May 15 2020

Week in Review: May 11 – 15, 2020


Stay up-to-date on business and economic development happenings in the Capital Region with the CEG Economic Development Week in Review. Don’t miss out on the developments that are transforming the region by following us on:


Albany  Business Review: Port of Albany drawing up aggressive schedule in race for offshore wind jobs

Times Union: KeyBank and CEG partner on new $150,000 urban small business fund

Troy Record: CEG unveils $150K COVID-19 small business stabilization fund

Houston Chronicle: KeyBank and CEG partner on new $150,000 urban small business fund

Times Union: GlobalFoundries touts U.S.-based chip production


UAlbany’s RNA Institute busy with coronavirus research

“A senior research scientist at the RNA Institute at the University at Albany just landed a federal grant through the National Science Foundation to make a coronavirus test that targets RNA to detect the deadly virus.

But the scientist, Ken Halvorsen, isn’t the only scientist at the RNA Institute to be working on coronavirus research.”

Development agency wants downtown land through eminent domain

“A not-for-profit group charged with reviving the city’s economy has started the eminent domain process that, if approved, would force the sale of a 0.88 acre plot that has become a linchpin of plans to redevelop the decrepit Liberty Square area in lower downtown Albany.”

As visitors start returning to Lake George, area businesses hope they’ll do it safely

“Amid intermittent warm weather and widespread cabin fever, day trippers and vacationers have begun to make their way to Lake George, where the seasonal hospitality community wants their business but is far from ready for it.

Some hotels and RV parks are open, some are not. Restaurants serve only takeout food, most retailers are closed altogether. Golf courses opened, closed and opened again. Marinas are open, tour boats aren’t operating. Walking paths are open and getting use, beaches are closed and getting use anyway.”

Little, Stec pitch sub-region approach for Warren and Washington counties

“The Washington County Board of Supervisors is supporting a letter sent to Gov. Andrew Cuomo urging him to consider Warren and Washington counties as a sub-region in his regional reopening plan.

State Sen. Betty Little, R-Queensbury, and Assemblyman Dan Stec, a Republican from Queensbury who is running to succeed Little in the Senate, co-authored a letter to the governor Thursday.”

KeyBank and CEG partner on new $150,000 urban small business fund

“The Center for Economic Growth is helping administer a new $150,000 urban small business “stabilization” fund created by KeyBank and JumpStart, a Ohio nonprofit that invests in startup companies.

The fund will help small businesses in local cities deal with the coronavirus pandemic.”

Here are the leaders of the Capital Region’s reopening team

“Parts of New York’s economy in some areas of the state will begin reopening in phases starting May 15, Gov. Andrew Cuomo announced Monday.

Much of the state’s economy has been paused since the end of March to stop the spread of the coronavirus. Cuomo’s administration has developed a reopening plan to determine which parts of the state and which businesses can reopen when the state’s work-from-home order expires May 15.”

Cuomo: Fulton, Montgomery, Schoharie counties set to start COVID-19 reopening; Schenectady, Saratoga close

“Fulton, Montgomery, Schoharie and other Mohawk Valley counties will be allowed — slowly and deliberately — to start reopening their economies on Friday.

Nearly two months after he ordered the shutdown of much of the state’s business community to slow the spread of COVID-19, Gov. Andrew Cuomo announced Monday that the Mohawk Valley, Southern Tier and Finger Lakes regions have met all seven of the criteria he imposed for restarting. The Capital Region falls short on two of the seven metrics imposed by Cuomo and will remain closed until it meets them.”

French tourism company expanding to Adirondacks

“Huttopia, a family-owned, French tourism company, plans to open its third campground in the United States after winning approval to develop 111 sites in New York’s Adirondack Mountains.

Huttopia Adirondack Properties LLC was granted a permit from the Adirondack Park Agency to develop a portion of the 275-acre property it acquired in January 2019 for $680,000. The permit was filed in Warren County on April 21.”

Cuomo: Capital Region is one step closer to reopening

“Gov. Andrew Cuomo on Tuesday said the Capital Region is one step closer to reopening its economy after May 15.

The Capital Region currently meets six of seven metrics — based on a decline in coronavirus cases and other measures – the state has set for reopening.”

Union Pacific cutting 162 jobs and closing Railex warehouse in Rotterdam

“Union Pacific Railroad has closed its Cold Connect operation, the former Railex that delivered produce and other perishables from the West Coast to its distribution center at the Rotterdam Industrial Park. Most of the 162  jobs at the facility are being eliminated, although a Union Pacific spokesperson wasn’t immediately available to comment.”

Sales tax revenue plummets in April across Capital Region amid COVID-19 shutdowns

“The Office of the State Comptroller reported sales tax revenue data on Tuesday for the month of April, the first full month of the economic shutdown ordered by Gov. Andrew Cuomo to slow the spread of the pandemic.

With many shops closed, many people staying home, most motorists buying less gasoline, and millions of New Yorkers suddenly feeling cautious about their spending, April 2020 sales tax revenue was down $327 million statewide from April 2019, a 24.4% drop.”

BD furloughs 85 employees as demand sinks for medical products

“D has placed 85 of its Queensbury employees on furlough because demand for many medical products has fallen during the pandemic.

“While BD has ramped up production of products that are critical to the COVID-19 response to maximum levels, there is also a decrease in market demand for other products as health care providers slow or stop most other hospital visits, non-urgent surgeries, elective procedures and some types of research as they fully focus on fighting coronavirus,” said spokesman Troy Kirkpatrick.”

His job: Help startups launch — even during the pandemic

“After working for a couple of startups in Boston during the dot-com boom and finishing grad school, Jason Kuruzovich tried launching his own startup. It didn’t work out, and that’s when he learned how difficult it can actually be.

Now, he shares what he’s learned along the way with students, faculty and other entrepreneurs as director of the Severino Center for Technological Entrepreneurship at Rensselaer Polytechnic Institute.”

GE Research awarded $5.4 million to reduce nuclear power plant costs

“GE Research, the research arm for General Electric Co. that is based at the main GE lab in Niskayuna, won a $5.4 million grant from the Department of Energy’s GEMINA project, otherwise known as the Generating Electricity Managed by Intelligent Nuclear Assets. The program is designed to harness artificial intelligence technology to reduce costs at next-generation nuclear power plants, making them more cost-effective and competitive with fossil fuel power plants.”

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