CEG Economic Development Week in Review – January 14 – January 18, 2019
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CEG IN THE NEWS
TU Cites CEG Research on Capital Region’s 13.5% Increase in NIH Funding
REGIONAL ECONOMIC DEVELOPMENT NEWS
Regeneron picks general contractor for $800 million expansion
“Regeneron Pharmaceuticals has selected a general contractor with experience building everything from research laboratories and surgical centers to warehouses and water parks to construct an $800 million manufacturing campus in East Greenbush, New York.
BBL Construction Services, the largest general contractor in the Albany region, will build a 130-acre complex near Interstate 90 in Rensselaer County. It is the largest development in the area since GlobalFoundries started construction of its computer chip factory in Saratoga County a decade ago.”
Entrepreneur prepares for a second act in downtown Troy
“Sometimes second acts are better in Hollywood — and also in the entrepreneurial world.
Think of Steve Jobs and Lee Iacocca.
Maybe think of Sinclair Schuller, the former CEO of Apprenda, the Troy-based software company that dramatically went out of business over the summer.”
Regeneron in line for $70 million grant
“Regeneron Pharmaceuticals is in line for a $70 million grant from the state that will help the company significantly expand its operations in East Greenbush, where it does all of its domestic drug manufacturing.
The grant, coming from Empire State Development Corp., is awaiting approval by the Public Authorities Control Board, which is meeting Wednesday afternoon at the Capitol.”
Casino financial performance improves in 2018
“The casino industry in and around the Capital Region saw an improved financial performance in 2018 and is preparing new promotions to keep the momentum going in 2019.
The least-certain but most-desired item on their lists appears to be sports betting.
The U.S. Supreme Court, in mid-2018, allowed states to legalize betting on sports, and New York state would only need to tweak current regulations to make it happen here. But there has been little public discussion of doing so, as Gov. Andrew Cuomo and other Democrats pursue a progressive agenda that had been thwarted for years by a Republican-controlled state Senate.”
Albany software company signs $15 million contract with San Antonio, Texas
“GCOM Software Inc., the Albany software developer, has won a $15 million contract with the city of San Antonio, Texas, to modernize the way the city handles real estate development.
The software GCOM is developing will make it easier to manage the thousands of inspections the city conducts each year. It will also streamline the process for getting thousands of commercial and residential developments built and make it easier for residents to connect with government about any violations.”
Cuomo proposal: $750 million state health lab will be located in Albany
“A new $750 million public health laboratory would be located on the Harriman state office campus in Albany under a proposal by Gov. Andrew Cuomo.
The location was disclosed in Cuomo’s State of the State briefing book, released Tuesday afternoon.”
New products means more jobs in Schenectady and China for this software company
“Antonio Civitella said Transfinder is hiring as many developers as possible this year in Schenectady to ramp up for a new version of its lead software product that will help districts across the country track school buses faster and more efficiently.
Civitella said changing the culture at Transfinder has helped attract more people’.”
Simmons doubles down on research and development
“When David Davis and Simmons Machine Tool Corp. spotted a downturn coming in the freight locomotive industry, they decided to start spending more money.
The president and chief operating officer of the Menands, New York, company, typically invests $300,000 to $500,000 a year developing new products.”
Mark Shaw’s plan was to start small. That didn’t last for very long
“Mark Shaw has opened four offices, acquired four companies and expanded his payroll to 56 people since he started Stored Technology Solutions in 2010.
Revenue has grown by 60 percent to $7.8 million over the past 4 years as the firm assembled a roster of clients that includes law firms, medical practices, manufacturers and accountants.”
Port of Albany secures $4 million state grant for new warehouse
“The Port of Albany will receive $4 million from the state toward its new $8 million warehouse.
Dagen Trucking of Castleton recently signed a 10-year lease for the new 45,000-square-foot warehouse at the port. Owner Jeff Dagen is working on bringing a new industry to Albany in making, assembling and transporting 800-foot tall offshore wind turbines.”