Week in Review: March 22- March 26, 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:
CEG IN THE NEWS
Saratogian: CEG survey: Capital Region gaming industry continues to grow
Troy Record: CEG survey: Capital Region gaming industry continues to grow
REGIONAL ECONOMIC DEVELOPMENT NEWS
Albany College of Pharmacy and Health Sciences sees potential in biopharmaceutical training
“The president of the Albany College of Pharmacy and Health Sciences sees a lot of potential in the rapidly growing biopharmaceutical sector — and he says the newly opened Center for Biopharmaceutical Education and Training is the key to tapping into related opportunities.
Biopharmaceuticals are treatments and preventatives derived from biological sources — such as vaccines or synthetic antibodies — rather than chemically synthesized, such as a medication like aspirin. Regeneron is an example of a biopharmaceutical manufacturer.”
Startup Spotlight: Pandemic drives demand for Inspect Point and Virtual Moving Technologies
“Many businesses switched to remote work during the pandemic, but their buildings still need to be inspected for fire safety. That’s why Inspect Point, whose software allows virtual management of that business, has seen such a big increase in demand over the last year.
Inspect Point’s cloud-based application allows fire protection companies to manage nearly every part of their inspection and repair operations virtually.”
Study: Albany ranks as one of the best metros for women’s wages
“omen’s wages go furthest in Hartford, Connecticut when compared to the wages of women living in the 100 largest metropolitan areas in the country. Runners up are Poughkeepsie and Albany, according to a new study from Magnify Money, a branch of Lending Tree, which provides research and tools for personal finance.
Women in Albany on average make about $54,600 per year. These earnings cover 176% of living costs, the study found. That’s about the same amount women make on average in New York City and almost $7,000 less than women make on average in Boston, both major metropolitan areas where the cost of living is much higher than the Albany area.”
Developer hopes for new life for historic Hudson Falls industrial complex
“Roger Springer stood inside the dirty, sepia-colored 160-year-old foundry where he worked for 42 years.
“It’s just sad,” said Springer, still wearing his blue work shirt with his name on one shoulder and “Valmet” on the other.”
GlobalFoundries increases U.S. capacity amid chip shortage for vehicles, laptops and smartphones
“GlobalFoundries is racing to install equipment to increase capacity in Saratoga County amid surging demand for computer chips for laptops, vehicles and smartphones.
There is no doubt the biggest challenge in our industry right now is capacity,’ said Peter Benyon, general manager of the $15 billion GlobalFoundries manufacturing complex in Malta.”
Aptihealth adds CDPHP as a client for its behavioral health telemedicine platform
“In its biggest deal yet, the behavioral health telemedicine platform Aptihealth is now available to all patients of health insurer CDPHP.
Aptihealth partners with medical providers who can then refer patients to psychotherapists through the online platform.”
Vyv signs licensing agreement with The Middleby Corp. for antimicrobial LEDs
“The Troy startup Vyv has signed a licensing agreement with kitchen appliance manufacturer The Middleby Corp..
This agreement gives Middleby license to use Vyv’s LED lights within any of its dozens of brands of commercial and residential products, said Colleen Costello, CEO and co-founder of Vyv.”
Medicinal mushrooms are having a moment
“There are roughly 11,000 named species of mushrooms in North America, but most of us know of three types: the edible kind, the poisonous, and the hallucinogenic.
Increasingly, though, scientific studies show that many edible mushrooms may also have an array of health benefits, and wellness seekers across the country have taken note. According to an industry report in Nutritional Outlook, the pandemic triggered a massive spike in use as people turned to functional fungi for their purported immune-boosting and stress-relieving properties.”
Construction on Capital Repertory Theatre in Albany complete
“The new Capital Repertory Theatre may be just down the road from its original home but, stepping into the recently renovated location, it seems like they’re worlds apart.
After a $14.2 million construction project, the theatre, which is under the umbrella of Proctors Collaborative, includes expanded dressing rooms, a prop shop and a performance studio, among other features.”
Port of Albany picks engineering and design team amid New York’s offshore wind push
“The Port of Albany will pay up to $6.9 million to two engineering and design firms as it prepares to construct a $300 million-plus wind tower assembly plant on the banks of the Hudson River in Bethlehem.
The port commission Wednesday selected Moffatt & Nichol, a California engineering firm with 40 offices around the world, to provide final design and construction support for marine facilities at the port. Moffatt & Nichol could be paid up to $2.21 million.”
Regeneron: Coronavirus treatment highly effective in reducing, shortening symptoms
“The ‘antibody cocktail’ being developed by Regeneron Pharmaceuticals has proven highly effective in reducing and shortening COVID-19 symptoms, according to test results announced by the company this week.
The cocktail worked well in low, moderate and high doses and Regeneron said it would request approval to move forward with the lower dose, which should allow for more production.”
Survey: Small business booming in Twin Counties
“Greene and Columbia counties were ranked in the top 15 in the state for being small-business friendly, according to a survey by financial
technology company SmartAsset.
Columbia County was ranked No. 2 and Greene County came in at No. 15 of 62 counties statewide. First on the list was Yates County.”
Pillow, bedding maker Soft-Tex International expanding in Saratoga County
“Soft-Tex International is adding 40,000 square feet of storage and office space, its second expansion in Saratoga County in the past year.
The mattress and pillow maker received approval from the Halfmoon Planning Board this week to add warehouse space at 430 Hudson River Road in Halfmoon, next door to an existing Soft-Tex factory.”
When the pandemic forced a professional pivot, these Hudson Valley residents got creative
“When COVID-19 hit, it was immediately clear which jobs were — or weren’t — pandemic proof. Those in-demand included frontline workers, FedEx truck drivers, grocery store employees, and a wide swath of professional cubicle types who seamlessly shifted to Zooming from isolated home offices.”
