June 16 2017

CEG Economic Development Week in Review – June 10 – June 16, 2017

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:


Samson, Cuomo’s CIO, to speak at CEG tech awards


Defense contractor wins tax breaks for proposed $5.26 million expansion in Saratoga Springs

“Defense contractor Espey Mfg. & Electronics Corp. was awarded $656,000 in tax incentives Monday to help reduce the cost of a proposed $5.26 million expansion in Saratoga Springs, New York.

CEO Patrick Enright said the 88-year-old company will decide by the end of this year whether to construct a new building on the company’s 22-acre campus about a mile south of downtown Saratoga Springs.”

GlobalFoundries ready to make 7 nanometer chips in 2018

“GlobalFoundries announced Tuesday it would start making 7 nanometer chips for customers in 2018 and could start working immediately on customer designs for the new chips.

GlobalFoundries first announced in the fall of 2016 its intention to move from making 14 nanometer chips to 7 nanometer chips, a leap that brings with it a 40 percent jump in performance.”

 Albany investment group raising more than $2.5 million to fund more startups

“The Eastern New York Angels are raising a third fund of more than $2.5 million, and up to $5 million, to invest more money in startups in and around Albany, New York.

The angel network was founded by Dick Frederick and Joe Richardson in 2010 to invest and mentor early-stage tech companies within 75 miles of the Albany area. It’s meant to keep more companies here and build up a stronger startup culture.”

Clifton Park in talks with SUNY Poly’s Children’s museum

“The children of Clifton Park and Saratoga County may be getting a new place to learn about science.

The town has confirmed it is in talks with representatives from SUNY Polytechnic Institute’s Children’s Museum of Science and Technology to move the museum into town.”

 Adirondack Beverages to expand, add jobs in Glenville

“Adirondack Beverages will expand its plant — and its payroll — in the Glenville Business and Technology Park, company, state and local officials said Wednesday.

The company will spend $2.9 million to build and install a new blow molding line to support its bottling operations, creating an additional 24 jobs. The company employs about 260 now at the 750,000-square-foot complex.”

Capital Region adds 4,600 jobs, continues record numbers

“The Capital Region’s economy continues to grow.

The area added roughly 4,600 jobs in the last year, according to data released by the state Department of Labor Thursday, including 2,600 in the private sector. The 4,600 non-farm jobs added in the last 12 months represents about a 1 percent increase.”

Arnoff finishes one expansion, readies another in Malta

“A moving and logistics company took a break Thursday from its rapid expansion to mark completion of a 100,000-square-foot Malta facility — but only a short break.

Next week, Arnoff Moving & Storage will present the town with conceptual plans for a 60,000-square-foot Phase II, and if the reception is favorable, company officials hope to have another ribbon-cutting by the end of this year.”

Manufacturer building $60 million industrial gas plant in Albany County

“Air Products and Chemicals Inc. (NYSE: APD) will partner with Linde North America on a $60 million investment to build a new plant in Glenmont, New York.

The joint venture will be named East Coast Nitrogen and will produce 1,100 tons a day of liquid nitrogen, oxygen and argon at a new plant at Air Products’ existing site in Albany County.”

Funding Partners