October 8 2020

Economic Development Month in Review: September, 2020

For the Top Economic Development News of the Month, CEG selects news articles about projects or developments that promise to improve and/or transform the Capital Region’s economy, particularly those that related to manufacturing and initiatives outlined in, Capital 20.20, a five-year, multi-pronged plan for bringing economic prosperity to the entire region.

To learn about more the Capital Region’s economic development news from the past month, see CEG’s Economic Development Week in Review posts:

Manufacturers pump millions into region’s economy with payroll — and new investments

“The top manufacturers in the region are responsible for thousands of jobs that pump more than a billion dollars into the local economy.

There were close to 40,000 manufacturing jobs in the 11-county greater Capital Region last year. Just the top three on The List, GE, Regeneron and GlobalFoundries, collectively have around 10,000 employees in the region.”

Philips Medical Systems wants to expand again in Latham

“Philips Medical Systems MR Inc. hasn’t yet moved into a newly built $13 million addition at its manufacturing plant in Latham but already needs more room.

Philips, which makes equipment for MRI machines, is seeking approval from the Colonie Planning Board to construct a 37,667-square-foot, one-story building at 450 Old Niskayuna Road.”

Massive Amazon fulfillment center opens in Schodack

“Amazon opened its new fulfillment center in this Rensselaer County town on Friday, marking the end of a years-long – and at times contentious – process to build the first such facility for the company in upstate New York.

The facility will eventually employ more than 1,000 full-time workers who will stack, pack and ship items to customers across the region, including bulk paper goods, sports equipment, pet food and supplies, electronics, and household goods.”

In year without state’s $750M competition, CREDC’s focus is getting region back on track

“New York’s 10th annual Regional Economic Development Council competition — where the state invests $750 million in projects from Buffalo to Long island —is not happening in 2020, but the regional councils are still meeting to figure out how to move the economy forward following the Covid-19 pandemic.

In a normal year, the regional councils and the state host informational sessions in the spring for companies interested in applying. Applications are due in the summer. Then the councils, which are made up of local leaders, sort through the applicants and decide which projects they will submit for money in the fall. The state normally announces the winners in December.”

New Jersey developer to bring retail distribution center, 125 jobs to Saratoga County

“Monmouth Real Estate Investment Corp. plans to convert a vacant 75,000-square-foot medical warehouse in Halfmoon into a retail distribution center that will employ 125 people.

The New Jersey real estate investment trust has a new tenant lined up for 4 Liebich Lane, the 9-year-old warehouse and office building it constructed in 2012 for Cardinal Health. The building has been vacant since the supplier of diabetic and incontinence products moved out three years ago, eliminating 37 jobs.”

Pandemic prompted growth for Inspect Point, now it plans to double revenue

“The Troy software startup Inspect Point has been busy during the pandemic, and it’s only the beginning of some ambitious growth plans.

Inspect Point, whose software allows fire protection companies to manage nearly every part of their inspection and repair operations virtually, has seen 30% revenue growth during the Covid-19 pandemic, according to Jennifer Doyle, co-founder and head of customer relations for the company.”

Gatherer’s Granola nearly quadruples production during pandemic

“Demand for Gatherer’s Granola has nearly quadrupled since the start of the Covid-19 pandemic.

Previously, the Schenectady-based startup was making 2,700 to 3,700 pounds of granola per week. Now, the company is making well over 10,000 pounds per week, said Sandro Gerbini, president and founder of Gatherer’s Granola.”

Capital Region unemployment fell sharply in August

“The Capital Region’s unemployment rate in August fell to its lowest level since the beginning of the pandemic in March, according to state Labor Department data released Tuesday.

With 8.8 percent of the labor force still looking for work, there’s still plenty of room for improvement. It was the highest August unemployment figure in data going back 30 years. And it was more than twice the 3.8 percent rate in August 2019.”

Two ports. One industry. The chase for 10,000 jobs

“Divided by 10 miles of water and linked by their history as havens for well-paying, blue-collar jobs, two Hudson River ports are risking tens of millions of dollars to bring a new industry into New York.

The Port of Albany and the Port of Coeymans are buying land, building roads and bridges and purchasing 900-ton cranes in a race to become major players in the emerging offshore wind industry.”

Researchers at SUNY Poly and Wadsworth Center develop rapid test for Covid-19 antibodies

“Researchers in Albany have developed a Covid antibody test that can deliver results in 30 minutes and requires only a drop of blood from the patient.

Nate Cady, a professor of nanobioscience at SUNY Polytechnic Institute, led the research in collaboration with the state health department’s Wadsworth Center and Ciencia Inc., a Connecticut company that makes equipment for screening biological samples.”

Regeneron in East Greenbush reports promising results in tests of virus treatment

“Regeneron said Tuesday that its experimental COVID-19 treatment has shown positive results in trials, with viral levels and severity of symptoms both reduced in non-hospitalized patients.

The Westchester County-based pharmaceutical researcher/manufacturer is producing the treatment, called REGN-COV2, in its large East Greenbush production facility.”

Fluor wins $1.12 billion defense contract, a boon for New York, Pennsylvania and Idaho factories

“Fluor Marine Propulsion has won a $1.12 billion contract with the U.S. Navy to make submarine powering nuclear propulsion systems, bringing hundreds of millions of dollars in work to the Knolls Atomic Power Laboratory in Niskayuna.

An estimated 42% of the contract will be manufactured at the 170-acre River Road complex and its 2,500-person staff by September 2021.”

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