He says that the administration of Westchester County Executive Andrew Spano has instituted "carefully-crafted, economically-expansive" policies that place emphasis on the growth and retention of small-and medium-sized companies. He adds, "This is Westchester's trump card. This policy potpourri has been embraced with such an intensity that it has transformed a once languorous economy into one abuzz with activity."
The big companies/headquarters-centered strategy of a decade ago may have worked when times were good, but the "white collar" layoffs that hit in the early 1990s turned things around. The shift in economic development strategy toward smaller companies -- especially those in the biotechnology, information technology and telecommunications industries -- has made the county more resilient and less sensitive to inventory-triggered economic slowdowns, Goloven says in the Financial Digest report.
Goloven notes, "Westchester has developed an industry mix that would serve it well if one industry stumbles." The number of new jobs created countywide increased 7.8% from year-end 1996 to year-end 2000, lifting the total job count to a record 424,500. The net gain stands in stark contrast to the net loss of nearly 20,000 jobs countywide during the previous 10 years.
The county has also worked to cut taxes, ease regulations that stifle small business growth and market the high quality of life that continues to attract entrepreneurs -- the result being a rising level of business confidence and employment, Goloven adds.
Other positives Goloven cites a growing number of high-tech firms relocating or expanding to White Plains, such as Greenwich Technology Partners and Metromedia Fiber Network. The county can also claim the largest concentration of biotechnology workers in the state, he adds.
Noting that Westchester County's office rental rates are significantly lower than New York City and somewhat less costly than Fairfield County, Goloven tells GlobeSt.com that major businesses from New York City of Fairfield County may consider Westchester County.
However, he relates that while the county's rental costs may be lower than surrounding environs, "Westchester County is a very high cost area." Therefore, the decision to relocate to Westchester would have to be centered primarily on reducing office rents.
Westchester County Executive Andrew Spano comments, "It's nice for our efforts to be recognized by an outside observer and expert in the field. This report is reconfirmation that we've been taking the right approach. We've made every effort to create an economic development office that's more approachable and responsive, and to pursue aggressive business recruitment policies."
Salvatore Carrera, director of the county's Economic Development Office, adds that Westchester continues to offer stable and competitive prices and a number of new deals are pending. "Tenants are weighing their decisions more closely, but they're still looking to stay or expand," he said. "Maybe it won't be the grandiose amount of space they originally anticipated taking, but there can still be some growth."
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
