Greater Binghamton Chamber Hosts Economic Forecast

Regional economist sees reasons for optimism despite labor challenges

Published on Feb. 22, 2026

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The Greater Binghamton Chamber held its annual Economic Forecast and Building BC Awards breakfast on Wednesday, where Chief Economist for M&T Bank and Wilmington Trust Luke Tilley discussed factors impacting the local business climate. Tilley believes federal efforts to boost manufacturing through tariffs will lead to more activity but not necessarily more jobs, as the declining birth rate and immigration restrictions shrink the labor force, forcing companies to turn to automation and AI to increase productivity.

Why it matters

The Greater Binghamton region, like many parts of Upstate New York, is grappling with an aging population and shrinking labor force, which poses challenges for local businesses. Tilley's insights on the need for increased automation and AI adoption to compensate for labor shortages provide important context on the economic forces shaping the area.

The details

At the event, Tilley said the federal government's use of tariffs to boost manufacturing will lead to more activity but not necessarily more jobs. He explained that the declining birth rate and restrictions on immigration will shrink the labor force, causing companies to turn more to automation and AI to increase productivity, especially in Upstate New York where the population is aging.

  • The Greater Binghamton Chamber held its annual Economic Forecast and Building BC Awards breakfast on Wednesday, February 18, 2026.

The players

Luke Tilley

Chief Economist for M&T Bank and Wilmington Trust, who discussed factors impacting the local business climate at the event.

Mercy House of the Southern Tier

A community care shelter for the terminally ill that received the Transformative Award at the event, having recently completed a major expansion.

Linda Cerra

Executive Director of Mercy House of the Southern Tier, who spoke about the home's focus on making memories and celebrating milestones for residents and their families.

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What they’re saying

“It means bringing in artificial intelligence to compensate for those low labor force growth rates. We do think it's going to require businesses to adapt to those new processes, whether you're in manufacturing or you're in services, we think that artificial intelligence is going to be necessary to make up for some of that low labor force growth and it's really going to permeate all sectors of the economy.”

— Luke Tilley, Chief Economist (binghamtonhomepage.com)

“All of that creates a very large extended family of support for the residents and their families. That is a very positive experience when folks are facing life's most tender moments at the end of life.”

— Linda Cerra, Executive Director (binghamtonhomepage.com)

What’s next

The Chamber plans to continue hosting its annual Economic Forecast and Building BC Awards breakfast to provide insights on the regional business climate and recognize local organizations making a positive impact.

The takeaway

The Greater Binghamton region, like many parts of Upstate New York, faces demographic challenges that are forcing local businesses to adapt through increased automation and AI adoption. However, organizations like the Mercy House of the Southern Tier are demonstrating the region's resilience and commitment to supporting the community during difficult times.