CEG Economic Development Week in Review March 6 – March 10, 2023
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CEG IN THE NEWS
REGIONAL ECONOMIC DEVELOPMENT NEWS
“Plug Power quadrupled its workforce to 3,353 employees over the past four years as the Latham manufacturer continues to add scale, spending $1 billion a year building factories and hydrogen plants to grow its top line and push the 26-year-old business toward profitability.
Annual revenue increased nearly 40% last year to $701.4 million, falling well short of the $900 million-plus that Plug anticipated at the start of 2022. The company attributed the lower revenue tally to construction delays for some of its hydrogen plants, higher-than-expected natural gas prices and challenges in bringing some new products to market.”
“Hours before 500 people were expected to show up to celebrate Brown’s Brewing Co.’s 30th anniversary last month, Garry Brown was on the roof of Revolution Hall.
The heat had gone out in his buildings on River Street in Troy, an ice storm was coming, the maintenance guy wasn’t answering, and the service company was charging overtime for a weekend visit.”
“After Gov. Kathy Hochul announced the city was awarded $10 million Friday in state Downtown Revitalization Initiative funds, Mayor Bill Keeler said the city was at the tipping point — when the money would make possible the residential and commercial development needed to restore the Remsen Street business district to its historic grandeur.
“This ($10 million) really gives us the pop we’ve been waiting for for years,” Keeler said at the Cohoes Music Hall. He said the money will bring on a “transformational change” for downtown.”
“The Biden administration recently has laid out ambitious plans to use government money to spur at least two new large-scale clusters of semiconductor manufacturing and research in the years ahead.
In an interview this week, Deputy Secretary of Commerce Don Graves outlined his department’s ambition for these projects. He said the application process for the money is designed to prod companies to ‘express to us their vision for how we drive economic development, how we drive competitiveness, not just at a local level, not just at a state level, but at a regional level.’”