DiNapoli: City of Corning's Economic Development and Smart Growth Initiatives Build on Stable Fiscal Picture

November 22, 2024

The City of Corning, home to a Fortune 500 company and serving as a regional hub for art and culture, has avoided many of the challenges faced by other upstate communities in recent years and has plans to generate economic expansion and advance smart growth goals in the years ahead, according to a report released today by State Comptroller Thomas P. DiNapoli.

"By many fiscal measures, the City of Corning has effectively managed its resources and has seen substantial increases in property values over the last several years," DiNapoli said. "The fiscal picture is stable, with the city actively growing its reserve funds and reducing its debt burden. At the same time, Corning has been working to form partnerships with local stakeholders to enhance economic development, build desirable destinations for visitors, and provide a high quality of life for its residents."

"This "snapshot" of our city is another significant example of how the Office of the New York State Comptroller is prioritizing support for local municipalities," said Corning Mayor William Boland. "The unvarnished perspective it delivers will be an invaluable reference tool as we continue to implement our economic development strategy. We appreciate the Comptroller's positive focus on Corning and his office's contribution to our future economic progress."

"The Corning Area Chamber of Commerce takes pride in calling the City of Corning our home. We are dedicated to supporting local businesses through initiatives that include networking, education, marketing, and leadership development," said Corning Area Chamber of Commerce President Colleen Coro. "Our office also serves as an information hub, providing resources and assistance to both visitors and community members, showcasing all the remarkable opportunities and attractions Corning has to offer. We are delighted to see Corning's economic development recognized in State Comptroller DiNapoli's report. We look forward to continuing our collaborations with partner organizations to foster growth and prosperity within the city." "Corning's recognition as a regional hub for art, culture, and economic vitality underscores what makes our community a must-visit destination," said Keven Peterson, President & CEO, Explore Steuben. "With world-class attractions like the Corning Museum of Glass and the Rockwell Museum, as well as the vibrant Gaffer District, visitors experience the unique blend of innovation and heritage that defines our city. The report highlights Corning's fiscal stability and strategic growth, which align perfectly with our mission to promote sustainable tourism. We are proud to see the positive impact of our collaborations with local stakeholders in enhancing the city's appeal to travelers from around the world while fostering an exceptional quality of life for residents. Together, we are shaping a bright future for Corning as a premier destination in the Southern Tier and beyond."

"I am delighted to see Corning featured in this Economic Spotlight," said Gaffer District Executive Director Colleen Fabrizi. "The success story of our city is one of resilience, overcoming tremendous obstacles and always coming out stronger."

"The United Steel Workers are honored to host the New York State Comptroller and are pleased to be a part of the economic viability of Corning," said USW Staff Representative Jack Vanderbaan. "With the labor of Local 1000, 1034 Correlle Brand and Locals 104M,135T & 180M Anchor Glass, we will continue to contribute throughout the Corning Valley to the strong economic viability of the area."

"The Rockwell is proud to be a key partner in uplifting Corning and the surrounding area as a tourism destination and wonderful place to live," said Lisa Gill, Interim Director, Rockwell Museum. "Collaboration is key to what makes Corning a must-see arts destination in New York State. From our Smithsonian Affiliation that brings national art resources here to our little corner of New York, to all the local galleries, museums and schools that work together, it's very rewarding to see from the report that our collaborative efforts are being recognized."

While the city has a small geographic footprint and a 2020 population of 10,551 residents, it makes a significant regional economic impact from tourism and manufacturing.

Economy

A major employer in both the city and the region is Corning Inc., one of only a few Fortune 500 companies headquartered in upstate New York. It has been an economic anchor for the city, providing jobs and helping to support the local economy for over a century. It employs approximately 5,000 people at its global headquarters in Corning. Other employers in the city include the Corning City School District, Pathways Inc., Instant Brands, Wegmans Super Store and Corning Credit Union.

Economic indicators such as median income, educational attainment, unemployment, population, and child poverty show signs of both strength and weakness. DiNapoli's report found:

• Corning's median household income of $59,453 is higher than the median household income of all cities in the state, excluding New York City, ($54,837) and that of upstate cities ($51,092), but lags the statewide median by nearly $22,000.
• The city has a highly educated workforce - almost 59% of the population aged 25 or older has a degree from an institution of higher learning, compared to 48.4% statewide.
• Steuben County's annual unemployment rate of 4% in 2023 was comparable to the statewide rate of 4.2%, while the unemployment rate for the Southern Tier was slightly lower at 3.7%.
• Similar to other upstate cities, Corning's population has declined since 1950, down 40.3%, compared to a decrease of 34.4% for upstate cities.
• The city's childhood poverty rate was 20.2% in 2022 - higher than the 14.4% statewide rate outside New York City, but lower than the rate for four of the other six cities in the Southern Tier. Between 2017 and 2022, the childhood poverty rate decreased in Corning by 4.3 percentage points.

Economic Development & Attractions

Corning's Gaffer District features over 250 businesses, galleries and museums in a historic neighborhood along the Chemung riverfront. Other attractions and events in the city include: two world-class museums - the Corning Museum of Glass (attracting more than 300,000 visitors a year) and the Rockwell Museum, one of only two Smithsonian affiliates in upstate New York.

Economic development initiatives in Corning have been on the rise over the past decade, with several projects completed and more in progress. Corning has been awarded numerous grants through the Regional Economic Development Councils to pursue a variety of economic growth initiatives since 2012.

In 2018, the City of Corning completed its first Economic Development Strategic Plan, which is intended to guide the city's economic development for 10 years or more. Steps taken to date include promotional activities, development projects, and projects to support small businesses. In 2021, the Gaffer District was awarded a $300,000 New York Main Street program grant for rehabilitation projects.

The city of is also developing a Smart Growth Comprehensive Plan, using an $80,000 state grant it received to update its two decades old Comprehensive Plan. The updated plan, expected to be completed in 2025, will engage the community in promoting smart growth, sustainability and clean energy principles, including downtown revitalization and promotion of social diversity and integration. It will also contain strategies to mitigate climate change.

Finances

To monitor local government fiscal conditions, DiNapoli created the Fiscal Stress Monitoring System (FSMS) to help evaluate the financial position of counties, cities, towns, villages and school districts. FSMS uses a variety of metrics to determine whether local governments either fall into one of three levels of fiscal stress or do not meet the threshold for a stress category. Since the start of FSMS, Corning has never fallen into a fiscal stress category.

DiNapoli's report also found:

• Property values in Corning increased over 41% between 2013 and 2023. Real property taxes accounted for almost 38% of the city's total revenues in 2023.
• Corning's 2022 median home value of $142,500 is lower than the median of cities in New York state (at $150,000 excluding New York City), but higher than the median of cities located in upstate counties ($131,900), and cities in the Southern Tier ($117,400).
• The city's available general fund balance has ranged between 14.5% and 19.5% of expenditures since 2013. In 2023, the available general fund balance as a percentage of gross expenditures was 14.7%.
• Corning has several reserves in its general fund, including reserves for insurance, repairs, parks and recreation, tax certiorari, employees' retirement, and a capital reserve. The capital reserve fund, which has more than doubled since 2020, stood at $5 million in 2023.
• As of July 2023, Moody's Investors Service rated the city's general obligation debt at A1, meaning Corning's debt obligations are upper-medium grade and are subject to low credit risk. Corning had $8.6 million in outstanding debt at the end of 2023, down 40.5% from 2013.
• Corning's total long-term outstanding debt burden per capita is $812, which is significantly less than the median for all cities excluding New York City of $1,716.

Report
Economic and Fiscal Profile: City of Corning, New York