Economic Development Month in Review: August, 2020
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:
Defense bill may provide billions to GlobalFoundries, other U.S. computer chip makers
“The GlobalFoundries computer chip factory in Luther Forest would potentially gain a significant boost toward expansion under provisions of the U.S. defense budget approved by the House and Senate for fiscal year 2021.
U.S. Sen. Charles Schumer, D-N.Y., paid a visit Friday to announce the news and discuss the potential impact on the $15 billion foundry, called Fab 8, where approximately 3,000 people already work.”
Wolfjaw Studios adding business and employees despite pandemic complications
“The contract video game development startup Wolfjaw Studios was only in its second year when the Covid-19 pandemic hit. Though it caused a bit of a slowdown in closing sales, the Troy company has added new clients and five new employees, director and founder Mitchell Patterson said.
While Wolfjaw Studios does not make entire video games, it does a lot of the work to support games with a focus on player experience, such as player accounts, individual user stats and tracking leaderboards.”
Etain secures $5.1 million loan for medical marijuana expansion
Medical marijuana grower and dispenser Etain LLC has secured $5.1 million in financing for an expansion at its Warren County production center.
The National Bank of Coxsackie approved a mortgage to cover the cost of constructing a 33,200-square-foot greenhouse and a 24,900-square-foot warehouse at Etain’s processing plant at 6030 Route 9 in the hamlet of Chestertown.
Just Water will boost capacity to 100 million bottles a year
“Just Water purchased two more bottling machines, tripling production capacity at its Queensbury plant to 100 million bottles per year.
A little more than a year after doubling its floor space by signing a lease at 276 Dix Ave., Just Water has invested several million dollars buying two bottling and packaging machines from Tetra Pak in Sweden.”
Amazon to begin hiring at new Schodack fulfillment center
“Amazon’s new fulfillment center in Schodack is starting the process of hiring more than 1,000 new, full-time positions.
The employees will join more than 24,000 full- and part-time employees already working across the state with $15 an hour minimum wage and comprehensive benefits beginning on day one.”
From cost cuts to hiring spree: Pool business is booming during Covid summer
“When the Covid-19 pandemic hit, Scott Rajeski and Latham Pool Products saw a 75% drop in business that lasted from mid-March to mid-April.
“New Zealand was shut down. Australia was shut down. Canada was shut down. The Northeast was shut down,” Rajeski said. ‘Fifty-plus percent of our business, there was no activity happening. … We stopped hiring. We stopped travel. We started looking at cost cuts. And we talked about slowing the factories down. It was playbook 101 for what to do in a downturn.’”
Saratoga County IDA ready to buy 20 acres near GlobalFoundries
“The Saratoga County Industrial Development Agency is on the verge of acquiring 20 acres near GlobalFoundries in a move designed to bring more jobs to the Luther Forest Technology Campus in Malta.
Nearly three years after signing a contract to purchase the property for $1.68 million, the vacant site now has access to enough power, sewer and water to support a manufacturing plant, multiple office buildings or a research center. Natural gas lines are being installed now.”
Regeneron teams up with Swiss drugmaker to boost production of Covid-19 treatment
“Regeneron Pharmaceuticals would nearly quadruple production capacity of its Covid-19 antibody cocktail under a new agreement with Swiss drug maker Roche.
‘This major collaboration with Roche provides important scale and global expertise to bring REGN-COV2 to many more patients,’ said Regeneron president and chief executive Len Schleifer.”
Troy startup Aptihealth signs biggest deal yet
“The Troy startup Aptihealth has made its biggest deal yet.
The behavioral health telemedicine platform said today that it has signed a contract with Glens Falls Hospital, giving patients at the hospital’s seven primary care practices access to the service.”
HVCC Plans New Building, Programs To Help Fill Shortages In Skilled Trade Workers
“Hudson Valley Community College is responding to the skilled labor shortage in the area and across the state by pursuing plans to build a new $65 million facility for skilled trades education.
The proposed 130,000-square-foot Applied Technology Education Center (ATEC) will allow the college to expand its training of the skilled technical workforce.”
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