Capital Region Manufacturer Establishment Births Doubled in 2022
Cosaint Global at Launchbox
After two years of hitting historic lows, the number of Capital Region manufacturing establishment births doubled in 2022, according to a Center for Economic Growth (CEG) analysis of new U.S. Census Bureau data from its Business Dynamics Statistics series.
MFG BIRTHS
In 2022 in the eight-county Capital Region, there were 66 manufacturer “births,” or establishments with employees in one year that did not have any the previous year. That was more than double the 31 manufacturing establishment births in 2021, which was the second lowest number of births in this sector in more than four decades. And 2020’s 28 manufacturing establishment births were the fewest in more than four decades.
Launchbox at 6 Northway Lane in Colonie
One popular location for new Capital Region manufacturers is upstate New York’s first co-warehousing facility: Launchbox in Colonie. The 88-unit facility offers manufactures scalable warehouse spaces from 150 to 1,000 square feet. It also offers access to shared spaces and amenities, including loading docks, a photo studio, coworking café and kitchen, meeting room, showers, pallet jacks and hand carts, high-speed Wi-Fi, coffee, snacks, printing and copying.
Some Capital Region manufacturers that are Launchbox tenants include:
Journey Decor: Entrepreneur-owner Denette Beaudoin and her team create beautiful, handcrafted wreaths, lush artificial garlands, and premium artificial flowers and stems.
Cosaint Global: Under the leadership of CEO Timothy Doran, Cosaint Global produces advanced cannabinoid therapies through cutting-edge exposed molecule technology to deliver safer, faster- acting natural medicines.
Battle Grid Games: Battle Grid Games was founded by Kenneth McNeally and brings a fresh and exciting style of play to traditional tabletop trading card games with a grid-based card game that combines tactics, strategy, and card synergy.
Look into renting flex warehouse today. Contact Launchbox here.
Battle Grid Games at Launchbox
CEG INITIATIVES
As a New York State MEP center, CEG’s Manufacturing Solutions also helps Capital Region manufacturers increase their productivity by providing a menu of technical support services, such as Lean Enterprise Training, ISO Certification Assistance, Technology-Driven Market Intelligence, and CoreValue benchmarking assessments.
In 2023, CEG Manufacturing Solutions had the following impacts on Capital Region manufacturers:
- $17 million in new and retained sales
- 115 jobs created and retained
- $10 million in new investments
- $600,000 in cost savings
CEG also drives the Manufacturing Innovation Network (MIN), a network brings together Capital Region manufacturers to learn from experts on industry relevant topics, participate in thematic roundtables, discuss common issues, and expand their network.
Don’t miss these insights into the trends that are shaping the Capital Region’s economy.
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