Week in Review: July 25 – July 29, 2022
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
Post Star: CEG ranks Warren County second in business formation activity
Register-Star: Report: Columbia tops tax migration growth from NYC
Times Union: Average NYC pandemic transplant to Columbia County made $145K
Register-Star: COVID migration brought spending power
REGIONAL ECONOMIC DEVELOPMENT NEWS
HVAC wholesaler Meier Supply expands upstate New York footprint with Queensbury acquisition
“Meier Supply Co. has added a second location in the Albany region with the purchase of a 25,000-square-foot storefront and distribution hub on Dix Avenue in Queensbury.
The 65-year-old, employee-owned wholesaler of heating, air conditioning and ventilation equipment acquired the 2-acre property from Switchco LLC and Jerry Nudi for $1.1 million, according to a deed filed with the Warren County clerk’s office. The transaction closed July 11.”
HVCC says it is seeing results after 10 international trips
“Hudson Valley Community College says it is beginning to see results from several international trips officials have taken, efforts that they say have brought in hundreds of additional students after some criticism about the expensive travel.
Top administrators have traveled to China, Germany, Aruba, Costa Rica, Israel and other countries in recent years, including 10 trips in the last four years. Spouses came along last year on the trip to Israel, sparking criticism that it looked like a vacation trip.”
Saratoga is state’s healthiest county, according to U.S. News & World Report
“Saratoga County is New York state’s healthiest county and one of the healthiest counties in the nation, according to U.S. News & World Report.
Saratoga County finished 60th – which was in the top 2% – in U.S. News & World Report’s Healthiest Communities Rankings 2022, released last week.”
Albany metro area labor force growing to pre-pandemic levels
“The Albany metro area labor force in June reached its highest level in almost three years, indicating more residents are working or seeking work after sitting out the pandemic.
The state Department of Labor reported Tuesday that the unemployment rate was still strikingly low in June 2022 — 3.0%, compared with 4.8% in June 2021 and 9.1% in June 2020.”
“GlobalFoundries on Tuesday secured the last local approval needed to construct a $6 billion to $8 billion computer chip factory in Saratoga County, amid an industrywide sprint to increase capacity and overcome a semiconductor shortage that has hampered production of cars, refrigerators and smartphones.
The Malta Planning Board unanimously approved the 633,000-square-foot expansion Tuesday evening. The vote came one day after the Stillwater Planning Board approved a smaller portion of the expansion that will be located just across the town line from Malta.”
Albany Inno – $50M later, MyForest Foods is ready to scale mushroom bacon production
“MyForest Foods now has a full commercial mycelium farm. That means that the startup can soon more widely distribute the mushroom-based bacon that’s been in development for years.
The farm includes 120,000 square feet of new infrastructure in the Capital Region that will allow the startup to grow 3 million pounds of mycelium – the rootlike structure of mushrooms – and produce 1 million pounds of the MyBacon product.”
“The former Manchester Wood factory on county Route 24 in Granville could be converted into a final-mile distribution hub, emerging as the last leg for package shipments in a region that serves as a main artery for cars and trucks traveling between New York and Vermont.
White Plains engineering firm Kimley-Horn is seeking permission from the Granville Planning Board to renovate a 56,000-square-foot building that served as Manchester Wood’s desk, table and bookcase factory until the company went out of business in September 2018.”
Senate passes bill to boost computer chip production in US
“A bill designed to encourage more semiconductor companies to build chip plants in the United States passed the Senate on Wednesday as lawmakers raced to finish work on a key priority of the Biden administration.
The $280 billion measure, which awaits a House vote, includes federal grants and tax breaks for companies that construct their chip facilities in the U.S. The legislation also directs Congress to significantly increase spending on high-tech research programs that lawmakers say will help the country stay economically competitive in the decades ahead.”
Albany Inno – The Agrawal brothers plan to double employees at Troy startup this year
“Brothers Vikash Agrawal and Vikram Agrawal expect to hire roughly 45 more employees by early next year for their software startup in downtown Troy.
Most of the 100-person staff will continue being based in Levrx’s third-floor office in the Frear Building.”
Rotterdam refrigerated warehouse leased by ID Logistics US – Albany Business Review
“A large, empty refrigerated warehouse at the Rotterdam Corporate Park is getting a new tenant more than two years after Union Pacific Railroad closed its produce shipping center because of the economic disruptions wrought by the Covid-19 pandemic.
A logistics company signed a lease to occupy the 228,000-square-foot warehouse, known as Building 105, at the corporate park owned by The Galesi Group, according to the Schenectady County Metroplex Development Authority.”
