Port of Albany gets nearly $19M for infrastructure in state funding
— From the NYS Governor’s Office
Governor Kathy Hochul gives a speech at the Port of Albany in 2022. It was announced this week that the port will receive nearly $19 million in state funding for an infrastructure project.
ALBANY COUNTY — The Port of Albany will receive $18.79 million from New York State as part of an initiative to bring more manufacturing to the state.
The money, part of the FAST NY (Focused Attraction of Shovel-Ready Tracts New York) program, will fund “the electrification infrastructure of expanding the Port including new sub-station installation, [a] critical long-lead item in any major development,” according to a statement from the port’s chief executive officer, Richard Hendrick.
The money will also fund a wastewater treatment center on site, according to a release from the governor’s office.
Hendrick called the funding “great news and will provide critical infrastructure installation enabling additional maritime commerce.”
FAST NY is essentially an investment fund that aims to make the state more attractive to large employers through projects like the port substation.
Hendrick noted that the port has an annual economic impact of $428 million with 1,400 jobs locally and 4,500 throughout the state.
The Enterprise reported last year on the trend of manufacturing returning to the United States after having been outsourced to companies with more favorable economics, known as reshoring.
Kevin O’Connor, the chief executive officer of the Advance Albany County Alliance, argued that this phenomenon was behind the enormous surge in new-business applications in Albany County, since manufacturing jobs tend to create new businesses that cater to those large workforces.
