Page 48 - Westchester Relocation Guide 2021

BUSINESS
OUR RESILIENT ECONOMY
© ADOBE STOCK
When 2020 dawned, business leaders in Westchester were not thinking about how to survive the economic impact of a global pandemic. But that’s exactly what the year brought, and our region’s forward-thinking business, nonprofit, and government leaders banded together to do just that. Area companies adapted to the constraints of the virus by enacting innovative business strategies, new approaches to serving customers, and ahead-of-the-curve virtual business practices.
Hardest hit by the outbreak were small businesses with fewer than 50 employees and those in the restaurant, hospitality, and travel industries. But the region’s resilient economy, which boasts great strength in essential industries including healthcare, biotech, professional services, IT, finance, construction, and advanced manufacturing, has played a key role in helping to weather the storm. In addition, grant programs from the Westchester County Industrial Development Agency (IDA), the Westchester County Office of Economic Development, and the New Rochelle, Yonkers, and Peekskill IDAs, among others, continue to offer assistance to help small businesses survive and thrive.
Looking forward, the region will draw on the fact that it boasts a diverse economy fueled by small businesses and big national corporations, plus a robust higher-education sector and a devoted
nonprofit community that has a huge impact on the local economy.
Residents support mom-and-pop shops that dot their towns, while they are proud that the county is the chosen location for powerhouse companies like Regeneron, IBM, Mastercard, PepsiCo, Heineken, and Danone. The county is a supportive place for entrepreneurs and recently debuted Element 46, a county- backed business incubator.
Dubbed the BioHud Valley, the area is also home to more than 80 biotech and health tech companies and leading research institutes, including Regeneron — which developed a highly visible drug cocktail for treating COVID-19 — Acorda Therapeutics, Curemark, and the Bioincubator at New York Medical College.
Developers such as Ginsburg Development Companies, RXR Realty, MacQuesten, AvalonBay Communities, Saber Chauncey, Wilder Balter Partners, Lennar Multifamily, and many others have erected or are constructing high- rise residential towers and mixed-use developments in cities like Peekskill, New Rochelle, White Plains, and Yonkers. Also hot are luxury active-adult communities, including new developments like The St. Regis Residences, Rye and Broadview Senior Living at Purchase College.
Commercial developers including The Robert Martin Company, RPW Group, and Simone Development Companies are expecting our office, healthcare, and industrial facilities to increase in popularity as companies shift their workforces to suburban locations for increased safety and economic efficiency.
The Business Council of Westchester (BCW) works to build bridges for businesses to foster economic growth. The BCW played a key role in keeping businesses connected virtually throughout the pandemic and has also become an information resource for Westchester as well as a champion of workplace diversity and inclusion.
Empire State Development (ESD)
seeks to encourage a growing economy in New York State through job creation and investment. Local economies are supported by real estate development, loans, tax credits, and grants. Mid-Hudson Regional Economic Development Council develops regional strategy and recommends state funding for the region.
Hudson Valley Pattern for Progress, a not-for-profit policy, planning, advocacy, and research organization, conducts the research for the BCW’s Data Exchange, an online data center for current demographic information, statistical analysis, and trend data about Westchester County. BCW provides information on the organization’s website on issues that impact local business, including demographics, workforce data, housing, education, local government, transportation, infrastructure, and real estate trends.
The business scene in Westchester County and the Hudson Valley is poised to come back better than ever, with opportu- nities and new jobs for countless residents.
RESOURCES
Empire State Development esd.ny.gov (Mid-Hudson Region office in New Windsor)
WESTCHESTER COUNTY
The Business Council of Westchester
Rye Brook thebcw.org
Westchester County Office of Economic Development
White Plains westchestergov.com
Westchester
County Industrial
Development Agency
(IDA)
White Plains westchestercatalyst.com Mahopac
ORANGE COUNTY
Hudson Valley Pattern for Progress Newburgh pattern-for-progress.org
putnamchamberny.org
Putnam County Economic Development Corporation Carmel putnamed.org
Orange County Chamber of Commerce Montgomery orangeny.com
Orange County Partnership Goshen ocpartnership.org
ROCKLAND COUNTY
Rockland Business Association
Nyack rocklandbusiness.org
Rockland County Office of Economic Development and Tourism
New City
www.rocklandgov.com
PUTNAM COUNTY
Putnam County Chamber of Commerce
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