CEG Economic Development Week in Review: February 6, 2023-February 10, 2023
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:
CEG IN THE NEWS
WNYT News 13: Big money being invested in Capital Region health research
REGIONAL ECONOMIC DEVELOPMENT NEWS
Drug developer Regeneron will accelerate capital expenditures in 2023
“Drug developer Regeneron Pharmaceuticals will accelerate capital spending by 40% to 60% this year as the manufacturer continues the expansion of its Tarrytown research campus and East Greenbush packaging and quality control center.
After investing between $552 million to $615 million in capital expenditures annually each of the past three years, Regeneron anticipates spending will increase to somewhere between $825 million and $950 million this year.”
GlobalFoundries signs deal with GM to provide chips to vehicles
“GlobalFoundries announced it has signed a long-term agreement with General Motors Co. to make computer chips for the automaker’s vehicles at its Fab 8 factory in Malta.
The deal not only helps secure a steady and important revenue stream for GlobalFoundries but also makes it more likely that the company will eventually move forward with its plans to expand its manufacturing capacity at Fab 8 and potentially build a second factory in Malta.”
Rensselaer attracts new interest from developers
“If you don’t live or work in Rensselaer, chances are the only sense you have of the small city is the few minutes driving between the off-ramp of the Dunn Memorial Bridge and pulling into the parking lot of the Amtrak train station.
The short route takes drivers past some modest homes and a few small businesses in what was once a thriving industrial city that — like so many other upstate communities — suffered from population declines and abandoned buildings after major employers cut back and factories closed.”
Soleno targets Saratoga Springs, as well as Ohio and Pennsylvania for new factory
“Canadian pipe and culvert manufacturer Soleno is targeting the W.J. Grande Industrial Park in Saratoga Springs as a potential home for a $21.75 million factory that would bring up to 50 jobs to the city.
The 46-year-old company wants to construct a 50,000-square-foot plant on 22 acres off Duplainville Road at the northwest corner of an industrial park that is home to aluminum can maker Ball Metal and magazine printing giant Quad.”