As 2014 came to a close, the Southern Tier suffered two major blows to its economic prospects. Gov. Andrew Cuomo announced a state-wide ban on hydraulic fracturing, a technology many hoped would revitalize the area’s manufacturing sector. Days later, a state panel denied the region’s casino bid. To many of us, even if we didn’t support either of these endeavors, it was a let down. It felt like those were the only two prospects for economic growth on the horizon for the Southern Tier.
But the future of Binghamton’s economy doesn’t belong to natural gases and blackjack. Those two projects appeared to provide short-term boons to the floundering economy. However, we must be careful to support projects that ensure the region’s long-term success. Neither casinos nor fracking meet this requirement. In a previous editorial, we argued against a regional casino. Many casinos further disenfranchise economically destitute locals with no benefit. Cuomo banned fracking on the grounds that the technology is potentially dangerous to public health. We cannot afford to put the health of area residents at risk for the sake of temporary economic benefit.
In the past few years, the state has poured millions of dollars into more sustainable regional development projects. While it may be the end of the line for fracking and casinos, there is still hope for the Southern Tier.
The Southern Tier Regional Economic Development Council, co-chaired by University President Harvey Stenger, is working to secure investments in renewable technologies and create a business-friendly environment. The council’s Strategic Economic Development Plan targets potential areas for growth, including clean energy, health care and agricultural development. Since the plan’s implementation in 2011, the Council reports positive growth as the result of its publicly funded initiatives, with the creation of 1,511 new jobs, the retention of 6,885 jobs, and the foundation for 1,259 additional jobs.
It can feel like we’re being neglected by Albany sometimes. And certainly what we need is more attention and more capital coming from the Capitol. Earlier this month, Cuomo announced the start of a competition for $1.5 billion in funding for regional economic development projects. Based on the Council’s previous work, the Southern Tier remains a major contender in this competition. A large infusion into the economy will help the work already begun by the Council and local businesses.
Losing the casino bid and the prospect of fracking was a let down. But there is still a future for Broome County and for the Southern Tier. Good things are on the horizon.