Industry Sectors

R&D to Commercialization

Driving cutting-edge research in several fields, including semiconductor devices, wind energy, pharmaceuticals, artificial intelligence, quantum computing, and chemicals. With one of the nation’s highest concentrations of jobs in the physical, engineering, and life sciences R&D services industry, the cluster attracts more than $1 billion in private research spending annually. Leveraging assets and talent at the Albany Nanotech Complex, Rensselaer Polytechnic Institute, and the University at Albany’s ETEC Building and Health Sciences Campus, companies are continuing the Capital Region’s tradition of innovation that began with the General Electric Research Laboratory in Schenectady – the nation’s first industrial research facility in 1900. 

Sample Companies: IBM, GlobalFoundries, Applied Materials, Tokyo Electron, GE Research, SI Group, Curia, and Regeneron Pharmaceuticals

Power

New York’s Capital Region has been shaping the nation’s power landscape for more than a century, from the first steam generator at General Electric’s Schenectady plant in 1901 to hydrogen fuel cells now made by Plug Power in Latham and offshore wind tower components that will soon be assembled at Albany County ports.

Sample Companies: Plug Power, GE Global Research, Knolls Atomic Power Laboratory

Off-Shore Wind & Clean Energy

Home to New York’s northern-most, year round seaport with critical rail connections, and located at the nexus of interstates 87 and 90 providing accessibility to multi-state supply chains, the Capital Region stands as a strategic offshore wind component manufacturing and staging location.  In addition to off-shore wind development, the Capital Region supports advancements in additional clean energy sub-sectors including solar, battery/storage, geothermal and smart grid. More details on offshore wind in the Capital Region here >>

Highlights: New York ranks second for cleantech patents, first for wind patents and fifth for U.S. Department of Energy R&D funding.

Sample companies: GE, Plug Power, Espey Mfg. & Electronics

Biotechnology / Life Sciences

The Capital Region is home to the legacy of medical equipment manufacturing in “Catheter Valley” during and after World War II. Cutting-edge biotech/life science and pharmaceutical firms benefit from a vast talent pipeline and R&D infrastructure and our unique mix of R&D and manufacturing capabilities make the region a bench-to-bedside model.

Highlights: The National Institute of Health (NIH) on average annually awards more than $50 million to Capital Region biopharma and life sciences companies and R&D centers.

Sample companies: Regeneron, Curia, AngioDynamics, Taconic Biosciences

Software / Information Technology

Companies in this sector study, design, develop, implement, support or manage computer-based information systems, particularly software applications and computer hardware.

Highlights: Forbes in 2016 named Albany the nation’s third best place to find a job in technology, with employment in Albany County alone tripling over the past five years.

Sample companies: CommerceHub, Transfinder, Dealer Socket (Formerly known as AutoMate Dealership Systems)

Creative Economy

In 2018, the region’s creative economy had 37,437 workers, including wage and salary employees plus freelancers, up 800 workers, or 2.2 percent, from the previous year. That meant the creative economy has more workers than the region’s manufacturing sector, but less than its health care, retail trade and food services sectors.

The region’s creative economy is divided into seven creative segments, the largest of which is Agriculture and Artisan Food (28 percent), Media (22 percent) Design (16 percent), Artisan Restaurants (12 percent), Performing Arts (10 percent), Museums and Preservation (6 percent), and Visual Arts and Handcrafted Products (6 percent). Within these segments are 121 creative industries. These creative segments add to the economic activity throughout the eight counties but also to their vibrancy, which is crucial for attracting new companies and talent to them and retaining those already here.

Healthcare

The Healthcare Cluster lays the foundation for the Capital Region’s vibrant economy, accounting for one in eight jobs regionwide. Major employers within the cluster include three major hospital systems – Albany Med Health System, St. Peter’s Health Partners and Ellis Medicine – as well as several health insurance companies including Capital District Physicians Health Plan (CDPHP) and MVP Health Care. Albany Med has one of the busiest trauma centers in the state and the only children’s hospital in northeastern New York. Supporting this large healthcare workforce is an expansive talent pipeline that includes one of New York State’s largest teaching hospitals, Albany Medical College, the Albany College of Pharmacy and Health Sciences, three nursing schools and several other healthcare-related programs and local colleges and universities. The region’s largest medical group is Community Care Physicians (CCP).

Highlights: Region annually awards 1,941 degrees in health professions and related programs.

Sample companies: Albany Med Health System, St. Peter’s Health Partners, Ellis Medicine, Community Care Physicians (CCP)