News

June 28, 2006

Two Reports Underscore Significant Impact Of UAlbany Nanocollege On Capital Region Economy

By: by Steve Janack, Director of Communications, Albany NanoTech

Source:

Albany, NY - The rapid development and expansion of the Capital Region’s nanotechnology sector, spearheaded by the College of Nanoscale Science and Engineering (“CNSE”) of the University at Albany, is a key driver for the area’s economic activity and growth, according to a pair of just-released reports.

In its 2006 Analysis of the Albany-Schenectady-Troy Housing Market, the U.S. Department of Housing and Urban Development (“HUD”) describes the region’s economy as “one of the strongest in Upstate New York,” and states that “research in nanotechnology presents the prospect of substantial future employment growth” in the region - specifically identifying CNSE’s Albany NanoTech complex as a critical economic stimulus, through its educational and nanotechnology-focused research programs.

The HUD report also identifies population growth in the Capital Region that was nearly three times faster from 2000 to 2005 as compared to the previous decade, “consistent with an expanding employment base and net in-migration after 2000.” Average annual total population in the region grew by 4,700 from 2000 to 2005, as compared to 1,640 between 1990 and 2000.

In addition, median family income in the Capital Region in 2005 was the highest among Upstate New York metropolitan areas at $63,450, a 3.6 percent compound annual rate of increase from $51,300 in 2000. And, according to the report, future housing demand in the region is expected to result from household growth related to increased employment activity, with 40 percent of the demand for houses valued at $275,000 or higher.

Meanwhile, investment firm Standard & Poor’s (“S&P”) Ratings Services, in a May 2006 review of the City of Albany’s bond rating, identifies the location of International SEMATECH North and Tokyo Electron Ltd. at CNSE’s Albany NanoTech complex as among the economic development projects that “should help to initially stabilize and ultimately boost the city’s employment and tax base.”

“The reports from HUD and Standard & Poor’s provide further validation of New York’s groundbreaking nanotechnology strategy, which is positioning the State as a global leader in the most important enabling technology of the 21st century,” said Dr. Alain E. Kaloyeros, vice president and chief administrative officer of CNSE. ““Led by the pioneering vision and strategic investments made by Governor Pataki and Speaker Silver, the UAlbany NanoCollege is serving as both an educational resource that is preparing the 21st-century workforce and an economic magnet that is helping to attract the world’s leading high-tech companies to New York State - highlighted most recently by the announcement that AMD will build a computer-chip manufacturing facility in Tech Valley.”

The report from S&P also cites the $435 million Institute for Nanoelectronics Discovery and Exploration (“INDEX”) located at CNSE’s Albany NanoTech complex - announced in January - as further evidence of the City’s positive economic outlook, as well as the conversion of the Harriman State Office Campus into a technology park, “with new technology businesses directly connected to SEMATECH and Tokyo Electron.” 

About CNSE. The College of Nanoscale Science and Engineering at the University at Albany-State University of New York is the first college in the world devoted exclusively to the research, development and deployment of innovative nanoscience, nanoengineering and nanoeconomics concepts.  CNSE is located in the most advanced research complex of its kind at any university in the world. The $3 billion, 450,000-square-foot complex attracts corporate partners from around the world and offers students a one-of-a-kind academic experience, and it is growing. The complex is also home to CNSE’s New York State Center of Excellence in Nanoelectronics.  The CNSE complex, financed through more than $500 million in governmental support and over $2.5 billion in corporate investments, houses the only pilot prototyping facilities in the academic world for the two standard sizes in computer chip design, the 200-millimeter (or 8-inch) wafer, and the 300-millimeter (or 12-inch) wafer.CNSE has more than 150 U.S. and worldwide partners, including some of the world's largest semiconductor and semiconductor-related tool manufacturing companies.  For more information, visit the CNSE Web site at http://cnse.albany.edu.