ECONOMY

Otsego County

Otsego County is fortunate to straddle two dynamic regions of New York State. Strategically located in the Southern Tier Region, and bordering the Mohawk Valley Region, Otsego County is able to provide comprehensive access to transportation corridors, metropolitan areas, vast recreational venues and world-class tourism destinations.

The Regional economy benefits from high-technology manufacturing, including Corning, Inc., Unison Industries, IBM, Lockheed Martin, Raymond Corporation and Universal Instruments and others.

The majority of Otsego County based companies have shown both profitability and stability in their operations during the last decade, with more than a third of them reporting facility and equipment expansions. Since 1960, the number of manufacturing firms in Otsego County has increased, especially among those firms employing 1-19 employees.

The medical industry thrives with two major hospitals, their affiliates and related products such as mobile MRI equipment, pharmaceuticals, medical supplies, optical devices and laboratory equipment.

Over the past two decades, the area's economy has shown considerable growth and total employment has shown a steady increase. The number of jobs more than doubled from 1971 to 1992, (from 10,200 to 23,300) and from 1992 to 2000 increased another 36% to 31,687.

Meanwhile, the county has maintained its agri-business, farming, and forestry base. As recently as ten years ago Otsego County ranked 15th in the state in the value of agricultural products sold.

New York State

Major businesses across the nation and around the world are choosing New York State as the site to establish and expand their operations. In the past ten years, progressive economic development strategies, coupled with bolder financial and tax incentives have ushered in a new era of business growth in the Empire State.

As home to 54 Fortune 500 companies, 310 academic institutions, and hundreds of leading businesses - including companies in the biotech, high tech and financial industries - New York outranks many other big states in terms of economic growth.

New York by the Numbers

• New York State is ranked fourth in the nation in attracting new and expanded corporate facilities, according to the March 2005 issue of Site Selection Magazine.


• In 2004 New York attracted 517 new and expanding business projects, compared with only 75 in 1994.


• New York State is ranked first in the nation in number of Fortune 500 companies headquarters at 54, according to Fortune Magazine, 2005.


• New York is ranked first in the nation in number of first tier universities based on 70 criteria, according to Entrepreneur Magazine, 2004.


• New York State ranks third in the nation in high technology employment (305,300), high-tech payroll ($21.4 billion) and fourth in number of high-tech establishments (18,500) Source: American Electronics Association's Cyberstates 2005 report.