Exterior of the Capitol building in Albany, NY

Capital Region

Contact Mike Yevoli
Industry Contact Regional Director Mike Yevoli
semiconductor image - Getty

New York State’s Capital Region is a center for tech and innovation

semiconductor image - Getty

The Capital Region offers companies a strategic location close to all major markets of the Northeast, as well as a highly educated and diverse workforce, and an extraordinary quality of life. The region spans cities – the state capital of Albany, Troy, Saratoga Springs and Schenectady – in addition to suburbs and rural communities. An established tech hub, the Capital Region is also home to digital game development and semiconductors among other growth industries. The region’s talent pipeline is supported by 21 institutions of higher learning and recognized around the world for its research and development facilities — both public and private.

Key Industries in the Capital Region

Close up of tech and electronics gadget

Tech and Electronics

With robust R&D, tech and talent, New York State is growing the electronics industry from semiconductors and photonics to nanotechnology.
Play NYC

Software and Digital Media

New York State’s thriving tech community and top STEM talent puts the state at the forefront of software development and digital media.
Three wind turbines in a large field

Cleantech and Renewable Energy

New York State, a leader in clean tech and renewable energy resources, is growing a green economy—aiming for 100% clean power by 2040.
close up of a gloved hand holding medical device

Biotech and Life Sciences

Investment in biotech research and development, life science companies and talent, is building this world-class New York State industry.
We are thrilled that New York State has been selected as the home of our nation’s first NSTC EUV Center. For over 20 years, IBM and our public-private partners at NY CREATES’ Albany NanoTech Complex have produced many of the technical breakthroughs that have propelled the semiconductor industry forward...[to] support the United States' mission to lead global chip innovation.
Arvind Krishna, IBM Chairman and CEO
Capital Region HVCC Semiconductor Manufacturing Technology class with teacher instructing two students

The Capital Region features diverse industry clusters, from biotech and life sciences, nanotechnology and chemical manufacturing to semiconductor development and clean energy production. The area is also home to cutting-edge companies and consortiums, including Regeneron and GlobalFoundries. GlobalFoundries is undergoing a $13 billion modernization of its existing chip fab in Malta and building near it a new state-of-the-art fab – expected to create thousands of manufacturing and 9,000 construction jobs. After constructing an $800 million second campus in Rensselaer County, Regeneron Pharmaceuticals is expanding in Albany and Saratoga counties. 

close up of a student welding

The Capital Region is home to a highly productive, educated workforce where 39 % of workers have a bachelor’s degree or higher, with the third fastest-growing young adult population (25-34 years old) out of the state’s 10 economic development regions, increasing by 3.78 % between 2018 and 2023 (based on five-year estimates). The job market is also strong, with manufacturing employment reaching a 22-year high in 2023 and physical / engineering / biological research services hiring also reaching a record high in that year. 

Governor Hochul speaking at an event at Albany Nanotech Complex

The Capital Region is home to top-tier universities, with research capabilities that are fueling innovation. The University at Albany’s College of Nanoscale Science and Engineering is located at the Albany Nanotech Complex, designated as the nation’s first National Semiconductor Technology Center. IBM, Micron, Applied Materials, Tokyo Electron and other semiconductor companies have entered a $10 billion partnership with NYS for the first and only publicly owned High NA Extreme Ultraviolet Lithography Center at Nanotech. Rensselaer Polytechnic Institute is the first U.S. university to install IBM’s Quantum System One for quantum computing. 

Capital Region By The Numbers

Image
Teal Icon stats breaker funding graphic.

$1B+

in annual R&D spending by Albany/Schenectady/Troy metro businesses

Image
icon representing diverse workforce

Top 20

Forbes ranking for Albany-Schenectady-Troy metro of 2024 Best Places in U.S. for Young Professionals

Image
icon of a store front

Top 20

WalletHub ranking for Saratoga Springs as one of the 2024 top small cities in the U.S.

Population 2025

Labor Force Status 2025

Age Distribution 2025

Education Attainment 2025

Data source: ZoomProspector (Applied Geographic Solutions)

Doing Business in the Capital Region

Construction of the New NY Bridge in New York's Mid-Hudson Region.

Tax-Based Incentives

All forms of tax incentives that enable savings and cost advantages to businesses.
Man presenting a slide featuring a building rendering on the screen

Operational Support

Programs offering assistance or training to ensure more competitive businesses.
growth_support_overview.jpg

Growth Support

Funds, loans and other means of financial support to stimulate business growth.
People working and talking in co-working space in the Thomas R. Beecher, Jr. Innovation Center

Innovation Development Support

Leverage New York State’s unparalleled investment in world-class tech assets, programs and expertise to grow your business.

Consolidated Funding Application

The CFA allows applicants to be considered for multiple sources of funding for a project by filling out just one application. Learn more about ongoing CFA projects and how to apply.

New York State MWBE

Find information to become MWBE-certified; grow your MWBE business; find top opportunities and contracts with NYS agencies; and find MWBE-certified businesses to help carry out your project goals. For the MWBE Hotline, call: 212-803-2414

Explore opportunities in the Capital Region

Visit the Capital Region Regional Economic Development Council site to see strategic plans, current projects and the latest economic data, plus access funding applications and more.

Regional Office

The Capital Region regional office works hand-in-hand with new and existing businesses to help identify economic development programs to support business growth and expansion—for building new facilities, relocating a business, expanding operations and workforce and entering new and global markets.