December 23 2021

Week in Review: December 20 – 24, 2021

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: Capital Region personal income grows at fastest rate since 1989



Fed data shows upstate New York slow to recover from pandemic

“The Capital Region, like the rest of upstate, is having a tough time bouncing back from the COVID-19 pandemic that is about to enter its third year, according to economists from the Federal Reserve Bank of New York.

New data released by the New York Fed shows that nearly two years since the pandemic began, employment upstate remains 7 percent below the rate before the pandemic began.”

IES cannabis extractor company starts production in Schenectady, New York

“Growing demand for marijuana-infused food and drinks will help Isolate Extraction Systems Inc. quadruple output at its Schenectady factory next year to a projected $12 million.

After purchasing a majority stake in the Colorado manufacturing company, P1 Ventures chief executive David Dussault spent $500,000 this year converting a former welding shop at 1910 Maxon Road Extension into the next factory for the extraction machine business.”

Plug Power in Bethlehem could swell to more than 1,600 jobs

“Plug Power is moving forward with its plans to build a 350,000-square-foot fuel-cell factory in the town of Bethlehem that will initially employ 670 people, about half of whom will transfer from the company’s Latham headquarters once the project is competed.

But new documents filed with the town show that Plug Power has aspirations for employment levels that more than double that over the next five years.”

Schumer lines up nearly $30 million for turbine plant at Port of Albany

“U.S. Senate Majority Leader Charles Schumer said Monday that the Port of Albany will receive $29.5 million in federal funding to help build a plant at the port that will be used for the assembly of offshore wind-turbine towers.

Schumer has been pushing to help secure the money for the project, which would create hundreds of new jobs and involves three well-known wind energy companies, Marmen of Quebec, Welcon of Denmark and Equinor of Norway, that will operate the facility as a joint venture.”

History’s stand-ins: HBO’s period productions boom in Albany, Troy

“On Troy’s cobblestone streets and inside Albany’s halls of power, television executives found perfect stand-ins this summer for key turning points in American history.

For weeks of production, HBO turned to the Capital Region as the backdrop to give a feel of period authenticity for ‘The Gilded Age’ and ‘The White House Plumbers.’”

Albany Inno – Hudson Valley investment fund preparing to raise more money, looking for new startups

“The Hudson Valley Startup Fund is preparing to raise money from investors for its third fund.

HVSF is an angel investment fund focused on startups that have some connection to the Hudson Valley, defined by the organization as north of New York City up through the Capital Region.”

Arnoff Global Logistics wins tax incentives for $12.1 million Saratoga County campus expansion

“Mike Arnoff will start construction of a $12.1 million expansion at the Arnoff Global Logistics campus next month as he competes for a contract to service a Fortune 500 customer from the Malta complex.

The Saratoga County Industrial Development Agency on Tuesday unanimously approved tax incentives that will save the company $1.49 million on the project after factoring in administration costs and fees.”

Capital Region labor force smaller last month than any November since 1996

“Unemployment in the Capital Region dropped to an estimated 3.3% in November, the state Department of Labor reported this week, placing it below the national jobless rate and well below the statewide rate.

The lowest county-level rate in the state was 2.8% in Saratoga and Yates counties. Columbia County was right behind at 2.9%.”

Funding Partners