Capital District sees surge in new businesses, adding over 5,600 jobs

Economic development is growing in the Capital District, which includes Albany County.

According to the latest data from the U.S. Census Bureau in 2022, there were 790 businesses established which created over 5,600 jobs.

“We’re seeing employer establishments in tech-related industries as well as warehousing and transportation,” said Katie Newcombe, Chief Economic Development Officer, Capital Region Chamber.

Those transportation and manufacturing businesses- marked a 14-year high for the county.

“When we look at the region we’re seeing larger rates of manufacturing, new manufacturers that are employing; especially within food and beverage,” said Newcombe.

Over the last five years, the food and beverage industry has increased by 36% with 215 establishments and nearly 3,700 jobs in the county, according to Department of Labor data.

A new business meant to support others is seeing growth too, a Colonie-based Launchbox opened in June is a co-warehousing space for small businesses to manufacture, store, and ship their product.

“Warehouse occupancy rates in the Capital Region were approaching one hundred percent in the past year,” said Jeff Mirel, Rosenblum Properties. “Meanwhile higher construction costs, ongoing supply chain challenges, and the cost of capital are suppressing a new supply of warehouse and industrial space.”

The warehouse can support 88 businesses with loading docks, handling material equipment, and marketing resources.

“As we were doing research, we identified some 34 hundred companies with a headcount of 20 or fewer employees, spanning industries from creative arts and craft products to construction to technical services all located within 15 miles of Launchbox,” added Mirel.

Albany County Executive Dan McCoy credits good business to growing tax revenue

“Our sales tax revenue has been good, but we’re cautious because it’s grown but if you look at other counties across the state of New York they have lost 25 to 30% in tax revenue this year alone,” added McCoy.

The county is expecting to make more business and economic development announcements shortly.