CEG Economic Development Week in Review November 18 – November 22, 2024
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
NY CREATES: CEG: Even Before NSTC Designation, Capital Region Was Already at EUV R&D Forefront
REGIONAL ECONOMIC DEVELOPMENT NEWS
NSH USA revises its Menands expansion plans
“Machine tool manufacturer NSH USA Corp. has revised previously announced plans for a multimillion-dollar expansion at its Menands complex in light of increasing demand for its products.
Rather than build a 25,000- to 30,000-square-foot showroom aimed at domestic customers, the company instead is advancing plans for a new manufacturing/assembly building at its 6.2-acre campus on Broadway, where it currently has 120 employees.”
Regional DOD chip research and development hub gets $10.5 million
“NORDTECH, one of eight regional hubs developing computer chip technology for the Department of Defense, has been awarded $10.5 million in funding through October 2025.
NORDTECH, officially known as the Northeast Regional Defense Technology Hub, is made up of five founding members, including NY CREATES, the nonprofit that operates Albany NanoTech; the University at Albany’s College of Nanotechnology, Science and Engineering, or CNSE; Cornell University in Ithaca; Rensselaer Polytechnic Institute in Troy and IBM, which has significant operations at Albany NanoTech and is based in Westchester County.”
Redevelopment of former St. Clare’s Hospital in Schenectady gets tax breaks
“A conversion of the former St. Clare’s Hospital in Schenectady into a mixed-use apartment complex got a financial boost Wednesday with the approval of tax exemptions for the development team.
The board of directors of the Schenectady Metroplex Development Authority approved a 14-year payment in lieu of taxes (PILOT) and sales tax exemptions on construction materials for the project.”
UAlbany, IBM get to work on AI research projects
“The University at Albany and IBM have launched five new research projects on artificial intelligence that are funded by the university’s $20 million Center for Emerging Artificial Intelligence Systems.
The AI research center, which was launched last year at the behest of Gov. Kathy Hochul, is being funded by both UAlbany and IBM, which has a history of collaboration with the university and its College of Nanoscale Science and Engineering on semiconductor manufacturing.”
Albany airport to add nonstop flight to Sarasota
“A nonstop flight will be connecting Albany with another city in Florida.
Discount carrier Allegiant announced Tuesday it will offer a direct flight between Albany International Airport and Sarasota Bradenton International Airport starting Feb. 14. The airport is located just south of Tampa Bay on Florida’s Gulf Coast.”
GlobalFoundries finalizes $1.5 billion in funding from CHIPS Act
“Semiconductor manufacturer GlobalFoundries Inc. will receive up to $1.5 billion in federal funding through the CHIPS and Science Act to upgrade existing plants and build a second factory at its Saratoga County campus, the Biden administration announced Wednesday.
The U.S. Department of Commerce earlier this year announced it had signed a preliminary, non-binding agreement with GF related to the award, which was subject to due diligence and further negotiations.”
Checon grows head count at on Pruyn’s Island facility in Glens Falls
“A 78,000-square-foot manufacturing facility on Pruyn’s Island in Glens Falls has added employees and equipment over the past year as it takes on increasing importance under new ownership.
Massachusetts-based manufacturer Checon LLC in October 2023 acquired Umicore Electrical Materials USA Inc., a division of Belgian materials giant Umicore’s U.S. operations.”
South Street in Glens Falls gains development momentum
“Many of the buildings on this short stretch of South Street in downtown Glens Falls are known by their former occupants or uses.
There’s Sandy’s Clam Bar at 41 South St., which closed in 2017. Across Elm Street, Hotshots Sports Bar shuttered about a decade ago. Farther south, set back from a large surface parking lot, a former Rite Aid drugstore has sat vacant since 2018.”
