For the 2014-2015 state budget, nearly $140 billion was recently completed on time. $33 million of that plan was carved out to help NY State finish acquiring approximately 1,250 acres in Genesee County, as well as to prepare those grounds for the construction of a new business park. The industrial project is called the Western New York Science Technology and Advanced Manufacturing Park (STAMP).
Development groups have been looking to attract technology companies with the prospect of a new state-of-the-art business park. In addition to the business park, local leaders hope major manufacturers will be attracted to the promise of cheaper water, power, and land. Once the park is developed, it is expected to bring thousands of high-paying jobs to our local communities.
In addition to this proposed business park, Genesee and surrounding counties have received a shot in the arm from the yogurt boom. Alpina Foods and Muller Quaker Dairy each built production plants that have had a ripple effect on the local economy. According to a USA Today article, Western New York isn't only benefiting from Greek yogurt; Yancey's Fancy, First Light Farm and Creamery, Perry's Ice Cream, and Leonard's Express (all located in or near Genesee County) have all benefitted from increased production and popularity.
Western New York has been an attractive site for manufacturing companies due to the cheap resources and prime geographic location. STAMP is another avenue to attract larger corporations and high paying jobs to our local economy. It will be interesting to see what ripple effect the new business park may have on local economies, and whether it will be similar to the yogurt boom, or not.
Ethan Wade, Financial Advisor
(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).