Economic Development Week in Review: September 17- September 21, 2018
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CEG IN THE NEWS
REGIONAL ECONOMIC DEVELOPMENT NEWS
“Karthik and Guha Balas’ video gaming startup, Velan Studios, has moved to a new downtown Troy office that will give the company more space to grow.
The new office, at 5 Third St. above Spill’n the Beans coffee house in downtown Troy, has high ceilings, arched windows and classic moldings. The office was transformed from a former, neglected union hall into an office befitting one of the area’s fastest growing tech startups.”
“A planned $5 million expansion of Capital Roots in Troy has grown into an $8 million investment because of strong demand for fresh produce and a new program linking local farmers with school cafeterias.
The nonprofit, which owns the Urban Grow Center at 594 River St., expects to break ground next spring on a 21,000-square-foot addition, said Amy Klein, chief executive officer.”
“The founder of 212 Brewing Co. in Manhattan wants to purchase and re-open a 21-year-old brewery in Saratoga Springs, nine months after Olde Saratoga Brewing shut it down.
Don Trooien of 212 Brewing is lining up financing to buy the 32,000-square-foot building from the Stewart’s Shops Corp. convenience store chain.”
“Household income and other economic indicators in Schenectady County continue to lag behind those in its larger Capital Region neighbors, federal data show.
The U.S. Census Bureau on Thursday issued one of its American Community Survey statistical updates, this one focusing on income levels, poverty rates and health insurance coverage.”
“Saratoga Economic Development Corporation led an incentive application to the Saratoga County IDA recently to help retain and grow Airosmith, Inc.’s corporate headquarters.
SEDC presented a package seeking payment-in-lieu-of-taxes (PILOT) incentive, sales and mortgage tax abatement for retaining 51 high-paying jobs averaging $80,509 per year and adding nine new full-time jobs in the next three years. A news release said the combined incentive value is $411,352.”
“AngioDynamics has acquired a small oncology company to help market a product that could fundamentally change the way cancer is treated.
‘It’s powerful technology that will seriously change health care,’ said company spokesman Saleem Cheeks. ‘It’s gonna be terrific.’”
“Ray Energy Corp. recently opened a new propane rail and truck terminal in Hampton, near the New York-Vermont border.
A formal opening with ribbon cutting and an open house was held on Aug. 23, but the company has been using the new facility since March.”
“West Mountain Ski Area will feel like a new place this season, with a renovated cafeteria, snowmaking equipment and chairlift and a new treetop obstacle course by next summer — about $17 million worth of investment that owners hope will help turn the area into a year-round resort.
The 6,000-square-foot cafeteria is being completely gutted and renovated at a cost of about $600,000, according to Spencer Montgomery, co-owner and operator of the ski area.”
“Plug Power has started production on a new proprietary technology that will prove critical as the company expands into powering on-road delivery vehicles with fuel cells.
Plug Power started developing the technology this year after acquiring American Fuel Cell. The Rochester company specialized in membrane electrode assembly technology, which is key for fuel cells to create power. The acquisition gives Plug Power an office in Rochester at the Eastman Business Park.”
“Just how big is Albany’s economy?
Figures released this week by the federal Bureau of Economic Analysis offer some answers and comparisons to other cities — and even other countries.
Overall, we ranked No. 59 in Gross Metropolitan Product. GMP is a metro-specific value comparable to Gross Domestic Product, which is a tally of the market value of goods and services produced in a national economy. GDP is one of the primary statistics used to gauge the health of a nation’s economy.”
“An agricultural index unveiled Wednesday points out the strengths and importance of Saratoga County’s farms, which do more than $500 million a year in business.
But a panel discussion following the release of the statistics focused more on the continued pressures the farms face, along with some ideas for how to respond.”
“Tierra Farm is expanding to a new office in Columbia County to make room for its double-digit growth.
The company has moved its corporate offices to Main Street in Valatie, New York — about 20 miles south of Albany.”