Economic Development Month in Review: February, 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:
$7 million expansion proposed at Albany business incubator
“Some startup businesses don’t need cheap office space. Instead, they’re looking for a retail storefront with affordable rent.
Some entrepreneurs are parents, but don’t have anyone to watch their child so they can attend a
Albany manufacturer just inked its biggest-ever contract. What’s behind the record booking
“One of the Albany region’s largest and oldest manufacturing companies’ first order of 2020 is the biggest in its 110-year history.
Simmons Machine Tool Corp. of Menands has secured a $14 million contract to make railcar maintenance equipment for a customer in the United States and Canada. The contract surpasses Simmons’ previous record of $12.7 million.”
brought himself.”
Ayco’s new headquarters in Latham close to completion
“Work on Ayco’s new four-story headquarters off Route 9R in Latham is nearly complete, with parking lots paved and lined, and tractor trailers unloading interior furnishings.
Ayco will initially move 800 employees into the building beginning in April.”
Brexit brought this CEO to Saratoga County
“Donal Byrne, founder of Big Red Barn Ltd. in Ireland, will decide in the next two months whether to open his first American factory in Saratoga County.
The manufacturer of modular homes, warehouses and music festival barns scouted potential sites and met with prospective steel and lumber suppliers last month during a tour of New York’s fastest-growing county.”
Fresh batch of proposed projects revealed for $10M Schenectady DRI
“The cattle call is over for the scrum of private developers, non-profits, quasi-governmental agencies and city residents chomping at the bit for a chunk of $10 million in state economic development grant funding.
Proposals now being weighed by consultants and a panel of local decision-makers as part of the Schenectady Downtown Revitalization Initiative (DRI) include requests for smaller, community-oriented public art projects like murals and statues.”
UAlbany is asking the state to invest $20 million. The return: A lot of new engineers
“The University at Albany is asking legislators for $20 million in this year’s state budget to help finance renovations for the future home of the College of Engineering and Applied Sciences.
This is the fifth time UAlbany has requested money from the state to help pay for work on the vacant Schuyler Building — the former Albany High School at the corner of Western and North Lake avenues.”
DRI Committee moves forward on waterfront projects
“The Downtown Revitalization Initiative Committee is moving forward on three of its projects.
In 2017, Hudson was selected as the winner of the $10 million Downtown Revitalization Initiative from the Capital Region Economic Development Council to use on the western side of downtown Hudson.”
Union College receives largest gift in school’s 225-year history
“Texas Instruments chairman and chief executive Rich Templeton and his wife, Mary, are donating $51 million to Union College in Schenectady to create an institute for engineering and computer science.
It is the largest gift in the liberal arts school’s 225-year history, more than double the previous record of $20 million donated by former congressman and oil executive John Wold and his wife in 2002.”
Regeneron will spend up to $620 million in capital expenditures this year
“Regeneron Pharmaceuticals could increase capital expenditures by nearly $200 million this year as the drug developer continues expanding its manufacturing and research centers in upstate New York.
The maker of medications for treating eye, skin and respiratory diseases spent $429.6 million on capital projects last year, a 12% increase over 2018.”
AngioDynamics investing $7 million in Glens Falls and Queensbury
“AngioDynamics is investing $7 million to buy equipment, add manufacturing space and renovate offices in Glens Falls and Queensbury.
The manufacturer of ports, lasers and catheters is expanding production capacity in Warren County as chief executive Jim Clemmer positions the company to compete on bigger markets.”
New era to begin at Universal Preservation Hall
“When Universal Preservation Hall opens its doors Saturday and Rosanne Cash steps on to the stage for her sold-out show, a dream will come true in Saratoga Springs.
After a $13.5 million renovation project, UPH is the city’s first year-round performing arts center in more than five decades.
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