Decline and recovery

Post-war suburban development led to a decline in the city population, as the towns of Vestal and Union experienced rapid growth.^[8] As seen in many other Rust Belt cities, traditional manufacturers saw steep declines, though Binghamton's technology industry limited this impact. In an effort to reverse these trends, urban renewal dominated much of the construction during the 1960s and early 1970s, with many ornate city buildings torn down during this period.^[8] The construction included the creation of Government Plaza, the Broome County Veterans Memorial Arena, and North Shore Dr. (NY 363).^[23][24][25] As was typical of urban renewal, these projects ultimately failed to stem most of the losses, though they did establish Binghamton as the government and cultural center of the region.^[8] The city's population declined from approximately 64,000 in 1969 to 56,000 by the early 1980s.^[26]
As the Cold War came to a close in 1991 with the collapse of the Soviet Union, the defense-related industries in Greater Binghamton began to falter, resulting in several closures and widespread layoffs^[1] These were most notable at IBM, which sold its Federal Systems division and laid off several thousands of workers.^[9] The local economy went into a deep recession, and the long-prevalent manufacturing jobs dropped by 64% from 1990 to 2013.^[27]
A mass shooting took place on April 3, 2009, at the American Civic Association, leaving 14 dead, including the gunman.^[28]
In the 21st century, the city has attempted to diversify its economic base in order to spur revitalization. The local economy has slowly transitioned towards a focus on services and healthcare.^[10] Major emphasis has been placed on Binghamton University, which built a downtown campus in 2007,^[29] and several student housing complexes have been created downtown.^[30] Further student housing projects are planned, and the increased downtown residential population has spurred development of supporting businesses, along with a renewed focus on the riverfront.^[31] Unfortunately, the recovery has been stymied by two severe floods. While the majority of the impact of the Mid-Atlantic United States flood of 2006 was in the surrounding metropolitan area, the remnants of Tropical Storm Lee topped city flood walls in September 2011, causing $1 billion of damage in Greater Binghamton.^[32]