CEG Economic Development Week in Review January 20-January 24, 2025
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
WAMC: Non-profit TRIP finds Capital Region drivers losing money due to degraded roadways
Daily Gazette: Hochul’s proposed $400M Albany investment could ripple
REGIONAL ECONOMIC DEVELOPMENT NEWS
At GE Vernova, offshore wind in lull but power plants are hot
“GE Vernova raked in $10.6 billion in revenue during the last three months of 2024, up 5 percent from 2023, the company announced Wednesday.
Net income, or profit, during the quarter was $484 million, up $279 million from the same three-month period in 2023.
GE Vernova, which has significant operations in downtown Schenectady, just completed its first year after being spun off from General Electric Co. in April. The company’s shares trade on the New York Stock Exchange under the symbol GEV. On Wednesday, the stock was trading for about $423 a share, slightly under its 52-week high of $434.”
Saratoga County Airport Expansion Project Nears Completion On Time and On Budget
“The Saratoga County Airport expansion project that began with a competitive solicitation in September 2022 is nearing completion “on time and on budget,” according to Phil Barrett, chairman of the Saratoga County Board of Supervisors.
Barrett is Supervisor for the Town of Clifton Park and has served as chairman of Saratoga’s board for the years 2007, 2024 and 2025. He said the Board “is very involved with the airport project from start to finish,” which began with an application for funds from Governor Kathy Hochuls’s Upstate Airport Economic Development and Revitalization Competition.”
The Construction Of Brookmere Is Almost Complete And Resort Is Welcoming Guests
“The initial phases of Saratoga Springs’ newest resort have been completed and it has started to accommodate guests.
Brookmere, the reimagining of the former Longfellows Hotel and Restaurant, has been under construction since 2023 and the final phase will be finished early next month.”
Stewart’s taps Adirondacks brewer for return of Mountain Brew
“The familiar blue and silver can of Stewart’s Shops Mountain Brew beer is expected to be back on shelves by mid-February, this time with a new recipe and a bigger size.
Mountain Brew will now be produced in the Adirondacks by Paradox Brewing. The brewer hosted an event on Wednesday to celebrate the canning of its first batch of the 6% lager. The beer’s new recipe will be available in a 19.2 ounce can and will be sold as a two-pack for $4, as opposed to the original six-pack of 12-ounce cans sold for $2.99.”
Glens Falls Hospital Expanding Emergency Dept. In Midst Of A Fundraising Campaign
“Construction is underway on a major expansion and renovation of the Sheridan Emergency Department at Glens Falls Hospital.
This is the first significant upgrade to the department in nearly 30 years, which was helped at the time with a generous gift from David S. and Janet R. Sheridan.”
UAlbany chip production line at Albany NanoTech gets ‘atomic’ machine
“Researchers and students at the University at Albany’s College of Nanotechnology, Science and Engineering recently got their hands on a new computer chip manufacturing machine that will allow them to manipulate atomic-scale layers of materials on chips.
The new machine, known as a plasma-enhanced atomic layer deposition machine, or PE-ALD tool, is made by a British company called Oxford Instruments Plasma Technology.“
Leadership at Chris’ Coffee transitions to the next generation
“Chris’ Coffee began in 1975 when Nachtrieb began selling coffee and machines out of the back of his El Camino. He didn’t even like coffee at the time.
“I used to go out and make deliveries and come back with these little NEBS, little invoices that you totaled up. ‘Oh, we did $500 in sales today,’” he said.”
Tyler Technologies tops new Tech Services Firm List for the Albany region
“From IT to software design, the region’s technology services firms cover a lot of ground — and their work helps a lot of other companies do their work.
This week’s full Tech Services Firms List is below. To go with it, we talked with Ted Thien, vice president and general manager with Tyler Technologies, which was No. 1 on this year’s List.”
