by Michael Stamm
Tompkins County has been hit hard by the downturn in the US economy and weakness in global markets. The myth that we are somehow “recession proof” has been exploded in a way that has touched virtually every sector and all too many families. And, as well intended as a federal stimulus effort may be, the near term future is clouded by the unknown.
Yet, there is room for some guarded optimism. The same factors that make our economy so much different than other communities will likely help us recover faster and, in the long term, be more resistant to national and global economic fluctuations. These positive characteristics of our community include:
• Compared to just about any other place in the United States we are better educated and more entrepreneurial, two factors critical to the creation of quality jobs and a strong economy.
• The service at our airport, the gateway to and from our community, is improving while most communities are losing service.
• Local high-tech and traditional durable goods manufacturing companies continue to invest in R&D; they will be in an improved competitive position when the economy rebounds.
• TCAD and its partners in economic development work together through a strong collaboration so scarce resources are used more efficiently. In other communities competing organizations confuse customers and key stakeholders.
While impressive, these factors alone are not sufficient to ensure a full recovery and a strong, sustainable economy. There is much we must do to stimulate local investment and job creation. The following is a summary of key issues from TCAD’s perspective:
• Civic Facility Legislation – The State law that allows our Industrial Development Agency to help finance local not-for-profit projects “sunset” a year ago. Past users of this program include Cornell University, Ithaca College, Cayuga Medical Center, Kendal at Ithaca and Longview. This legislation must be renewed by Albany so important projects can move forward in the future.
• Water & Sewer Infrastructure – There are local manufacturers that have delayed expansion plans because of the lack of adequate sewer and water infrastructure. One sewer expansion project is ready to go but is being held up by Albany bureaucracy even though the State would not incur any cost. State approval must be acquired soon or this job-creating project will be lost.
• Empire Zone – After years of operating without an Empire Zone, Tompkins County finally has this valuable business incentive program. While the much-publicized loopholes in the program have long been closed, Albany legislators seem ready to destroy it. Like in Tompkins County, most communities use the Zone program carefully and effectively to encourage investment and create jobs. The State should leave this program alone.
• Workforce Investment Strategy – TCAD is assisting the County’s Workforce Investment Board create a comprehensive workforce investment strategy. The strategy will respond to the needs of local employers as well as local residents searching for stable employment opportunities. The development of the strategy has included input from employers, educational institutions and training providers.
• Equity Fund – With Cornell University’s increased commitment to technology transfer, we are seeing, even in this recession, an increased flow of high tech start-ups. To meet their need for early stage capital, TCAD is exploring converting one of its traditional economic development loan programs into an equity program, one better suited to companies in this stage of development.
Few economists are presenting much useful insight as to when the national economy will begin to recover, and TCAD will certainly not offer a prediction. We can say with confidence our community is well positioned to be competitive in a resurgent global economy.
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TCAD Optimistic About Future
Tompkins County Area Development
200 East Buffalo Street, Suite 102A Ithaca, New York 14850 ( 607 ) 273 - 0005 |