New annual report shows growing economy in downtown Troy

TROY, N.Y. (NEWS10) – Business in Troy is picking up despite a scathing financial report from the state comptroller’s office.

The first ever “State of Downtown Troy” report from the Downtown Troy Business Improvement District depicts a thriving downtown. The organization presented a detailed analysis on the booming economy on Monday.

“Most of the business owners down here are reporting that business is up,” Vice President of Downtown Troy BID Vic Christopher said.

Christopher is also a restaurant owner. For the past year, he said downtown Troy has averaged a new business each month. And it’s not just downtown that’s experiencing growth.

“Now we’re seeing it south and north of the downtown area,” he said. “It’s very encouraging for the city of Troy as a whole.”

On May 6, a ribbon cutting for four new businesses on Congress Street, south of downtown Troy, took place.

Joseph Crawley owns Screen It Ltd., an embroidery and screen printing business. He said the downtown Troy renaissance is real, and it’s spreading to other parts of the city.

“When I was a kid, Troy had kind of a negative connotation, and now that’s completely changed,” he said.

The report shows the increased business is focused on the creative economy, including accommodation, food, retail, and the arts. It makes the district a destination.

Paula Matt, who owns pet store Henry Loves Betty, agrees.

“And they’ve decided to come to Troy because it’s walkable, and there’s great food, and there’s great stores,” she said.

The BID goes as far as calling Troy the “new Brooklyn.” Some would call the comparison a stretch, but business landscape attracted Christopher, a Brooklyn entrepreneur.

“People are coming to the city of Troy and following their dreams, and they’re starting their own businesses, and they’re living the American Dream right here in downtown Troy,” he said.

Another trend the report finds is renovating older buildings to house new businesses as a way to grow the economy without compromising the city’s history.

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