Schenectady projects get recognized for leading development
Area Development magazine gave their Gold Shovel Award to Empire State Development of New York State for the first time this year in recognition of the state's job creation and economic impact. Out of the state's 10 qualifying projects, two projects were from Schenectady.
This is the fifth year the Gold Shovel Award was given out. Area Development magazine is a leading executive magazine covering corporate site selection and relocation. Its published bi-monthly to more than 45,000 subscribers.
In these trying economic times, economic development agencies are working harder tan ever to grow their states' business, said Area Development magazine Editor Geraldine Gambale. "Ever year there are a few standouts and New York deserves special recognition for its efforts."
The formula for determining a winner is based on weighted factors, including number of high value jobs added per capita, amount of investment, number of new facilities and industry diversity of the 10 submitted projects. New York held the highest overall weighted total.
"The New York projects recognized by Area Development magazine show that our state is leading an economy based on knowledge, technology and innovation," said Gov. David Paterson in a statement. "As we confront the greatest economic challenges of our generation, it is crucial for us to understand how to make New York attractive to business and bolster our growth strategy. New York's New Economy jobs program focuses on clean energy and high-tech growth jobs of tomorrow."
GlobalFoundries was recognized as 2010 Project of the Year by the magazine, while GE Transportation and GE Energy, both based in Schenectady, were also recognized in the top 10 projects of the state.
"It has been both Gov. Paterson and ESD's priority to attract and retain business, as well as capitalize on our state's unique assets by making strategic investments and building strong partnerships," said ESD Chairman and CEO Dennis M. Mullen in a statement. "The targeted work has resulted in the retention and creation of thousands of jobs over the last year, as well as millions in additional private sector investment dollars throughout the state."