Week in Review: June 22 – 26, 2020
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:
CEG IN THE NEWS
WGY: Capital Region Manufacturers Help One Another Recover Post Pandemic
ABC News 10: Warren County has nation-topping record in medical equipment, supply jobs
Post Star: Warren County has the most medical manufacturing diversity in the country
WNYT: After George Floyd: Useful Resources
Times Union: Capital Region Chamber, CEG explore affiliation
Times Union: CEG awards late Walter Robb with Jeff Lawrence award
REGIONAL ECONOMIC DEVELOPMENT NEWS
Upstate New York machine shop makes $1 million bet to bring work back from China
“Elizabeth Miller and Doty Machine Works just invested $1 million to purchase a vertical milling machine that could help the Fort Edward company bring more manufacturing work back to the United States.
The computer-controlled Vision Wide 5-axis machine will allow Doty to take on larger milling jobs and reduce labor costs in the process.”
How Vicarious Visions changed its hiring practices to attract a more diverse workforce
“One of Jennifer Oneal’s goals when she took over the top spot at Vicarious Visions a few years ago: Embrace diverse and inclusive practices.
Oneal has worked to make sure that goal is part of the video game studio’s culture and product development, but it couldn’t happen without employees who share similar values. That’s where the hiring process comes in.”
GlobalFoundries to acquire more land in Saratoga County
“GlobalFoundries has secured the right to purchase more land in Saratoga County near the chip manufacturer’s $13 billion Malta campus.
The announcement comes as lawmakers are considering investing tens of billions of dollars in America’s semiconductor industry over the next five to 10 years to help the United States compete with China.”
Capital Region real estate market starts to recover from shutdown
“The Capital Region residential real estate market showed a partial rebound in May, with sales volume substantially higher than in April though still well below what was seen in May 2019.
Like much of the economy, the real estate market was crippled by restrictions imposed to slow the spread of COVID-19, especially in April, when the pandemic was at its peak in New York state.”
Plug Power bet $123 million on the hydrogen economy. It is just getting started
“Plug Power just invested $123 million to buy two hydrogen companies, a move designed to drive down costs, increase revenue and create a path to a bigger market.
The acquisition of United Hydrogen Group and Giner ELX Inc. will allow Plug Power to produce, store and deliver hydrogen for existing customers while opening up opportunities to supply manufacturers of ammonia, steel, concrete and computer chips.”
Local unemployment rate drops back into single digits
“The Capital Region’s unemployment rate in May fell back into single digits, to 9.6%, the state Labor Department reported Tuesday, from 12.6% in April, although the figures are preliminary and aren’t adjusted to account for seasonal variations.
The lower rate suggests a rebound from the depths of the COVID-19 pandemic-induced economic slump. But there remained little to cheer about for the 43,600 local residents out of work during the month.”
Tonko announces $950K in federal science awards for RPI
“U.S. Rep. Paul Tonko unveiled that Rensselaer Polytechnic Institute is being awarded two National Science Foundation (NSF) grants totaling $951,020.
“The vision and dedication of our Capital Region researchers, professors, and students in STEM continue to drive transformative research and innovation here and around the world,” Tonko remarked.”
‘Today’ visits Hudson, praises city’s resilience
“The city woke up to a pair of familiar faces Tuesday.
Al Roker and Savannah Guthrie filmed “Today” on Warren Street in the early hours of the morning, surrounded by Hudson’s picturesque shops and church steeples.”
