Economic Development Month in Review: January, 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:
- January 2020 — Week 1
- January 2020 — Week 2
- January 2020 — Week 3
- January 2020 — Week 4
- January 2020 — Week 5
“Eight in 10 Capital Region employers are optimistic about job growth in the new year, but more than ever, filling open positions remains a significant challenge.
That’s according to the fall 2019 Alaant Hiring Index, an exclusive analysis of the area’s labor market prepared by Alaant Workforce Solutions, the Capital Region’s leading professional workforce services firm.”
“The GlobalFoundries computer chip manufacturing complex in Saratoga County surged past expectations a year ago, as revenue grew more than 33%, accounting for the first time for one-third of companywide sales.
Despite an industry forecast projecting a 10% decline in worldwide chip sales in 2019, the $15 billion manufacturing plant in Malta is on pace to finish this year with record sales again.”
“Bedding-supply manufacturer Soft-Tex International announced Tuesday it acquired REACTEX personal climate-control technology and plans to add jobs to its Waterford headquarters.
Soft-Tex, headquartered off Hudson River Road, manufactures a variety of sleep-related products.”
“A recent report from the state Department of Labor revealed that the number of jobs in Greene County is at an all-time high, county officials said Monday.
The county experienced a 1.9% increase in nonfarm jobs from December 2018 to December 2019, according to the report, going from 15,700 jobs to 16,000. Greene County was among seven areas that are gaining jobs faster than the state rate, according to the report. The other counties include Allegany, Seneca, Ithaca Metro, Cortland, Sullivan and New York City.”
“A local developer is planning a $10 million rehabilitation of a portion of downtown Coxsackie — and that is just Phase 1.
Developer Aaron Flach owns most of the buildings on South River Street in the downtown area, and has plans for a boutique hotel, event center, restaurants and more.”
“Plug Power CEO Andy Marsh said the fuel cell manufacturer has grown to around 750 employees worldwide at the end of 2019 — about 40% of those workers are based in Albany.
And the company plans to keep growing in 2020 in order to make its ambitious goal of $1 billion in revenue by 2024.”
“Vital Vio — the Troy-based company that designs lights meant to continuously kill bacteria — is working with Delta Air Lines Inc. to bring its antimicrobial LED lights to airplanes.
Colleen Costello, CEO and founder of the company, said Vital Vio’s lighting technology is operating on its first aircraft. The startup is testing and validating the lighting’s performance. The overall goal, she said, is to work out what the next stages will be with Delta.”
“The Capital Region added 2,100 jobs in the 12-month period ending in December, the state Labor Department reported Thursday. The 0.4 percent increase was below both the national increase of 1.4 percent and the state’s 1.1 percent increase, although analysts attribute the slowing growth locally to an increasingly tight labor market.
The region’s unemployment rate, at 3.2 percent in November, was among the lowest in the state. December’s local jobless rates will be released Tuesday.”
“Burch Bottle & Packaging of Waterford is under contract to purchase the 76,000-square-foot former Web Graphics print shop building near the Interstate 87 Northway in Queensbury.
The 12-acre property at 428 Corinth Road is located a little more than a mile west of Northway Exit 18. The one-story warehouse has five loading docks, two ground-level warehouse bays, municipal water and two on-site septic systems.”
“Chris’ Coffee Service roasts more than 1 million pounds of beans annually in Colonie, but the family-owned business needs more room to grow bigger and be more efficient.
“We waste an awful lot of time driving a truck between the two warehouses,” said Chris Nachtrieb, president.”
“Stewart’s Shops Corp. has mapped out an aggressive expansion plan this year that will bring 10 new stores to market and increase the size of its distribution center and commercial kitchen by 60,000 square feet.
The family- and employee-owned convenience store chain is pursuing its most ambitious renovation and expansion plan in a decade.”
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