Company Profile: Vara Safety is the Latham, New York-based manufacturer of a biometric-controlled gun holster called Reach. Reach uses strategically placed biometrics to properly secure the handgun, and still allow immediate release. Reach units are designed to be mounted in your home, office or vehicle and are made of high-strength
When the Capital Region celebrates Manufacturing Day this Oct 4, it will do so with an expanding manufacturing sector. Over the past five years the sector has grown by 8.1 percent, according to a Center for Economic Growth (CEG) analysis of data from the New York State Department of Labor.
Area’s Drug Manufacturing Industry Becomes One of the Nation’s Largest The Capital Region’s pharmaceutical and medicine manufacturing industry is rapidly becoming the one of the nation’s largest. In the past five years, the five-county Albany-Schenectady-Troy metropolitan statistical area’s national ranking for jobs in this industry has climbed to 13th from
Department of Defense (DoD) spending for work primarily performed in the Capital Region rose over the year by 12.2 percent in fiscal 2017. In fiscal 2017, the amount the federal government owed1 for unclassified contract and grant award transactions was $151.1 million for work primarily performed in the eight-county region2,
With New York State pursuing one of the nation’s most ambitious plans for generating offshore wind (OSW), the Center for Economic Growth (CEG) is working to position the Capital Region’s two water ports as facilities for the manufacturing and fabrication of OSW components. In January 2018, New York State released
The Capital Region’s manufacturing sector employed more than 34,000 workers in 2017 and is projected to add nearly 2,800 over the next 10 years. That 7 percent increase in manufacturing employment far outpaces projections for the nation (0 percent) and state (-5 percent), according to estimates from Economic Modeling Specialists
The Capital Region’s mining industry has become the area’s fastest-growing sector and the largest of its kind in the state in terms of jobs. Mining Jobs Averaging 959 employees in 2017, the eight-county region’s mining sector has grown by 40.6 percent over the past five years. During that time, employment
As Manufacturing Day is celebrated this Oct. 5, it is important to remember that while large manufacturers, such as General Electric, GLOBALFOUNDRIES and Regeneron Pharmaceuticals, have helped turn the Capital Region into a thriving manufacturing metro, they are not alone in making the area stand out on the national level.
The Capital Region’s annual job growth was on par with its 10 peer economic regions in 2017. Although the peer regions had lower unemployment rates than the Capital Region, they are also dealing with more austere labor force shortages and greater wage inflation, according to a Center for Economic Growth
Employment in the Capital Region’s manufacturing sector last year climbed to its highest level since 2001. In 2017, the eight-county region’s manufacturers drove a 1.6 percent annual net jobs gain to an annual average of 34,322. Employment was up 7.6 percent from five years earlier, according to a Center for
