Binghamton Last In Projected U.S. Economic Growth
The Binghamton region is receiving some less-than-flattering national attention in an economic growth forecast released by the United States Conference of Mayors.
The area comes in dead last out of 363 metro area economies ranked by projected growth over the next seven years.
Several other upstate metro areas showed up close to the bottom of the list, including Utica, Elmira, Buffalo and Ithaca.
E.J. McMahon, president of the Empire Center for Public Policy, noted five of the ten lowest-ranked areas are in upstate New York.
Speaking on WNBF Radio’s Binghamton Now program, McMahon said there is a “real significant growth gap” between upstate New York and the rest of the United States.
Although many of the areas expecting the strongest economic growth between now and 2020 are in warmer regions, McMahon said climate isn’t the only factor.
Some metro areas in colder parts of the country show stronger economic prospects. Energy development is a factor in some of those areas.
In the ranking released by the Conference of Mayors, Midland, Texas, is listed as number one as potentially the fastest-growing metro area in the nation in the next seven years.
Binghamton’s poor showing in the economic growth projections was featured in Monday’s Wall Street Journal.