board initiated the Tompkins County Workforce Strategy Planning Process. To accomplish this, we contracted with Chmura Economics & Analytics to prepare a Labor Market Study scheduled to be substantially completed in January 2008. This is an important study because it will give us a better picture of not only the workforce and employers in Tompkins County, but the surrounding region as well. The report's statistical data and economic projections will provide a base for stakeholder engagement in the strategic planning process during the first quarter of 2008. The Workforce Strategy will guide investments to prepare our region's labor force to succeed in the changing economy.
As is always the case, collaboration is key to the success of our economy. The above mentioned labor market study is just one example. The Economic Development Collaborative continued to meet on a quarterly basis. This group of thirteen organizations works to provide coordination of economic development related activities in the county. In addition, the Community Marketing Collaborative was founded by TCAD in 2007. This group brings together all of the diverse organizations that are promoting Ithaca and Tompkins County with the goals of information sharing and presenting a cohesive of message.
These economic development activities encourage new and expanding businesses. In 2007, there was other important business growth. BorgWarner announced the addition of 174 new jobs and an investment of $47 million dollars. The formation of Plastisol, a company that plans to employ 100 people in their Groton plant manufacturing fire truck bodies was also an exciting development. These are just two large examples of the job and business growth that occurred in 2007. There are numerous other, smaller companies that are growing.
In the end, as successful as we were in 2007, there is always more work to be done. With that said, here are some important developments to watch for in the coming year.
While perhaps not as exciting as a new building or the creation of large numbers of jobs, the implementation of the Countywide Water and Sewer Evaluation and Concept Planning Study is vital to economic development. The study will guide infrastructure investments to support housing development and commercial district revitalization. Without this study and the corresponding development of sewer and water to critical areas, vital economic development opportunities could be lost.
In 2008, TCAD and the Cornell Center for Technology Enterprise and Commercialization will strengthen the bridge between Cornell and the community, assisting enterprises spawned at Cornell in establishing themselves and staying in the local region. Also in collaboration with Cornell University, TCAD will continue to implement its Targeted Marketing Initiative, a program that aims to attract high tech companies to Tompkins County.
Finally, Tompkins County Area Development will carry on its core mission of building a thriving and sustainable economy in Tompkins County. To accomplish this TCAD will maintain its role as the economic development leader in the county by implementing the County’s Economic Development Strategy, coordinating economic development activities, and providing technical and financial assistance to businesses to help them succeed.
Through these activities we can surely keep the economy of Tompkins County vibrant and vital, and our quality of life second to none.
Originally appeared in Ithaca Journal's Outlook
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2008 Outlook
Tompkins County Area Development
200 East Buffalo Street, Suite 102A Ithaca, New York 14850 ( 607 ) 273 - 0005 |