Economic Development Month in Review: November 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:
How this tolling tech company has grown 150 percent in 3 years (and plans to grow more)
“Bestpass Inc., the Albany company that uses technology to make tolling and weighing easier for truck companies, is expanding its office after attracting two major new clients.
John Andrews, CEO of Bestpass, said AT&T and Spectrum are the latest clients fueling the company’s growth.”
Glens Falls officials OK plans for medical marijuana packaging facility
“Etain officials hope to get started as soon as possible on their project to build a manufacturing facility at Tech Meadows park to expand its medical marijuana operations, after city economic development boards on Thursday voted to sell them the lot and agreed to a package of tax breaks.
The Chester-based company is purchasing Lot 4 for $210,000 and planning to build a 16,000-square-foot facility on the site.”
StoredTech expanding HQ, plans to spin off new division
“Stored Technology Solutions is expanding its headquarters in Queensbury, New York, after deciding against moving to a larger site off the Interstate 87 Northway.
President and founder Mark Shaw is renovating and adding 5,000 square feet to his main office after the information technology company started a new division and more than doubled revenue between 2015 and 2017.”
PrimaLoft launches biodegradable fabric line
“PrimaLoft, the Colonie-based company that produces insulation and fabrics used in outdoor clothing and equipment, is launching a new line called PrimaLoft Bio Performance Fabrics that are biodegradable.
PrimaLoft already had launched an award-winning line of biodegradable insulation material, and now it is making fabrics so that entire pieces of clothing can now be made that will be biodegradable.”
Software boot camp expanding into Saratoga County with new coding classes
“Albany Can Code, the nonprofit software boot camp training nontraditional students in the region to help close the tech jobs skills gap, is expanding and offering new coding classes this spring in Saratoga County.
The nonprofit is partnering with Saratoga County Prosperity Partnership to offer classes at SUNY Adirondack’s Wilton campus for the spring semester.”
SUNY Poly moves into artificial intelligence tech
“SUNY Polytechnic Institute is hiring a business development director for artificial intelligence programs.
The job entails expanding the school’s commercial partnerships in the AI market and creating a formal business plan with an eye on federal funding for AI research.”
New artificial intelligence center moves forward in Troy
“Plans for a new $2 million artificial intelligence technology center are moving forward in downtown Troy.
Rensselaer County has been taking a look at turning the Troy senior center at 19 Third St. into what will be known as the AI Center of Excellence. On Tuesday night, the county legislature voted to transfer the building into the hands of the Rensselaer County Capital Resource Corp., an economic development entity.”
Applied Materials, SUNY Poly in $880M Albany partnership
“New York State will spend $250 million to support a seven-year, $880 million semiconductor manufacturing research center at SUNY Polytechnic Institute in Albany that will be led by semiconductor equipment maker
Applied Materials, a top supplier to computer chip companies like GlobalFoundries.
The lab, known as the Materials Engineering Technology Accelerator, or META Center, will be located inside 24,000 square feet of NanoFabX, the building that had once housed SUNY Poly’s G450C program that concluded at the end of 2016.”
Capital Region unemployment at 17-year low
“Talk about mixed signals. On a day when the Dow tumbled more than 550 points, the state Labor Department announced that the Capital Region’s unemployment rate in October fell to a 17-year low.”
Capital Region Sees Increase In Research And Development Funding
“Nine colleges and universities in New York’s Capital Region are seeing an increase in research and development funding.
The Albany-based Center for Economic Growth studied recent data from the National Center for Science and Engineering Statistics that includes expenditures from the Albany College of Pharmacy and Health Sciences, Albany Medical College, Rensselaer Polytechnic Institute, Siena College, Skidmore College, Clarkson University Capital Region Campus, SUNY Polytechnic Institute, Union College, and the University at Albany. Speaking with WAMC’s Lucas Willard, Center for Economic Growth CEO Andrew Kennedy says the research and development in the Capital Region makes the area unique.”
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