Economic Development Month in Review: October 2018
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:
- October 2018 — Week 1
- October 2018 — Week 2
- October 2018 — Week 3
- October 2018 — Week 4
- October 2018 — Week 5
Regional council releases 2018 priority projects
“The Capital Region Economic Development Council’s list of 2018 priority projects in line for tens of millions of dollars in funding from the state include a $29 million renovation of the Palace Theatre in Albany, a $56 million pharmaceutical plant in Rotterdam, a $2 million artificial intelligence center in Troy and a $4.1 million slope-side inn at Gore Mountain in North Creek.
A copy of a report listing the requests and many of the details is here. This year’s requests begin on page 60.
The Capital Region council is one of 10 regional councils across the state that are seeking a share of $750 million in state economic development awards this year.
Medical marijuana manufacturer plans $9 million expansion in Warren County
“A medical marijuana company is asking for $2 million in state money to use toward a $9.39 million expansion project in Warren County.
Etain LLC plans to build a new manufacturing facility at Tech Meadows Industrial Park in Queensbury and a greenhouse in Chestertown. Etain is one of 10 medical marijuana companies licensed to operate in New York state.”
Troy’s $2 million AI center would create more than 80 jobs
“Plans are moving forward on a new $2 million artificial intelligence center in downtown Troy that is bringing together local and national business leaders to research and develop new AI technologies.
The AI Center of Excellence is applying for a grant of $381,000 from Empire State Development as part of Gov. Andrew Cuomo’s annual state money competition. It is a priority project for the Capital Region.”
$66 million factory proposed in Rotterdam
“Plans for a $66 million bio-pharmaceutical factory in Rotterdam are among the projects being recommended for state grant assistance by the Capital Region Economic Development Council.
The council said in a report released Tuesday that it is requesting a $5 million Empire State Development grant toward the potential PiSA Biopharm manufacturing pilot plant in the Rotterdam Corporate Park. It is the most-expensive recommended project in the eight-county region, and the remaining $61 million would come from private equity. If the plans were to go forward, 100 new jobs could be created.”
Capital Roots CEO says community organization founded, grows on grit
“Amy Klein says her favorite word is grit. After 22 years as the CEO of community food organization Capital Roots, she now has three bulging discs from carrying 40-pound bags of soil to create community gardens.
“It’s a badge of honor,” Klein told the crowd of professionals Wednesday at Women@Work’s monthly Changemakers breakfast, presented by Bank of America. ‘The organization was founded on grit and back in the day, that was because we had no choice.’”
Espey hires 44, spends $1.9 million to upgrade Saratoga factory
“Patrick Enright has hired 44 project managers, engineers, technicians and support staff this year as the corporate tax rate dropped, while sales and profits soared.
Thirty of those positions are new.
Nearly four years after Enright was recruited as chief executive at Espey Electronics & Manufacturing Corp., the Saratoga Springs company has rebuilt its sales pipeline and expanded its payroll to more than 165 employees.”
$23 million Schenectady train station opens Wednesday
“The new $23 million Schenectady Amtrak station opens Wednesday, about a month ahead of schedule.
Lt. Gov. Kathy Hochul came to the station Wednesday morning to make the announcement.”
After tripling sales, Hacker Boat close to moving to bigger factory
“Hacker Boat Co., the hand-made wooden boat builder for actors, clothing designers and NASCAR drivers, is on the verge of moving production to a bigger factory on the border of Glens Falls and Queensbury, New York.
President and chief executive George Badcock has signed a letter of intent to purchase a building that would allow him to increase production and move out of his 30,000-square-foot plant in Ticonderoga.”
Fast-growing tech company can’t build its new office quick enough
“The Jahnel Group, a software company that has grown more than 448 percent in the last few years, was running out of space in its Schenectady mansion as it waits for construction to complete on its new headquarters.
The company didn’t want to stop hiring, so it found a solution. The Jahnel Group is moving a division of its company into the New York BizLab incubator while construction continues on its new headquarters down the street.”
Arnoff building next phase of 40-acre logistics campus in Saratoga County
“Arnoff Global Logistics is constructing the next phase of its 40-acre campus in Malta, New York, after signing a 10-year lease with Ryder to operate a truck maintenance center.
The fifth-generation moving and logistics company hired Bonacquisti Brothers Construction in Cohoes to build a 7,600-square-foot truck repair center to maintain Arnoff’s fleet of tractor trailers and delivery trucks. Ryder will also work on trucks for other customers at the site.”
GE Global Research takes lead on $34M nuclear safety project
“General Electric Global Research in Niskayuna will take the lead on efforts to develop better fuel rods for nuclear reactors, under a nearly $34 million federal contract announced Thursday.
It’s part of a widespread effort to make reactors better able to withstand accidents, an effort begun after the Fukushima disaster in Japan in 2011, in which an earthquake and tsunami disabled cooling systems at a power plant and three reactor meltdowns resulted.”
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