Eight things you need to know about Saratoga County's economy.
8 @ 8 is a newsletter filled with eight things you need to know on topics related to the economy in Saratoga County, New York. You can expect to see 8 @ 8 in your inbox twice a month. If you have content you'd like us to share or have a topic you'd like to see more of, let us know and we'll work to include it in a future edition! - The Saratoga Partnership Team
1. New Investment from IBM and Intel Expected to Bring Hundreds of New Jobs to Capital Region
Senator Chuck Schumer has announced that the two companies are planning a major investment in the domestic semiconductor industry, adding jobs to IBM’s research center in Albany, and other research and industry partners in the area. “The Capital Region is the perfect place to conduct semiconductor R&D and expand the country’s leadership in competitiveness in next generation chip research and manufacturing,”
This collaboration will strengthen our domestic production of semiconductor technology while position the state and region for future growth in the industry. The Chairman and CEO of IBM said in the announcement "The semiconductor technology ecosystem we have assembled in Albany is uniquely positioned to deliver rapid new breakthroughs that will catalyze the economic and societal benefits of AI, quantum computing and other technologies while transforming industries." Find the complete article here
2. GlobalFoundries Preparing to go Public
The investment arm of the Abu Dhabi government is preparing to take GlobalFoundries public, a decision that could give the computer chipmaker a $20 billion valuation. GlobalFoundries has been considering taking the company public for two years, with hopes of closing the deal in 2022. As the Covid-19 pandemic has put pressure on supply chains due to increasing demand for computer chips used in everything from cars to smartphones, GlobalFoundries has recognized the potential for growth and expansion. With home schooling and remote working driving demand, GlobalFoundries plans to invest $1.4 billion across the company to increase capacity this year, as capacity continues to be a major challenge for the industry.
3. President Biden Unveils $2 Trillion Infrastructure Plan
The American Jobs Plan proposes investing $174 billion in electronic vehicles, $100 billion for the power grid, $46 billion for clean energy manufacturing and $35 billion for research and development addressing the climate crisis. President Biden's proposal will create a national clean electricity standard and expand current tax credits to include a direct pay option for clean energy resources (including energy storage) and extend the tax credit phasedown for another decade. The plan would spend more on climate and clean energy than any other administration in U.S. history, representing the next step in Biden's promise to bring the country's electricity to 100% clean electricity by 2035, and build a net-zero emissions economy by mid-century.
4. Area Development's 35th Annual Corporate Survey Results
The results of Area Development’s 35th annual Corporate Survey reveal that readers are exercising caution in considering plans for expansion or growth. As many corporations are simply trying to stay in the black during the pandemic, only 27% of those who responded to the survey have plans to open a new facility in the near future. Market uncertainty has prompted many to take a closer look at real estate strategies, with some corporations transitioning to a fully remote work model moving forward. Many executives still highly rank the country's existing workforce, though luring people back in from the current work-from-home climate has proven difficult, especially as health concerns remain in the forefront despite increasing vaccination rates. Logisitcs and vulnerable supply chains have also become a major issue during the pandemic, with demand for medical-grade chemicals, PPP supplies, and silicon chips skyrocketing. The past year's shelter-in-place lifestyle has drastically altered shopping and eating habits, causing strain on the nations logistics industry and accelerating the need for last-mile warehouses and delivery.
5. Local SBDC Helps Businesses Navigate New Stimulus Package Requirements
The local SBDC is offering arising sessions and business training webinars to help area businesses navigate the new stimulus package and prepare the necessary documentation to apply. Reconnect with the Albany SBDC to request assistance today from a trusted local expert. Stimulus updates to discuss with your Business Advisor:
  • Paycheck Protection Program: Deadline extended to May 31, 2021. PPP is open to sole proprietors subcontractors, and those who have employees. If you file a Schedule C with your tax returns, contact your local SBDC or SBA lender to learn more
  • Shuttered Venue Operators Grant: The U.S. Small Business Administration started accepting applications on April 8, 2021. Businesses can apply for both a PPP loan after Dec. 27, 2020, and the SVOG
  • Economic Injury Disaster Loan: Those who received a partial EIDL Advance and who live in a low-income community may have received an invitation to apply for the Targeted EIDL Advance. Search your email for [email protected] 
  • Restaurant Revitalization Fund: After they receive official guidance from the SBA, their Business Advisors will be prepared to help restaurants determine eligibility and assemble the necessary documentation to apply for this upcoming grant program
6. Travel Magazine Ranks Saratoga Springs in the 30 Most Charming cities in the USA
Saratoga Springs, NY
Horse racing history and spa relaxation are two main reasons why visitors find Saratoga Springs in New York to be worthy of being branded charming. The National Museum of Racing, which is near Saratoga Racetrack, is dedicated to all things thoroughbred. The annual summer meet draws top horse racers from around the country over the course of six weeks. As the name suggests, Saratoga Springs was established thanks to its natural springs, which are protected to a certain degree in Saratoga Spa State Park, although perplexingly a golf course has also been built on the site. You’ll find some great spa and bath houses here. There’s also a walking trail, passing by a small geyser. Visit travelog.com for the full article
7. COVID Pandemic Causing A Nursing Shortage in the Capital Region
Amidst the COVID-19 pandemic, many HR professionals in the medical field are finding it increasingly difficult to staff nurses and early career professionals. While some early career medical professionals have found that the field is not what they expected, others are experiencing burn-out and are seeking others uses for their skills and training. Christopher Jordan, Chief Nursing Officer for acute care and Vice President of patient services for St. Peter’s Health Partners states "some of those who are choosing to leave are our early careerists, people who have been a nurse for less than two years, and over 50% of their nursing career has been during this pandemic period.” Many in the industry fear a wave of retirement post-pandemic, followed by a bottle-neck in the hiring and training sectors as the industry struggles to backfill those empty positions with newly trained medical professionals. Read the full article here
8. CapNY Talent Attraction Campaign Launched in Capital Region
The Center for Economic Growth and Alliance for the Creative Economy, as well as other local agencies, released a new brand and talent attraction campaign for the region on Tuesday morning, hoping to recruit new residents to the area. The campaign, called CapNY, short for “Capable of Anything,” aims to sell the eight counties of the Capital Region— Albany, Columbia, Greene, Rensselaer, Saratoga, Schenectady, Warren, and Washington— as one cohesive metropolitan area with over one million residents cumulatively. It includes a new website, social media channels, and social media targeted ads for young professionals in New York City and Boston. Click here to read more from Times Union
Thank you for taking the time to participate in this survey. Skidmore-Saratoga Consulting Partnership (SSCP) offers pro bono consulting services to businesses in Saratoga. This survey is being distributed to learn more about the education opportunities and preferences in Saratoga and the surrounding areas. Please answer the questions to the best of your ability. This survey should take about 12 minutes to complete. By entering your email at the end of the survey, you will be entered to win a $50 Amazon gift card.