May 18 2018

Economic Development Week in Review: May 14 – May 18, 2018

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 following us on:


Times Union Highlights CEG Tech Awards Recipients


Restoration helps draw more visitors to Olana

“Olana, the historic home of Frederic Edwin Church, is in the midst of extensive renovations to restore the house and grounds to make the site more accessible to visitors.

Olana is a major contributor to Columbia County’s tourism industry, attracting 170,000 visitors annually.”

GlobalFoundries says it needs to build a new fab to compete

“GlobalFoundries would ideally like to build a second computer chip factory in Malta that would make 3 nanometer computer chips in order to keep pace with foundry giant Taiwan Semiconductor Manufacturing Co.

New GlobalFoundries CEO Tom Caulfield, who used to run GlobalFoundries’ current Fab 8 factory in Malta, told EE Times in a story published Monday that GlobalFoundries needs to build another fab, although the location and technology node have yet to be determined.”

GlobalFoundries CEO Seeks Financial Gains

“The new CEO of GlobalFoundries has a charter to improve financial performance of the privately held chipmaker. Thus, Tom Caulfield is seeking partners for the company that is a distant second in a hotly competitive race to make chips.

Caulfield needs a hand building a next-generation fab, probably at 3 nm, and expanding his ASIC services to attract new customers. Meanwhile, he started a reorganization geared to make the company more nimble and to hold his managers responsible for financial progress, he said in an interview with EE Times.”

KeyBank’s community benefits plan invests $174 million in Albany in 2017

“KeyBank said it invested $174 million in its Albany market in the first year of its national community benefits plan.

In all, KeyBank invested $2.8 billion across its 16 state footprint in 2017 toward residential mortgage loans for low and moderate income buyers, community development investments, small business loans and nonprofit grants.”

Staging, lighting company ready for next act

“Roger Sharp and High Peaks Sound are constructing an operations center in Wilton, New York, to position the company to compete for more business throughout the Northeast.

Sharp, who started the business out of his home 13 years ago, wants to expand his staff of 10 employees who install and manage special effects, lighting, staging and sound-mixing boards for bands, festivals, weddings and private events.”

State Grant Will Fund Strategy Planning To Create Outdoor ‘Recreational Hub’ In Bolton

“The Lake George Land Conservancy (LGLC) has been awarded a $40,000 grant from the 2018 Conservation Partnership Program to start a new initiative in the town of Bolton.

The grant will enable the LGLC and community partners to develop strategies and plans to establish a new outdoor recreation hub in Bolton.”

Pipefitters union seeks future expansion

“The United Association of Plumbers and Pipefitters Local 773 is looking at acquiring the property adjacent to its current headquarters at the Tech Meadows business park for future expansion.

Scott Martel, business manager for the union, spoke before the Glens Falls Local Development Corp. last week to inform the city about its intentions to purchase a 5.4-acre lot located directly behind its current home.”

Contractor hired to build Queensbury warehouse, fabrication center

“The owner of Alltek Energy Systems and Firetek Sprinkler Systems has hired J. Luke Construction to build a 12,000-square-foot warehouse and fabrication center in Queensbury, New York.

Mike O’Connor, president and owner of the Waterford heating, ventilation and fire sprinkler contracting firms, is adding a second location in Queensbury to give his two companies room to grow. The project will be located on a 1.7-acre lot that O’Connor purchased a year ago in the Carey Industrial Park near Exit 18 of the Interstate 87 Northway.”

Saratoga County IDA buying land at Luther Forest

“The Saratoga County Industrial Development Agency is buying a 20-acre parcel of land at the Luther Forest Technology Campus as a way to jump-start private development at the tech park.

Until now the only major development at the 1,400-acre business park has been GlobalFoundries’ Fab 8 computer chip factory, home to 3,500 workers.”

Capital Region added 3,100 jobs in past year

“The five-county Capital Region metropolitan area added 3,100 jobs over the past 12 months, boosting the total number to 472,400, a record high for April. Gains came in education and health services, up 2,200 over the year; leisure and hospitality, up 600; construction and natural resources, up 300; and trade, transportation and utilities, also up 300.

But professional and business services lost 400 jobs, while information was down 200 jobs and government down 100.”

Site near Albany Med best for Wadsworth, report says

“Consultants hired by the state have suggested that 18 acres of land off New Scotland Avenue near Albany Medical Center would be the best site for a proposed new $750 million Wadsworth Center, the state’s public health laboratory.

In a report filed with the state, the consulting firm Deloitte found that the best place to build a new and consolidated Wadsworth campus would be near its existing David Axelrod Institute building at 120 New Scotland Ave.”



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