Economic Development Month in Review: March 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:
“Capital city residents and officials have long bemoaned the disconnect between Albany’s downtown and the Hudson River waterfront, but a $3.1 million state boost for a proposed Skyway Project could help bridge the barrier.
The funding announced by Gov. Andrew Cuomo on Monday would help complete the preliminary design and begin construction on converting an underused I-787 ramp downtown into a linear park with pathways for pedestrians and bicyclists, plus landscaping and places to sit.”
“Construction on the Lumberyard Contemporary Performing Arts building in Catskill is moving along with an expected completion date by fall.
Work on the $7.2 million project started in late December, when some demolition and abatement for asbestos found in the building was performed, Lumberyard Production Director Jason Wells said Tuesday. An event will be held in September to celebrate completion.”
“General Electric Co. has launched a new energy storage business called Reservoir that was developed at GE Global Research in Niskayuna along with GE Power of Schenectady.
The main product of the business is a 20-foot long lithium-ion battery stack called the Reservoir Storage Unit that can be used for storing and dispatching electricity generated from wind and solar farms and for use on the electrical grid. The devices store 4 megawatt hours of electricity, which could power 2,600 homes for an hour.”
“The Tech Valley Center of Gravity, the maker space in downtown Troy that hosts everything from video game workshops to quilting classes, is getting ready to open its new rapid prototyping center and manufacturing incubator.
A ribbon cutting is scheduled for March 21 to officially launch the two new programs that are designed to help local startups get their products to market more quickly.”
“The number of private sector jobs in New York state reached an all-time high in 2017, according to new numbers released by the U.S. Bureau of Labor Statistics.
And from January, 2017 to January, 2018, the Albany-Schenectady-Troy area had the largest employment growth in the state at 2.1 percent. The Capital District is followed by New York City with a 2 percent growth rate and the Dutchess-Putnam area at 1.9 percent.”
“Twelve projects in this area will get a piece of $1.4 billion in state money for renewable energy.
Gov. Andrew Cuomo announced the awards Friday at New York University with former Vice President Al Gore. Cuomo said it is the largest commitment to renewable energy by a state to date.”
“Vital Vio, the Troy, New York, company that designs lights meant to kill bacteria, is working with a lighting manufacturer to bring its germ-killing lighting technology to residential customers.
Evolution Lighting, LLC, which designs and manufactures lamps and lighting, is working with Vital Vio to develop under-the-cabinet lights for kitchens, bathrooms, closets and other spaces. The lights are being sold on Amazon, Wayfair and Houzz, under the name Ellumi, with prices starting at $68.80.”
“As GlobalFoundries starts making next-generation computer chips using cutting-edge 7 nanometer features at its Fab 8 computer chip factory in Malta, the company is getting ready to turbo-charge its manufacturing line using a new technology.
It’s called extreme ultraviolet lithography, and GlobalFoundries is buying four of the machines, which print chip designs onto silicon wafers, from a Dutch company called ASML.”
“An Indiana-based real estate developer is pitching plans for a million-plus-square-foot warehouse between Interstate 90 and Route 9 in Schodack. But the potential tenant remains a mystery.
Scannell Properties has filed conceptual plans with the town for a 116-acre site, located off Hillcrest Avenue, that would include a warehouse, along with parking for more than 1,200 workers and 366 tractor trailers, as well as 93 loading docks.”
“The Galesi Group will spend more than $5 million building a 100,000-square-foot addition at an industrial park in Rotterdam, New York.
The addition will be built at Building 9 in the Rotterdam Corporate Park in Schenectady County.”
“Capital Repertory Theater in Albany, New York, will move into a new, $8 million home in December 2019, enabling the professional theater troupe to have more seats, two separate performance spaces, and offer more educational programs.
Most importantly, the theater — rebranded as theREP — can make major investments in a building it owns and consolidate its operations at 251 N. Pearl St.”
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