September 22 2023

CEG Economic Development Week in Review September 18 – September 22, 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:



Center for an Urban Future: Upstate’s Creative Spark: How the Arts Is Catalyzing Economic Vitality Across Upstate New York



Carbon-neutral development The Caboose opens in Hudson

“When people disembark from the train in Hudson, they typically leave the waterfront as soon as they arrive. Ben Fain has spent several years trying to get them to stay.

The Hudson Amtrak station is the third-busiest station in New York, with approximately 220,000 people arriving or departing. “Every 45 minutes, it’s like a faucet of people coming off the train,” said Fain, who owns Kitty’s and Grapefruit Wines.”

Troy video game company Wolfjaw Studios has plans to hit 100 employees next year

“Wolfjaw Studios has plans to eclipse the 100-employee count by early next year.

The Troy-based game company has already grown to 75 employees — double the amount it had last year.”

Jahnel Group grows its external recruiting service

“Software company Jahnel Group’s success recruiting for internal positions sparked a new arm of the business that helps find talent for other tech companies.

Michael Young, director of recruiting at Jahnel Group, said the Schenectady-based company started an external recruiting service just about a year ago. To date, the service has placed over 70 engineers in jobs at companies like Disney, Death Wish Coffee, WB Games New York, and Helios Life Enterprises.”

Key Sparkling Water is new venture from former Death Wish Coffee Co. CEO Mike Pilkington

“Death Wish Coffee’s former CEO is onto a new venture.

Mike Pilkington is now the co-founder of Key Sparkling Water, based in Saratoga Springs. Pilkington said he and his partners are drawing on their experience in the food and beverage industry to break into the sparkling water market. The brand launched in May.”

Gross Electric, FPI Mechanical among contractors vying for semiconductor factory construction work

“Joe Gross, founder of the Albany region’s largest electrical contracting firm, acquired two companies and nearly doubled his warehouse and production space at his Queensbury headquarters over the past two years.

Gross Electric Inc., the union electrical contracting shop he started in 1994, also has invested close to $15 million to expand its capacity to prefabricate large electrical systems in-house to reduce construction costs in the field.”

$3.1B Department of Defense chip contract goes to GlobalFoundries

“GlobalFoundries was awarded a new 10-year contract by the Department of Defense to make computer chips for military applications with a total possible value of up to $3.1 billion.

GlobalFoundries is among a very select group of chipmakers that have security clearances to make chips for the U.S. military at its two U.S. factories in Malta in Saratoga County and in Essex Junction, Vt., outside of Burlington.”

Funding Partners