Economic Development Month in Review: December 2018
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:
This startup could save helicopters and airplanes millions of dollars by replacing a critical piece of equipment
“When Daryian Rhysing was an aircraft mechanic for the U.S. Army, he developed carpal tunnel syndrome from manually putting together thousands of tiny clamps that keep wiring in place in Black Hawks and other helicopters.
Years later, during an Inventor’s Studio class at Rensselaer Polytechnic Institute, Rhysing thought of a better, new technology for aircraft wiring systems. The technology would replace outdated clamps with a non-metal material that clicks together without the use of tools.”
Port buys 82 acres in Bethlehem
“The Port of Albany has acquired just under 82 acres in Bethlehem, New York, to position the shipping hub to compete for warehouse tenants and bring in more wind turbine business.
The $5.25 million transaction increases the size of the port to 400 acres. The deal closed Nov. 30. The deed was filed with Albany County on Thursday.”
German machine builder investing in new headquarters in Saratoga County
“A German company that builds machines for metal processing has outgrown a building in Waterford, New York, and will invest in a larger headquarters in Saratoga County to oversee its Americas division.
Lissmac Corp. will construct a 31,000-square-foot building in two phases on the north side of Route 146 in Halfmoon, just east of Farm to Market Road. The first phase will cost nearly $3 million and be ready by next fall. Bast Hatfield is the builder.”
$5 million state grant approved for downtown Albany real estate investment
“Redburn Development will receive a $5 million, performance-based capital grant from the state to renovate seven buildings it bought in downtown Albany, Gov. Andrew Cuomo announced.
Empire State Development will provide the funding to Redburn Development, which recently closed on the purchase of the mostly-vacant properties, including the historic Kenmore Hotel, Steuben Athletic Club and the parking garage where Capital Repertory Theatre is located.”
New business to open soon at Fort Edward dewatering site; Schumer to visit
“A transfer station to bring grain for local dairy farmers is set to open soon at the former General Electric Co. dewatering site in Fort Edward.
U.S. Sen. Chuck Schumer, D-NY, is expected to tour the industrial park 9 a.m. Friday, after Town Supervisor Terry Middleton said he and other local officials invited him to view the site during his stop through Washington County.”
Albany area receives $67 million in state money awards
“The Albany region will receive $67 million from the state to use toward 95 economic development projects.
The eighth-annual ceremony to distribute $763 million in state money was held today at the Albany Capital Center.”
Meet the man with a vision for the Port of Albany’s future
“Jeff Dagen started his business hauling steel pipe, turbines and air handling systems with a Mack truck, a 48-foot flatbed trailer and a $30,000 loan from his former boss.
Twenty-five years later, the owner of Dagen Trucking is determined to bring a new industry to Albany — manufacturing, assembling and hauling 800-foot tall offshore wind turbines.”
Why this manufacturer chose Rotterdam over North Carolina and Texas for a $66 million expansion
“A strong talent pool and access to clean water were among the reasons a Mexican pharmaceutical company chose Rotterdam, New York, for a new manufacturing plant.
It was $4 million in state incentives that sealed the deal, said Jeff Hover, president and CEO of PiSA BioPharm Inc., the U.S. subsidiary of Grupo PiSA.”
This startup’s fiber materials, smaller than a piece of human hair, could advance a billion dollar industry
“Tucked away off Route 50 in Saratoga Springs, New York, a small startup is creating materials that billion dollar companies have spent decades trying to perfect.
Free Form Fibers is a six person company creating ceramic fibers that can be woven into durable parts for the nuclear and aviation industries. The team is made up of all Ph.D.s figuring out problems that could advance billion dollar businesses.”
“The Albany-Schenectady-Troy metro area added 1,300 private-sector jobs in November. That was a 0.3 percent increase over the year prior.
The educational and health services sector added 2,000 jobs in November, compared with November 2017. Businesses in the construction and natural resources sector added 600 jobs.”
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