(The author, Bridget Gibbons, serves as Westchester County Executive George Latimer’s Director of Economic Development.)
2021 was a year of rebuilding: businesses reopening, entrepreneurs launching new ventures, projects moving forward. While we are still navigating the ongoing health crisis, Westchester County has many great things on the horizon that will help our economy rebound and our current, and future, businesses flourish.
As we reflect on the last year and look forward to the year to come, the Westchester County Office of Economic Development is confident that we have programs in place to help support existing businesses operating in the County, attract new businesseas to the region in key industries and help continue to spur the economy.
Supporting Key Industries
In 2021, Westchester County Executive George Latimer put into motion the Westchester County Economic Development Strategy, Recovery and Implementation plan. This strategy focuses on promoting the fastest growing sectors in our County and spurring workforce development. These sectors included biosciences, advanced manufacturing, technology and clean energy.
As part of the sector-based strategy, the County has created Industry Desks to identify trends and address the needs of the existing businesses in Westchester, as well as promote it as an optimal location for businesses looking to relocate here. Each Industry Desk is staffed by the Office of Economic Development and supported by a dedicated Task Force comprised of local professionals and other stakeholders that have experience and expertise in the designated sector, and serve as a resource providing support and mentorship, including insight into workforce needs, real estate issues, financing advice and more. The Biosciences and Advanced Manufacturing Task Forces are up and running, with Technology and Clean Energy to follow.
“The Office of Economic Development”™s sector-focused strategy makes us better positioned to help our existing companies continue to grow and expand, while also attracting new businesses to the County,” said Latimer. “As we continue to roll out this strategy in 2022, we look forward to supporting these emerging industries that will have a tremendous impact on the future of the County.”
Building Westchester”™s Future
2021 was a tremendous year for the Westchester County Industrial Development Agency (IDA) and the Westchester County Local Development Corporation. These entities provided financial incentives and tax-exempt bond financing to major developments throughout the County, representing more than $1.2 billion in private investment in Westchester.
Approved projects from the IDA include financial incentives for Regeneron”™s 208,000-square-foot expansion of its R&D campus in Greenburgh, which is expected to create over 1,600 construction jobs and more than 500 full-time jobs; and financial incentives for the $275 million Gateway II multifamily residential project in downtown White Plains, which will feature 500 rental units (including 15 affordable units) and is expected to create 600 construction jobs and 20 full-time jobs.
In addition, the LDC, which assists the County”™s not-for-profit organizations in securing tax-exempt financing, voted approval of approximately $385 million in tax-exempt bond financing for the development of a senior learning community on the SUNY Purchase campus. Phase 1 of the project is comprised of 220 independent living units, 18 assisted-living beds, 16 memory care beds, underground parking, a separate assisted living and memory care building and up to 46 single-family and duplex homes together with supporting infrastructure and property site improvements.
The LDC also voted preliminary approval of $61 million in tax-exempt bond financing for Kendal on Hudson continuing care retirement community in Sleepy Hollow.
Lifting Up Small Businesses
and Nonprofits
As “the catalyst” for economic growth and vitality, Westchester County”™s Office of Economic Development has created a suite of innovative programs and resources to help the County”™s business and nonprofit communities recover from the health crisis. These programs, Westchester County Business FIRST: Financial Investments for Recovery and a Sustainable Tomorrow, have provided support and financial assistance to entrepreneurs, businesses and nonprofits in the County that have been negatively impacted by the COVID-19 pandemic.
In 2022, we will continue to identify opportunities to support our business communities through programs such as grants, educational events/webinars and more.
A major focus this year will be a dedicated marketing push to attract new businesses to Westchester County. The Office of Economic Development is planning a series of quarterly virtual events that will highlight the top businesses already operating in Westchester as well as those that have recently relocated to the area.
With a focus on the County”™s appeal, such as our highly educated workforce and proximity to New York City, the marketing campaign is designed to help recruit businesses that are thinking of relocating, either from Connecticut, New Jersey or beyond.
