NYSEDC Board Member and CEO of Think Dutchess Sarah Lee authored an article on the importance of cities engaging with local stakeholders and businesses to build and maintain a prosperous community. | Read More at American City & County
A recent Washington Post analysis of Ultimate College Towns found that New York leads all states in rural locations where students are more than half the local population. Based on US Census Urban Areas, five towns earn the 50-plus honor in New York. These scenic educational powerhouses may not be in big cities but are convenient to every New Yorker. Colleges in these small towns are huge economic engines for their regions. An impressive fifteen out of the top 150 Ultimate College Towns are in New York State. Number one is the college town of Alfred, home of NYSEDC Member SUNY Alfred State College.| Read More and View Charts and the Rankings Here
Holbrook, a firm which is making equipment for a Mars mission plans $2M expansion, move to Hauppauge Island Components Group is moving with $209,786 in tax relief for 12 years from the Suffolk County Industrial Development Agency. | Read more at Newsday
Site Selection Magazine recently released an article discussing the semiconductor revolution going on in the United States. Citing the Green CHIPS act, Micron's historic investment in the state, as well as Albany's Nanotech Center and SUNY Poly, Site Selection touted New York as being home to the most enticing climate for the semiconductor industry. | Read More at Site Selection Magazine
New York Air Brake, a company which manufactures train control systems for the railroad industry is adding 20 new assembly jobs to its staff of 250 at its Watertown Headquarters. | Read More at WWNYTV
The New York Power Authority's (NYPA) Board of Trustees approved economic development awards to Edwards Vacuum, part of the Atlas Copco Group, that will spur more than $212 million in capital investments in Upstate NY's semiconductor industry. It will also create 343 jobs. | Read More at the Greater Rochester Chamber
NYSEDC members Hudson Valley Community College and Western Governors University announced an agreement that creates educational pathways for Hudson Valley graduates and employees to earn a WGU degree. | Read More Here
BBL and partners investing $27 million to convert abandoned textile mill along the Hudson River in Rensselaer will be transformed into 72 market-rate apartments and about 20,000 square feet of commercial space that could include a restaurant and boat services as part of a preservation and redevelopment project that will start this summer. Another big piece of the financing puzzle was secured in October when Empire State Development approved a $1.8 million Restore New York grant for the city of Rensselaer. | Read More Here
GE has announced plans two build two new manufacturing facilities at the Port of Coeymans in Albany County. The project would bring approximately 900 permanent jobs to the town. One of the two facilities would build blades for wind turbines, creating approximately 650 jobs, and the second facility would produce units that house the generating components of a wind turbine, creating around 220 permanent jobs. In addition, the construction of the facilities would generate nearly 1,000 construction jobs. | Read More at The Upstater
Owens-Brockway Glass Container Trading Co. in Sennett will receive a $2.8 million grant from ESD, and $1 million in Excelsior Jobs tax credits. The funding will support Owens-Brockway's plans to upgrade its plant by rebuilding a glass manufacturing furnace. One of the other projects that has been awarded state funding is also in Cayuga County. Colloca Estate Winery in the town of Sterling will receive $200,000 to support an expansion project. The additional space will be used for winemaking, a bottling line, an office and tasting room. | Read More at Auburn Pub
Storflex Holdings, Incorporated in Steuben County received a A $2.2 million grant and $950,000 dollars in Excelsior Jobs Tax Credits to be used to help the company complete a two-site expansion project in the town of Erwin and the village of Riverside. Storflex, a manufacturer of retail shelving, will add new production lines, including a new robotic welding line, and a new paint line. | Read More at Finger Lakes Daily News
Monroe County will set aside $20 million in federal American Rescue funds to provide affordable, high-speed broadband access to all parts of the county. A recent survey found that a strong majority in the county support using taxpayer money for providing better access. Ana Liss, director of planning and development for Monroe County and executive director of NYSEDC member COMIDA, Linda Dobson, Wheatland Town Supervisor and Rachel Barnhart, Monroe County Legislator appeared on WXXI to discuss their plan to provide better access to the county. | Listen to their Interview at WXXI
The Southern Tier's first Conditional Adult-Use Retail Dispensary has opened in Binghamton. The opening of the store advances New York State's Seeding Opportunity Initiative and the state's goals of equity in cannabis licensing, which prioritizes providing licenses to justice-involved individuals who are people with a cannabis conviction or a close relative of someone with one, and non-profits that serve justice-involved individuals, according to the governor's office. The planning board in Binghamton gave its final approval on February 7th, clearing the way for the store to open Friday, February 10. | Read More at CNY Central
260 businesses in Erie County will receive grants funding totaling $10 million through the new Storefront Revitalization Program. Funding awards will vary with up to a maximum of $40,000. The funding will allow businesses affected by the pandemic to make outside upgrades and improvements to attract new customers. Of the 260 businesses that received grants, 98 are in the City of Buffalo, five are in the city of Tonawanda and five are in the city of Lackawanna. Eighty small businesses in 23 Erie County towns are receiving grants, as are 74 businesses located in 13 villages. | Read More at Spectrum News
National Grid funds to aid historic preservation of two Utica properties. The former Utica Steam Cotton Factory was a vacant warehouse at 600 State St. Less than a mile away in the Bagg’s Square neighborhood, the Commercial Travelers Insurance building sat empty at 70 Genesee St. The properties will be converted to mixed use properties that support the residential and commercial needs of the neighborhoods, while still maintaining the historic nature and aesthetic of the properties.| Click here to read more at Rome Sentinel
Schumer brought head of Albany Nanotech, David Anderson, as guest to Biden's State of Union address highlight importance of the CHIPS Act and Albany's desire to land federal chip research lab in New York. | Read more at Albany Times Union
Capital Region BOCES launches month-long celebration of Career & Technical Education. Throughout the event and throughout the entire month of February, Capital Region BOCES will be highlighting the work our Career & Technical Education Center does in allowing students to gain employability. | Read More at the Troy Record
ARPA Funds Impact on the City of Jamestown. Businesses that have applied for the ARPA grant programs have committed to creating 119 jobs and that ARPA funding has helped retain 341 current jobs by providing necessary capital assistance for local businesses. ARPA funding has also helped local businesses offer 20 new products and services to the Jamestown community. | Read more at the Post Journal
MHXCo Foam Company will boost its production capabilities and create new jobs at its Amsterdam facility when manufacturing processes are brought fully in-house through the support of a $500,000 state grant. | Read more here.
Last week, Ryan Silva had the privilege of representing the NYSEDC at the Joint Budget Committee Hearing on Economic Development. Watch the Economic Development Committee Hearing Here. Ryan's testimony begins near the 3:25 mark.
Join this free webinar on February 16 at 1pm to learn how you can join the New York Delegation at Bio International in Boston. | Register here
The Bigger Picture
Most States Had Lower Official Poverty Rates in 2019-2021 Than a Decade Earlier
The United States Census Bureau released a report revealing that most states saw poverty rates decrease in 2019-2021 compared to 2009-2011. | Read the Data and Report Here
EDO/Business Partnerships Helping to Solve Workforce Challenges
As access to talent is now companies’ number-one concern, it’s also become the number-one concern of economic development organizations (EDOs) that seek to attract, retain, and expand businesses in their communities. Consequently, many EDOs are forming partnerships with employers to help them meet their talent pipeline and training needs. | Read more at Area Development
New York State Policy and Programs
NYS Legislature Releases Analysis of the 2023-2024 Executive Budget
The New York State Senate Democratic Majority has released their analysis of Governor Hochul’s 2023-24 Executive Budget proposal. The analysis, known as the “Blue Book,” can be found here.
The State Assembly released their analysis of the Governor’s Executive Budget proposal as well, which can be found here.
The Governor's Briefing Book for the Executive Budget can be found here.
NYISO Releases Update on Trends Related to NY's Power Grid
The New York Independent System Operator (NYISO) provided an update on trends related to the New York power grid in its annual report. The report – called Power Trends 2022: The Path to a Reliable, Greener Grid for New York — focuses on the dramatic changes impacting New York’s power grid and NYISOʻs evolving role in fulfilling the state’s clean energy objectives.| View the Report Here
Empire State Development 2021 Annual Job Report
Empire State Development released its job report for 2021. The report details the performance of a subset of ESD's economic development projects that have received an ESD loan or grant and have specific job growth and job retention goals | Read the Full Report Here
