Regional Strategy

Capital 20.20

Capital 20.20 is a multi-pronged job growth plan designed by the Capital Region Economic Develop­ment Council (CREDC) to position the region’s economy for strong, stable and inclusive economic expansion. This blueprint outlines five mutually reinforcing strategies that aim to build on the assets that have turned the Capital Re­gion into upstate New York’s most vibrant and versatile re­gional economy, add to their momentum by establishing or strengthening synergies between them and counter the trends that threaten to impair businesses’ growth and pro­ductivity. CEG is well-positioned to drive this work by serving as the eco­nomic development organization that can achieve econom­ic prosperity by leveraging public investments with private sector resources, influence and know-how into the suc­cessful implementation of Capital 20.20.


The Strategies

The Capital 20.20 plan’s five strategies and 13 ini­tiatives include the following:

  1. Next-Tech: Harnessing the region’s technology assets in health-tech & clean-tech clusters
    1. Population Health Technology Cluster: Create a consortium of the region’s healthcare providers and payors, government programs, universities and technology companies to develop high-tech, data-driven models that improve patient care and reduce costs through the development and deployment of technology, such as wearable health monitoring devices and predictive analytic solutions.
    2. Clean-Tech Cluster: Strengthen the synergistic relationships between the region’s clean-tech companies and universities and forge new connections through the development and expansion of dedicated spaces for clean technology design, manufacturing and training as well as startup acceleration.

     

  2. Gateway: Exporting larger equipment, importing more containers and expanding warehouse & distribution infrastructure
    1. Ports Modernization and Expansion: Modernize and expand the region’s two ports, enabling them to store more cargo and/or more efficiently move it to or from rail or ship transports.
    2. Fulfillment Hub Expansion: Attract new major fulfillment centers to the region, enhancing its warehouse and distribution ecosystem and making it more attractive to third-party logistics companies.

     

  3. Talent: Creating a skilled worker pipeline and more inclusive workforce
    1. Partnership for Talent Aligned to Employers’ Needs for Tomorrow (TALENT): Introduce a state-backed credentialing system to the region’s existing workforce training efforts, creating a first-of-its-kind skilled worker pipeline between local employers and higher education institutions, with NY attesting to prospective employees’ competencies and capabilities.
    2. Enhanced Higher Education Footprint: Better position the region’s educational institutions to drive economic growth by establishing funding mechanisms to support the creation of an endowed chair or research center and to launch workforce training programs.
    3. Cradle-to-Career Pipeline: Prime K-12 and pre-college students for careers in the region’s technology industry by providing more meaningful experiences in STEM fields through partnerships with higher education institutions and programs targeted on challenging neighborhoods.

     

  4. Lift-Off: Supporting the Capital Region’s creative, R&D, agricultural, food & tourism industries
    1. Commercialization Cluster: Open pathways for R&D commercialization by providing entrepreneurs with funding, a place to meet with investors, access to machinery and equipment for prototype development and connections with experts, mentors and service providers.
    2. Creative Economy Accelerator: Create an entity tasked with helping the region’s 24,000-person-strong creative economy find work opportunities, develop prototypes and launch, expand and efficiently operate enterprises.
    3. CRAFT Business Hub: Support the Capital Region’s agriculture, food and tourism (CRAFT) businesses in rural areas by providing financial and technical assistance.

     

  5. Metro: Promoting smart growth, strengthening urban areas and enhancing public transportation
    1. Downtown Catalyst Projects: Support real estate investments that promote smart growth and drive job creation in urban areas.
    2. Urban Neighborhood Fund: Create a financing mechanism for the urban communities most in need of job creation and critical services.
    3. CDTA Expansion: Drive a series of transportation investments designed to improve business and leisure travel to urban downtown areas while also enhancing local workers’ ability to get to work. Convention

Whether you are currently located in or want to relocate to Albany, Troy, Schenectady, Saratoga Springs, Glens Falls, Hudson or the Catskills, call CEG to find out how your business can benefit under the Capital 20.20 plan.