ITHACA, N.Y., May 16, 2024 – Ithaca Area Economic Development (IAED) held its annual meeting and presented a report to the community at Ithaca Marriott Downtown on the Commons on May 15th. Nearly 100 area business leaders, community partners, and elected representatives were on hand to review IAED’s 2023 accomplishments and preview its ongoing and future projects across the Central New York region. IAED’s role in supporting regional partnerships around Micron in Syracuse and the Binghamton battery tech hub was illustrated by presentations from IAED President Heather McDaniel and Chris Montgomery, Director of Business Affairs for SUNY Educational Opportunity Center.
IAED President Heather McDaniel shared, “Our annual meeting was insightful and inspiring. This area is on the precipice of tremendous change, and IAED is at the forefront of harnessing the opportunity to improve economic prosperity for all. I’m proud of the IAED team, our community, stakeholders, and investors. It takes a village and I’m excited about our shared future.”
In 2023, IAED reported stimulating $163 million in private investment, $10.3 million in new property taxes, and $14.5 million in new payroll. It also facilitated construction of 294 housing units (of which 25% are affordable) and payments of $913,000 into the Community Housing Development Fund to support affordable housing across Tompkins County. All are increased over the previous year.
“IAED’s breadth and scope is amazing. From business support to financial services and special projects, IAED really is a catalyst for economic development. Their success in workforce training programs is also making an impact on important regional initiatives, further evidence of IAED’s reach,” added Cathy Hart, Ithaca Marriott General Manager and IAED Board President.
IAED’s Direct-to-Work training program, featured prominently in the presentation, is expanding from manufacturing into the building trades. Micron alone is expected to need 5,600 construction jobs over the next 20 years. IAED’s new program will replicate the successful Syracuse Build model and is part of a coordinated effort across the region to meet anticipated labor demand.
