So you say what is this magical 13:1 private to public match? And how is this relevant to Albany real estate? Let me tackle the former question first. It’s the amount of money New York State invested into the Capital Region Nanotech industry ($1 billion), and the subsequent private investment that followed ($13 billion). The story began back in 1993 or 1995, depending on who you talk to you. But everyone agrees that today it’s an model story for how to bring New York, and America back as a leading global manufacturer. The Capital Region, as has most of upstate New York, has seen it’s share of manufacturing decline. However, the regional nanotech chip fabrication plants have begun to reverse that trend. The United States is now the largest exporter of silicone chips, which are becoming ubiquitous in every electronic device.
As far as why it’s relevant to Albany real estate, that should be obvious. As the high tech industry continues to build in the Capital Region, it brings with it thousands of six-figure jobs, creating increased demand for Albany real estate. When the private sector invests in our community, it paves the way for many others to follow, including the President.
With that, it should be no surprise that the President has now decided to visit Albany tomorrow, the third time in three years. Check out this great story from last week’s CBS News.