In June, Steuben County IDA celebrates its 50th anniversary of providing economic development services to the communities and residents of Steuben County, NY. In its purest form, economic development generates new wealth in a community and over the past half-century, Steuben County IDA has leveraged more than $2 billion in new investment, creating thousands of new jobs. During this time, the IDA has touched every major economic development project in the county and over the next several months, we will be highlighting these accomplishments.
Through partnerships between the business community, the public sector, and community organizations, the accomplishments of the IDA can be seen throughout the county. Companies like Corning Incorporated, Instant Brands, Upstate Farms Cheese, HP Hood, Alstom, Siemens Energy, and countless others have all benefited from the IDA as the organization has grown through the years.
In the last 25 years alone, the IDA has attracted $1.2 billion in new investment resulting in over 3,000 jobs. In addition, the organization saw its focus evolve as the economic development industry became more holistic in its approach, shifting from traditional industrial projects and broadening its efforts. While industrial development remains a major emphasis, the IDA has also focused on other sectors such as tourism, housing, and renewable energy to better expand the county’s economic base.
Projects such as the former Corning Hospital site redevelopment demonstrate how economic development organizations can utilize a variety of tools to drive development. This $46 million investment redefined an entire block in the City of Corning by removing a closed hospital and attracting investments into education, housing, and finance to help meet the broader needs of the community and the businesses located here.
This expanded focus is the driving force behind the IDA’s current successes. In 2022, the county will realize nearly $1 billion in new investment in a single year. Projects range from large scale renewable energy to infrastructure development supporting investments by companies like Amazon. The IDA was also successful in attracting LP Building Solutions’ new finishing facility for its wooden siding division which will create 61 new jobs.
To help support this growth, the IDA is once again seeing its role expand as staff become increasingly more involved in workforce development efforts, state and local government policy, and the redevelopment of community assets in municipalities throughout the county.
During its first 50 years, the IDA has successfully attracted new investments and jobs to the county. During the next 50 years, the organization will hold true to its mission of advancing the job opportunities, general prosperity, and economic welfare of the people of the county by continuing to grow the business assets of Steuben County NY.