Semiconductor manufacturer GlobalFoundries Inc. will receive up to $1.5 billion in federal funding through the CHIPS and Science Act to upgrade existing plants and build a second factory at its Saratoga County campus. | Read the story at The Albany Business Review
Pfisterer opens new Rochester facility promising new jobs for region. German energy infrastructure leader Pfisterer announced the launch of its first North American manufacturing facility in Gates, near Rochester. The announcement marks the company’s first factory outside the European time zone. |Read more at Democrat and Chronical
The Corning Plant just outside of Canton received $32 million from the Biden-Harris Administration. The award is a part of the administration’s CHIPS and Science Act that President Biden signed two years ago to improve semiconductor manufacturing in the country. The $32 million will help Corning increase the production of components that help manufacture semiconductors. | See the story at WWNYTV News.
Belfast-based Advisory Firm, OCO Global, Wins 5-Year $12 Million New York State Contract. OCO Global has been appointed by New York State’s economic development agency, Empire State Development (ESD), as its global trade and investment delivery partner. | Get the story at Business Eye UK.
Mohawk Valley EDGE in every corner of Oneida County. Under the leadership of president Steven J. DiMeo — who died earlier this year — EDGE has seen success in bringing more businesses and housing to the Griffiss Business and Technology Park, and is working in other sites around the county, such as the Marcy Nanocenter at the SUNY Polytechnic Institute. | Read more at Rome Sentinel
DARPA, the Defense Advanced Research Projects Agency, was at Albany NanoTech to introduce industry research leaders to various funding opportunities the agency can provide for tech projects through a popup called DARPAConnect.ators. | Read more at Spectrum Local News.
The Cattaraugus County Industrial Development Agency reported that applications have been received for a $9.81 million expansion at Field of Dreams in Allegany, a $2.5 million project to bring a Jamestown Macadam Inc. ready-mix concrete plant to a Homer Hill brownfield and $200,000 to expand production of uniforms and other apparel at Sports Locker on West State Street. |Read more at Olean Times.
Congratulations to Think Dutchess’ CEO, and NYSEDC Board Chair Sarah Lee, MPA, MEDP, who was recognized as a New York Moves Magazine 2024 Moves Power Women honoree. |Watch to learn more.
Member Op Ed - Cultivate economic development to combat climate change.Dennis W. Elsenbeck, the Head of Energy and Sustainability at Phillips Lytle LLP writes "Economic development can pave the way for New York State to meet its climate objectives in a manner that delivers a massive return on investment and overcomes cost concerns. It’s a balanced approach toward long-term, integrated environmental and economic sustainability." | Read the full Op Ed at Rochester Business Journal.
The Metropolitan Transportation Authority issued a Request for Proposals to transform a surface parking lot adjacent to the Beacon Metro-North Station into a residential development with about 300-units of mixed-income housing and replacement parking for commuters.The RFP is available on the Metropolitan Transportation Authority website.Proposals are due by Wednesday, Dec. 18, 2024.
Newmark releases 3Q24 State of the U.S. Capital Markets report.
Understanding the evolving landscape of industrial real estate involves examining the policy changes and economic factors that can significantly influence market dynamics. Key areas where policy shifts may occur with potential direct and indirect impacts for the industrial real estate market include but are not limited to: tariffs, immigration, deregulation, and energy. Ultimately, how the economy and the consumer perform is the most important driver of demand for industrial space. Newmark Research predicts a 50% probability of a soft-landing scenario for the next 12 months, and only a 10% chance of a hard landing. For more on Newmark's economic scenarios forecasts, read the 3Q24 State of the U.S. Capital Markets report.
How Automation Is Actually Closing the Labor Gap
Courtney Dunbar, Site Selection & Economic Development Leader, Burns & McDonnell
Alfredo Valadez, Automation Consultant and Project Manager, Burns & McDonnell
Robotics and automation offer solutions to the critical labor shortage in the U.S., enhancing efficiency and worker safety and preparing the workforce for the future. Industrial automation and robotics offer huge benefits to manufacturing and warehouse distribution and fulfilment operations. This is not a new concept; articles going back decades have explained how these applications can improve quality and consistency, optimize productivity and throughput, increase worker safety, and reduce direct labor cost.
Governor Hochul Announces $22 Million is Now Available to Strengthen and Modernize New York’s Electric Grid
The new grid modernization program, administered by NYSERDA, provides funding to municipal utilities, rural cooperatives, or consortiums that apply on their behalf, and small electricity providers that sell no more than 4,000,000 megawatt hours (MWh) of electricity per year for projects that strengthen the capacity of New York State’s grid systems to prepare for future extreme weather events. Proposals must meet all federal requirements, including at least a one-third cost share, and include direct and quantifiable energy, environmental, and economic benefits to New York State such as emissions reductions, job creation, product manufacturing and sales, energy efficiency, or reduced electric costs for proposed site locations.
Click here for program details.
Proposal Due Date: December 5, 2024 3:00 PM EST
New York is exploring interest in building out nuclear power
The New York State Energy Research and Development Authority (NYSERDA) announced the issuance of a Request for Information (RFI) to gauge market interest in activities to develop advanced nuclear energy technologies in New York State. Through this RFI, NYSERDA seeks to identify entities that are currently pursuing or interested in a potential role in advanced nuclear energy development. Responses will help inform next steps following the Future Energy Economy Summit held in September at Governor Kathy Hochul’s direction. Today's announcement demonstrates the State’s continued commitment to remain at the forefront of emerging technologies to support the advancement of renewable energy resources and foster continued economic development.
