Week in Review: December 2 – December 6, 2019
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
Chronogram: A Village Awakens: Catskill
Times Union SEEN: Center for Economic Growth 2019 Annual Meeting
REGIONAL ECONOMIC DEVELOPMENT NEWS
Capital Region outearned all upstate metros, new report shows
“Residents of the Capital Region in 2018 made more money per person than those in any other upstate metro, new data from the federal Bureau of Economic Analysis shows. Though incomes rose only 3.3 percent from 2017 to 2018, that increase was enough to keep the Albany-Schenectady-Troy metro ahead of the pack.
Incomes in 2018 averaged $58,104 per capita, up 3.3 percent from a year earlier, according to BEA data. Only the New York City metro, at $76,681, was higher.”
Software company moving to Schenectady accelerator, plans to hire 15 employees next year
“StackNexus — a Salesforce partner that builds applications for public sector clients — is expanding in Schenectady, with plans to move into the New York BizLab.
The company will lease about 2,500 square feet on the third floor of the BizLab — the same office its CEO, Suman Akula, previously occupied with his former company, sCube.”
Local agency id29 continues growth throughout Capital Region
“Local agency id29 recently launched a major expansion of its brand, digital and creative services following a significant private investment.
Fueled by a seven-figure investment from a satisfied client, a silent partner, the Troy company’s plan includes ramping up its talent and capabilities in areas critical to client success across multiple industries.”
Home Depot wants to lease warehouse space in Rotterdam
“Home Depot wants to lease warehouse space in Rotterdam, an apparent step by the home improvement retail chain to have more inventory available in the region to speed up customer delivery.
Rotterdam Ventures Inc., part of the Galesi Group, is finishing construction of a 250,000-square-foot warehouse at the Rotterdam Corporate Park.”
Canadian software company expands in Saratoga with new hires, and more on the way in 2020
“Opin Software Inc., a Canadian software and website designer, is expanding in Saratoga Springs and looking for new hires to serve more U.S. customers along the East Coast.
The Ottawa company opened its first office in Saratoga Springs last year. The business specializes in web development for large enterprises and government organizations.”
Pioneer Bank hires owner of popular Troy restaurant to new role
“Pioneer Bank has hired Heidi Knoblauch — the owner of the downtown Troy restaurant Plumb Oyster Bar and the startup Receipt HQ— as the bank’s new venture and growth banking relationship manager.
In the new role for Pioneer Bank, Knoblauch will work with startup companies, organizations and individuals that support the startup industry, as well as high-growth companies and commercial clients.”
Albany Medical College, Mass. firm to collaborate on $10M project
“Albany Medical College and a Massachusetts medical technology firm will team up on a study of spinal cord stimulation therapy as an alternative to opioid painkillers.
Micro-Leads Medical, Inc. of Somerville, Massachusetts, received up to $10 million from the National Institutes of Health and private investors to develop its HD64TM implantable therapy system. Micro-Leads will launch a clinical study in patients led by Dr. Julie Pilitsis, chair of the Department of Neuroscience and Experimental Therapeutics and a professor of Neurosurgery at Albany Medical College.”
Saratoga Partnership to create economic development plan for Ballston Spa
“The Saratoga County Prosperity Partnership, a Saratoga County-based economic development organization, announced it has begun working with government, business and community leaders in Ballston Spa to develop a customized economic development plan that will help guide future growth in the village.
The effort is part of the Saratoga Partnership’s rapidly expanding Next Wave Communities initiative, through which the agency is creating tailored economic development plans that harness the individual strengths and assets of a municipality, address current needs and challenges, and create a road map to pursue new opportunities.”
IDA board approves tax incentives for plastics company eyeing Fort Edward
“A Texas-based plastic pipe company is closer to setting up shop at the former General Electric Co. dewatering site, and the remaining portion of the property could be changing hands again.
The Warren-Washington Industrial Development Agency unanimously approved tax incentives Wednesday afternoon for WL Plastics Corp., a factor the company had said would influence its decision to purchase property in Fort Edward.”
Local man closes deal to buy Greenwich Journal
“It’s been Darren Johnson’s dream to buy an historic print newspaper after his early experience with the 100-year-old Sag Harbor Express on Long Island.
‘We modernized it and it became one of best newspapers in the state, winning New York Press Association paper of the year,’ said Johnson, who was also named journalist of the year by the state press association. ‘I have wanted to find a newspaper like that and duplicate it.’”
Company on the brink of a billion
“A string of 10 acquisitions in 18 months has more than doubled revenue at Protective Industrial Products, pushing the Latham glove and hard hat supplier to nearly $700 million in annual sales.
The distributor, which started in 1984 when co-founder Joe Milot sold gloves out of the back of the family station wagon, is on the verge of becoming the Albany region’s next $1 billion business.”
Albany economist hesitantly predicts growth in 2020
“Hugh Johnson on Thursday predicted another year of growth for the U.S. economy and stock markets, but not huge growth.
And not without numerous caveats to his own predictions.”
IBM installs new supercomputer at Rensselaer as part of $2 billion AI Hardware Center
“BM has installed a new supercomputer at Rensselaer Polytechnic Institute for researchers to model potential artificial intelligence solutions in fields such as health care, cybersecurity and climate change.
The investment is part of IBM’s $2 billion AI Hardware Center initiative based at SUNY Polytechnic Institute in Albany. New York state’s economic development arm has agreed to provide $300 million in capital grants for the program, including $30 million for the new supercomputer and test bed at Rensselaer in Troy and $270 million for tools at SUNY Poly, according to a press release.”
