May 31 2017

Economic Development Month in Review: May

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:

Startup spun out of SUNY Poly raises new money from angel investors

“Glauconix Biosciences, a pharmaceutical research startup in Albany, New York, has raised $250,000 toward propelling the company’s growth.

It’s the latest investment for the startup that was spun-out of SUNY Polytechnic Institute. Glauconix Biosciences was co-founded by Karen Torrejon while she was a Ph.D. student at SUNY Poly. The company develops a more effective drug screening to prevent glaucoma, and is starting to expand into solving other ocular problems.”

Espey of Saratoga planning $5.3 million expansion

“Espey Mfg. of Saratoga Springs is planning a $5.3 million expansion of its Saratoga Springs site where it makes electrical equipment used by the military and industrial clients.

The company is seeking more than $600,000 in tax incentives from the Saratoga County Industrial Development Agency for the project. The IDA board will review the request at its May 8 meeting.”

Albany is one of 4 US metros with ‘inclusive’ growth, report says

“Albany, New York, is one of only four U.S. cities achieving “inclusive economic growth” across racial and class lines, according to a report from the Brookings Institution.

Brooking’s Metro Monitor report, released in March, tracks the 100 largest U.S. metro economies’ growth, their relative prosperity (measured by productivity and standard of living) and relative inclusivity (measured by how cities have “narrowed economic disparities”).”

Tech company is seeking tax breaks to expand, create new jobs in Saratoga County

“Kitware, a software development firm based in Saratoga County, New York, is applying for more than $400,000 in tax breaks to expand to a new headquarters in Clifton Park.

The application, which was presented to the Clifton Park Industrial Development Agency on Monday night, would allow Kitware to keep its headquarters in Saratoga County and retain 88 jobs.”

Solar energy from CEG shines from the rooftops

“The 2,400 solar panels lining the roof of the Stewart’s Shops Corp. manufacturing and distribution center in Greenfield are saving the company $40,000 a year on its energy bills.

‘The rooftop project has been particularly effective,” said Stewart’s spokeswoman Maria D’Amelia of the panels, which were installed in 2013. “Our plant’s peak demand is when solar output is at its greatest, resolving power distribution problems of the grid.’”


Despite SUNY Poly scandal, region’s chip industry takes off

“The region’s computer chip industry appears to have emerged almost unscathed from the bid-rigging scandal that led to federal charges.

Anchored by GlobalFoundries’ $12 billion Fab 8 factory, the sector is about to hit its stride.”

Secret revealed: Google buys Troy startup’s name for VR goggles

“The two-year-old Troy virtual reality startup Spaceout.VR discovered an innovative way to raise much-needed cash to sustain its operations – by selling off its name to Google.

A year ago, Spaceout.VR, which sells virtual reality goggles and has developed its own virtual reality app, sold off its original name,, to Google for $850,000.”

$16M port work is set

“Work is expected to begin next month on a $16.3 million project that will replace the south end of the wharf at the Port of Albany.

The project includes a roll-on and roll-off barge slip and new facilities for the Cargill grain elevators at the port.”

Chip equipment startup at SUNY Poly gains traction

“A semiconductor manufacturing startup based at SUNY Polytechnic Institute in Albany is thriving despite all of the upheaval lately at the school.

Neutral Physics Corp., a joint venture between Exogenesis Corp. and Sematech, the computer chip manufacturing consortium based at SUNY Poly, had its new atom beam “tool” delivered to one of SUNY Poly’s chip manufacturing clean rooms just this week to begin “alpha” testing.”

RPI, IBM team on health care initiative

“IBM and Rensselaer Polytechnic Institute are partnering to study how modern computing can help medical professionals treat patients with chronic diseases or even help people avoid such diseases as diabetes and hypertension.

Officials from the college and the technology giant announced last week creation of the new Center for Health Empowerment by Analytics, Learning, and Semantics on the RPI campus, a five-year collaborative research effort aimed at researching how the application of advanced cognitive computing capabilities can help people to understand and improve their own health.”

Mohawk considering Port of Albany expansion

“Mohawk chief executive Tom O’Connor Jr. is considering an 80,000- to 100,000-square-foot expansion at Mohawk’s Port of Albany site as the fourth-generation paper manufacturer works to expand its paper converting business.

Mohawk is headquartered in Cohoes, New York, and has opened envelope plants over the past few years in northeastern Ohio and western Massachusetts. Six years after getting into the envelope manufacturing business, Mohawk makes roughly 2 billion envelopes a year.”

Money and jobs flow as Fab 8 preps for 7 nm chips

“As GlobalFoundries prepares to make next-generation computer chips using 7 nanometer architecture at its Fab 8 factory in Malta, construction and engineering firms and high-tech consultants from all over the country are gearing up for billions of dollars in potential new work at the facility.

One of them is JE Dunn Construction out of Kansas City, which is well-known for its high-tech work in other parts of the country but is a relative newcomer to upstate New York.”

Glens Falls Downtown Revitalization Initiative plan approved

“The Glens Falls public arts trail will be the first project to be implemented, now that the state has approved the city’s Downtown Revitalization Initiative.

The launch of a contest for small business start-up funding is another initial priority, said Edward Bartholomew, president of EDC Warren County and administrator of the local Downtown Revitalization Initiative grant.”

Stay up-to-date on business and economic development happenings in the Capital Region with the CEG Economic Development Week in Review. Don’t miss out on the developments that are transforming the region by signing up for our e-news following us on:

Funding Partners