October 19 2018

CEG Economic Development Week in Review – October 15 – October 19, 2018


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’s Kennedy talks to Times Union about initiatives to support distressed communities

Times Union: Bill Tobey wins Excelsior Award for semiconductor achievement


SUNY Poly professors receive $1.5 million to study brain injuries, colon cancer and spinal cord injuries

“Two professors at SUNY Polytechnic Institute in Albany will receive federal and state grants worth $1.57 million toward nanobioscience research to study spinal cord injuries, colon cancer and traumatic brain injuries.

Janet Paluh, associate professor of nanobioscience, is working on a project researching treatment platforms for spinal cord injuries using nanotechnology and human stem cell-derived neural cell therapies. Paluh received more than $970,000 from the state Department of Health’s spinal cord injury research board for that project.”

Espey hires 44, spends $1.9 million to upgrade Saratoga factory

“Patrick Enright has hired 44 project managers, engineers, technicians and support staff this year as the corporate tax rate dropped, while sales and profits soared.

Thirty of those positions are new.

Nearly four years after Enright was recruited as chief executive at Espey Electronics & Manufacturing Corp., the Saratoga Springs company has rebuilt its sales pipeline and expanded its payroll to more than 165 employees.”

$23 million Schenectady train station opens Wednesday

“The new $23 million Schenectady Amtrak station opens Wednesday, about a month ahead of schedule.

Lt. Gov. Kathy Hochul came to the station Wednesday morning to make the announcement.”

After tripling sales, Hacker Boat close to moving to bigger factory

“Hacker Boat Co., the hand-made wooden boat builder for actors, clothing designers and NASCAR drivers, is on the verge of moving production to a bigger factory on the border of Glens Falls and Queensbury, New York.

President and chief executive George Badcock has signed a letter of intent to purchase a building that would allow him to increase production and move out of his 30,000-square-foot plant in Ticonderoga.”

A vision of the future in Troy: Behind the $2 million plan to create an AI center

“Mint green walls. Doors with no knobs. An events hall with art deco details, columns, 150 green plush seats and an altar. Decades of dust and old county records.

This is the proposed future home of the AI Center of Excellence, a new artificial intelligence office and research space in downtown Troy that’s attracting the attention of Microsoft, Columbia University, IBM, Rensselaer Polytechnic Institute and others.”

Fast-growing tech company can’t build its new office quick enough 

“The Jahnel Group, a software company that has grown more than 448 percent in the last few years, was running out of space in its Schenectady mansion as it waits for construction to complete on its new headquarters.

The company didn’t want to stop hiring, so it found a solution. The Jahnel Group is moving a division of its company into the New York BizLab incubator while construction continues on its new headquarters down the street.”


Funding Partners