May 1 2017

Economic Development Month in Review: April

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:

AngioDynamics consolidating international manufacturing operations to New York

“AngioDynamics is consolidating some of its manufacturing operations to New York as it closes two of its four factories.

The drug maker, which is among the largest biotechnology employers in upstate New York, announced the move in a call with shareholders Thursday.”

Albany manufacturer signs major deal with Amazon

Plug Power, the Latham, New York, fuel cell manufacturer, has signed a multi-year contract with Amazon that includes the opportunity for Amazon to buy up to 23 percent of Plug.

Amazon (NASDAQ: AMZN) will begin using Plug Power’s fuel cells to power its industrial equipment, including forklifts, in 11 of Amazon’s fulfillment centers this year. Plug Power said revenues from the commercial agreements are expected to be about $70 million in 2017. Amazon will be purchasing the equipment.

$150 million in state budget for new health lab in Albany area

The new state budget includes $150 million to build a laboratory in the Albany, New York, area that will consolidate the Health Department Wadsworth Center labs.

Still to be determined: the size, location and total cost.

Ride-hailing services upstate, free college tuition in New York state $153.1 billion budget deal

“The $153.1 billion New York state budget has been passed by the Assembly and Senate and now awaits Gov. Andrew Cuomo’s signature.

The budget includes allowing ride-hailing services like Uber and Lyft to begin operating upstate, as well as providing free tuition for some public college students.”

CEG creates “87/90” summit on chip industry

“The Center for Economic Growth is hosting a new conference in Saratoga Springs that will focus on the growth and sustainability of the semiconductor industry in upstate New York.

The 87/90 Semiconductor Summit, as it is being called, is scheduled for June 8 at the Saratoga City Center and will focus on the future of the Capital Region as a major semiconductor manufacturing hub as home to GlobalFoundries’ Fab 8 plant and SUNY Polytechnic Institute.”

First Prize Center redevelopment moves forward with approval of joint board

“Plans advanced last night to redevelop the former Tobin First Prize Center meatpacking plant in downtown Albany, New York, into mixed-use housing, commercial space and an entertainment center, according to the Times Union.

Albany City Common Council members voted to approve the creation of a joint board with the town of Colonie to oversee a special district created for the project. The 32-acre plot falls into both municipalities.”

Fab 8 success fuels GlobalFoundries’ improved finances

“The success of next-generation chip manufacturing at Fab 8 in Saratoga County is fueling optimism for the future at GlobalFoundries, even amid a $500 million cost-cutting program.

New financial data recently released by GlobalFoundries’ parent company shows that the computer chip manufacturer increased sales by nearly $500 million in 2016 to reach a record $5.494 billion in revenue.”

Albany added 4,000 jobs in past year, setting March record

“The Capital Region added 4,000 jobs in the past year to March, the state Labor Department reported Thursday, pushing the the job total in the five-county metropolitan area to 462,200, an all-time high for the month.

Gains came in retail trade, up 1,100 jobs over the year; health care and social assistance, up 1,000 jobs; leisure and hospitality, up 700 jobs, and government, up 1,500 jobs.”

The biggest one yet: GE Power to sign $3 billion deal

“General Electric Co’s Schenectady-based GE Power subsidiary is set to announce its largest deal in history this week: a $3 billion power plant services deal with Algeria, according to Reuters.

GE’s chief financial officer said last Friday that such a deal was going to be announced, although no specifics were given at the time except that it would be in the Middle East.”

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