Economic Development Month in Review: December, 2019
For the Top Economic Development News of the Month, CEG selects news articles about projects or developments that promise to improve and/or transform the Capital Region’s economy, particularly those that related to manufacturing and initiatives outlined in, Capital 20.20, a five-year, multi-pronged plan for bringing economic prosperity to the entire region.
To learn about more the Capital Region’s economic development news from the past month, see CEG’s Economic Development Week in Review posts:
IBM installs new supercomputer at Rensselaer as part of $2 billion AI Hardware Center
“BM has installed a new supercomputer at Rensselaer Polytechnic Institute for researchers to model potential artificial intelligence solutions in fields such as health care, cybersecurity and climate change.
The investment is part of IBM’s $2 billion AI Hardware Center initiative based at SUNY Polytechnic Institute in Albany. New York state’s economic development arm has agreed to provide $300 million in capital grants for the program, including $30 million for the new supercomputer and test bed at Rensselaer in Troy and $270 million for tools at SUNY Poly, according to a press release.”
Capital Region outearned all upstate metros, new report shows
“Residents of the Capital Region in 2018 made more money per person than those in any other upstate metro, new data from the federal Bureau of Economic Analysis shows. Though incomes rose only 3.3 percent from 2017 to 2018, that increase was enough to keep the Albany-Schenectady-Troy metro ahead of the pack.
Incomes in 2018 averaged $58,104 per capita, up 3.3 percent from a year earlier, according to BEA data. Only the New York City metro, at $76,681, was higher.”
Software company moving to Schenectady accelerator, plans to hire 15 employees next year
“StackNexus — a Salesforce partner that builds applications for public sector clients — is expanding in Schenectady, with plans to move into the New York BizLab.
The company will lease about 2,500 square feet on the third floor of the BizLab — the same office its CEO, Suman Akula, previously occupied with his former company, sCube.”
Local agency id29 continues growth throughout Capital Region
“Local agency id29 recently launched a major expansion of its brand, digital and creative services following a significant private investment.
Fueled by a seven-figure investment from a satisfied client, a silent partner, the Troy company’s plan includes ramping up its talent and capabilities in areas critical to client success across multiple industries.”
Capital Region rates high as a future innovation hub
“The Collar City once set the pace for the nation’s industrial growth. But that was in the mid-19th Century. And when Troy failed to adapt, it was left behind.
The city’s cautionary tale and other similar hazards are described in a new report by the Washington, D.C.-based Brookings Metropolitan Policy Program and the Information Technology & Innovation Foundation. The study, citing the growing gap between the haves and have-nots, calls on the federal government to support future innovation centers as a strategy to spread prosperity beyond the coastal cities where it’s now concentrated.”
Pipe maker could spur investments in one of New York’s slowest-growing counties
“A $16 million investment by a Texas water and natural gas pipe manufacturer in the Washington County town of Fort Edward could help revive one of the slowest-growing counties in New York state.
WL Plastics Corp. of Fort Worth last week was awarded up to $871,500 in sale tax incentives and $1.19 million in property tax breaks. The Warren-Washington County Industrial Development Agency approved the incentive package to convince the company to pick upstate New York over competing sites in Connecticut and Ohio.”
SPAC, local trail projects win big as part of $84.1 million state grant package
“In what’s become a new annual holiday season bonanza, localities across the Capital Region raked in $84.1 million in state economic development funding Thursday.
All told, the annual Regional Economic Development Council Awards distributed $761 million to 10 regions statewide.”
GlobalFoundries breaks revenue record at Malta complex
“The GlobalFoundries computer chip manufacturing complex in Saratoga County surged past expectations a year ago, as revenue grew more than 33%, accounting for the first time for one-third of companywide sales.
Despite an industry forecast projecting a 10% decline in worldwide chip sales in 2019, the $15 billion manufacturing plant in Malta is on pace to finish this year with record sales again.”
Columbia, Greene counties awarded $10M in REDC grants
“Columbia and Greene counties received a total of $10 million from the state’s Regional Economic Development Council.
The awards ranged from $30,000 to nearly $2 million, going to a variety of initiatives such as arts programs, aging infrastructure development and Main Street revitalization.”
Momentum grows after PVA acquires 3D prosthetics startup
“Prosthetists from New York, California, Louisiana, Texas and Utah will arrive in Colonie over the next month for training on one of Precision Valve & Automation’s newest product lines.
The suburban Albany robotics manufacturer’s new PVA Medical unit is gaining momentum since Precision Valve founder Tony Hynes acquired 3D prosthetics startup Create Orthotics & Prosthetics on Sept. 27.”
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