State pension funds invests in central New York business
Money from a state pension fund is flooding into an Auburn company that manufactures, distributes and services electrical products. It's one way the state is trying to encourage economic growth in upstate New York.
It's been a story of two different economic recoveries in New York state. Downstate, jobs lost in the recession have returned. But that's not the case upstate. New York State Comptroller Thomas DiNapoli says the number of jobs regrown in the Syracuse area pales when compared to jobs created in New York City in the past couple of years.
"That's why I hope the regional economic development councils that Lt. Gov. Duffy is heading and that the governor initiated, that will focus economic development dollars in the greater Syracuse region that will get those numbers up much higher than they are today. That's why I'm glad we are in central New York announcing an in-state investment in Auburn," said DiNapoli.
The New York State Common Retirement Fund is an investor in DeltaPoint, which is pumping $3.4 million in Auburn Armature, a company that's been headquartered in Auburn for almost 70 years. The in-state equity program's goal is to make money for the state's pension funds.
DiNapoli was in central New York to announce the deal, and says it's a win-win situation.
"We see a company there that we can invest in. It's going to make money for the fund. It's going to allow them to expand and grow jobs in central New York. So there are positive signs out there. We need to nurture those green shoots and make sure that they fully blossom," said the comptroller.
Auburn Armature currently employs 125 people.