January 3 2018

Economic Development Month in Review: December 2017

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:


GlobalFoundries helping U.S. regain supercomputing lead

“The thousands of people who work at the GlobalFoundries computer chip factory in Malta are helping the United States’ effort to regain superiority in the supercomputing game.

Like the space race between the United States and the former Soviet Union in the 1950s and 1960s, there is now a supercomputing race between the United States and China.  The goal is to build the fastest and most powerful computer.”

CEG study says R&D spending up at schools

Local colleges and universities spent $562.4 million on research and development during fiscal 2016, according to research by the Center for Economic Growth in Albany, a 5.4 percent increase over the previous year, or $28 million.

CEG, which compiled its data from the National Center for Science and Engineering Statistics, said that $300 million in the research spending was by three schools: Rensselaer Polytechnic Institute, University at Albany and SUNY Polytechnic Institute.”

GE startup designs a less painful blood test

“Getting blood drawn for medical testing may become quicker, less painful and more informal with new technology being developed by a General Electric startup.

The device developed by Drawbridge Health is usable by untrained personnel, takes a tiny amount of blood from a skin prick and stabilizes it so it will keep for days at room temperature until it can reach the testing lab. It’s a technology that could one day be available for in-home use by patients.”

Capital Region awarded $85 million for development projects

“The Capital Region will receive $85 million in grants and tax credits for dozens of projects in the seventh round of the state’s Regional Economic Development Council awards, announced Wednesday at the Albany Capital Center.

Ten regions across the state compete for money — $800 million this year — through a process launched by Gov. Andrew Cuomo in 2011. Local government and business officials from across New York gathered at the center at 11 a.m. on Wednesday for the announcement of funding recipients, hosted by Howard Zemsky, head of Empire State Development.”

 GlobalFoundries looking forward to MTEC project

“GlobalFoundries says it is looking forward with plans to build MTEC, a semiconductor manufacturing testing and training center planned for Saratoga County.

The project received a $1.7 million state grant on Wednesday from the state economic development council awards.”

Stored Technology Solutions seeks to double or triple space

“The president of Stored Technology Solutions hopes that the $380,000 grant awarded Wednesday by the governor’s Regional Economic Development council will allow the company to build a plant in Glens Falls that is double or even triple the size of its current home.

“We have a commitment to the region and we’re going to be excited about putting a new headquarters here, hopefully closer to the (Interstate) 87 corridor, but location to be determined,” said Mark Shaw, also the company’s founder.

HVCC wins $1.5M for manufacturing training center

“Hudson Valley Community College won a $1.5 million grant toward construction of its new manufacturing training center.

The federal money, from the U.S. Department of Commerce, comes just a week after HVCC was awarded $2.9 million award from Empire State Development for the new training center.”

Sales at GlobalFoundries continue to improve as tech advances

Sales of computer chips by GlobalFoundries continued to increase in early 2017 as the company rode the wave of technological advances at its Fab 8 computer chip factory in Malta, home to 3,100 employees.

Although GlobalFoundries does not publicly reveal its sales or profits, its owner, the Abu Dhabi-based Mubadala Investment Co., does disclose its financial results every six months.”

Innovate 518 plans to use $1.25 million grant to expand offerings

“Innovate 518, a program hosted by the University at Albany that connects startups and local business owners with programs and services, plans to use a state grant to expand its services next year.

The program received $1.25 million in the state’s Regional Economic Development Council awards on Dec. 13. Ten regions across the state compete for money through a process launched by Gov. Andrew Cuomo in 2011. The Capital Region was awarded $85 million this year.”

Why this biotech firm moved its headquarters to the Albany region

“Recruiting biologists and customer service representatives just got a lot easier for David Lester.

That was the main reason why Taconic Biosciences moved its headquarters 30 miles last month from Hudson, New York, to the University at Albany’s Health Sciences Campus in East Greenbush.”

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