The Upstate Economy

Gov. Andrew Cuomo laid out a number of efforts in his 2013 agenda to encourage the commercialization of academic research and boost entrepreneurship, including a venture capital fund and network of incubators, which are seen as mechanisms to boost economic growth.

The Regional Economic Development Councils have been a cornerstone of Governor Andrew Cuomo's plan to revitalize the state's economy. In his budget address Tuesday, Cuomo proposed a third round of state funding for the regional councils totaling $210 million.

Kodak filed for Chapter 11 bankruptcy a year ago. The intervening months have seen big layoffs, pay freezes for workers, and an end to benefits for many of the company's retirees. However, Kodak also secured an extra $830 million in funding, and sold its patent portfolio.

New York Electric Motor Service, a small motor company based in Glens Falls, changed hands at the beginning of the year, and additional hiring is likely to follow.

A new startup competition with a global profile is underway in Syracuse - its first U.S. location.

During his State of the State address on Wednesday, Gov. Andrew Cuomo offered more details on a plan for casino gambling in New York state. If the governor gets his way, the proposed new casinos would come to upstate first.

The computer chip manufacturer GlobalFoundries has announced that it will move forward with plans to construct a $2 billion research and development center in Saratoga County.

With several tax credits and incentives for the wind industry extended by Congress for at least another year, wind projects in upstate New York can move forward with a little more confidence.

The national unemployment level remained unchanged at 7.8 percent for December, according to Bureau of Labor Statistic figures released today. This is the 49th consecutive month unemployment has been above 7 percent but according to analysis from an interest group, those numbers don’t reflect the reality for young adults.

The last-minute fiscal cliff deal brought good news for the wind industry. Congress agreed to extend production tax credits for wind energy producers until the end of 2013.