Economic Development Month in Review: April 2019
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:
Momentive hiring dozens as sales grow by $374 million
“Momentive Performance Materials is hiring dozens of electricians, mechanics and pipefitters to replace retirees at its Waterford factory after sales increased by 16 percent last year.
The manufacturer finished last year with $2.7 billion in sales, a $374 million increase from the previous year. Growth was driven by increased demand from customers who make everything from cars and cosmetics to electronics.”
Lake George man designs safer motorcycle helmet; manufacturing set to begin
“Motorcyclist Jason Kirshon considers himself a rebel with a cause — making a safer helmet.
“I’m rebelling against the rest of the helmet industry,” Kirshon said in an interview last week at the Schenectady offices of Kirsh Helmets.”
GlobalFoundries in Malta to interview for 100 production jobs this Saturday
“Pressed by a shortage of job candidates with technical and mechanical skills, GlobalFoundries is offering paid training for new workers at its Fab 8 computer chip factory in Malta.
The company is hoping to hire 100 maintenance technicians and other engineering/technology workers. It will hold interviews at the Hyatt Hotel in Malta from 10 a.m. to 2:30 p.m. Saturday.”
How Ecovative is making plant-based steaks out of mushroom material
“In a warehouse in Green Island, Ecovative Design is growing a new mushroom material that could provide the texture for whole plant-based steaks or chicken.
The company started developing a pure form of its mycelium — the vegetative, root-like structures of fungus — to act as a binding agent in lab-grown meat last year.”
Core Tech awarded $419,000 in tax incentives for expansion in Saratoga County
“Core Tech Industrial Corp. received preliminary approval for $419,000 in tax breaks Monday as the company prepares to expand for the second time in less than three years.
The Saratoga County Industrial Development Agency approved property, sales and mortgage tax incentives to help offset the cost of Core Tech’s proposed 30,000-square-foot expansion in Ballston.”
Coeymans port eyes major expansion
“The owner of the Port of Coeymans is continuing to expand near the state Thruway, thanks to a land rezoning done last year by the village of Ravena.
After convincing the village to rezone 66 acres from residential to industrial use, port owner Carver Laraway then got village planners to approve using the land to expand his 125-acre port’s industrial park.”
U.S. awards CDTA $26.9M for new bus rapid transit line
“The Capital District Transportation Authority has been awarded the necessary federal funding to construct and launch its new Blue Line bus rapid transit route connecting downtown Albany, Troy and Waterford along the Hudson River.
The U.S. Department of Transportation announced a Capital Investment Grant of $26.9 million on Tuesday afternoon. The BRT corridor is the second of three planned by the CDTA. Its corridor connecting downtown Albany and Schenectady began operating eight years ago along Route 5 and is identified variously as Bus Plus and the Red line.”
National Business Technologies buys building in Albany with eye toward doubling its workforce
“National Business Technologies paid $1.8 million for a building in Albany that will serve as the headquarters for the growing company, a supplier of office equipment, print and IT services.
The company bought a 31,000-square-foot office/warehouse at 15 Corporate Circle off New Karner Road.”
JUST Water Looking To Expand, Eyes Leasing Property On Dix Avenue In Glens Falls
“JUST Goods Inc. is proceeding with plans to lease additional production and warehouse space to keep up with demand for its original product, JUST Water, packaged and bottled in downtown Glens Falls since the brand’s inception in 2012.
According to corporate spokesperson Kara Rubin, vice president of brand and product strategy, We need to be able to accommodate a growth trajectory based on current experience and the present facility doesn’t allow that flexibility.’”
GloFo plant sale will bring more work to Fab 8
“GlobalFoundries is selling its former IBM chip plant in Dutchess County to another chipmaker, in a move that could bring new production to its Saratoga County plant, the two companies and state officials announced on Monday.
The 300-mm wafer plant in East Fishkill, which GlobalFoundries acquired from IBM in 2015, is being sold to ON Semiconductor for $430 million, with $100 million paid now, and $330 million by the end of 2022, when the sale will be completed.”
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 signing up for our e-news following us on: