Center for Economic Growth surpasses $6 million campaign goal

Albany Business Review

By: Robin K. Cooper

The Center for Economic Growth has eclipsed its $6 million fundraising goal as the Albany, New York, organization works to expand its marketing and job retention efforts.

The region’s largest economic development group shifted its campaign strategy last fall and started seeking larger donations instead of relying on annual membership dues. The move was designed to help provide more funding for business retention and communications. The transition also is intended to provide more clarity by allowing CEG to be more certain about its revenue stream over the next few years.

Albany Medical Center hospital and National Grid, the natural gas and electricity supplier, were two of the five groups that agreed to contribute $50,000 apiece. The others were SEFCU, the region’s largest credit union, as well as the Port of Albany and Rensselaer County.

CEG president and CEO Andrew Kennedy said last fall that CEG plans to increase its budget for business development. As of last fall, the organization was spending about $275,000 a year on business development. Kennedy plans to increase the total to $650,000.

Kennedy also wants to increase the marketing and communications budget to $550,000 a year from $375,000.