These are the Capital Regions hottest ZIP Codes for Employer Growth
The Capital Region’s hottest ZIP code for net employer growth is the one covering Ballston Spa and Malta (12020), which includes GlobalFoundries’ Fab 8 chip fab. Other top employer-growing ZIP codes included Latham (12110), Rensselaer-East Greenbush (12144), Albany’s downtown and warehouse district (12207) and Queensbury-West Glens Falls (12804), according to a Center for Economic Growth analysis of U.S. Census Bureau ZIP Code Business Patterns data.
ZIP Employer Growth
Between 2014 and 2018, the most recent year for which data is available, Saratoga County’s 12020 ZIP code saw its number of employer establishments increased by 73 to 775. That translated into a 481 (4.3 percent) increase in employment to 11,776 and a $94.8 million (13.8 percent) increase in annual payroll to $781.6 million.
Latham’s 12110 ZIP code, which has seen much business development along Route 2 and 7 corridors had the second-largest net gain (51 to 1,219) in employer establishments during the five-year period. Next was Rensselaer’s and East Greenbush’s 12144 ZIP code, which has seen much business development along its Route 4 corridor as well as the expansion of Regeneron Pharmaceuticals’ manufacturing and warehousing operations. It gained a net 41 employer establishments.
Rural ZIPs
While most of the region’s top 20 ZIP codes for employer establishment growth were in urban and suburban areas, several were in rural counties. Ranking 13th, Hudson Falls’ 12839 ZIP code gained 19 employer establishments to 246. Germantown’s 12526 ZIP code and Gansevoort’s 12831 ZIP code tied for 16th with a net gain of 16 employer establishments and Greenfield Center’s 12833 ZIP code ranked 20th with a net gain of 13.
ZIP Employment Growth
Gaining the most employer establishments did not necessarily translate into gaining the most jobs. Among the top 20 ZIP codes for employer establishment growth, the one with the largest net employment gain was the 12144 in Rensselaer-East Greenbush at 1,973. Likely driving up this job count was Regeneron Pharmaceuticals. Clifton Park’s 12065 ZIP code had the second-largest employment gain at 1,959.
ZIP Payroll Growth
The ZIP code with the largest annual payroll gain, among the top 20, was 12866 in Saratoga Springs, with an increase of $288 million. The next largest annual payroll gain was $265.7 million in Albany’s 12208 ZIP code, which stretches from the intersection of Madison Avenue and Lark Street to the Buckingham Lake and Normanskill neighborhoods.
CEG Initiatives
As a regional technology center under the New York Manufacturing Extension Partnership program, CEG’s Business Growth Solutions (BGS) unit offers a menu of support services for entrepreneurs. These include improving access to facilities, prototyping support with 3D printer services, and identifying potential investors, mentors, and resources. BGS also provides opportunities for startups to showcase business ideas through programs such as VentureB and the New York State High School Business Model Competition. CEG has supported the formation and growth of local minority and women-owned business enterprises (MWBEs) and disadvantaged small businesses by awarding 41 of them a total $200,000 through the KeyBank Business Boost & Build (KBBB), powered by JumpStart. Chamber support services for entrepreneurs include, loan programs, entrepreneur boot camps and an MWBE program.
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