- Governor Hochul Announces Major Investment in Port of Albany’s Growth.
- Albany Port Receives Largest Share of FAST NY Funding for Expansion.
- $18.79M Grant to Boost Maritime Commerce and Manufacturing at Port of Albany.
Governor Kathy Hochul reported that the Albany Port District Commission (APDC) has received a grant worth $18.79 million from Empire State Development’s Focused Attraction of Shovel-ready Tracts New York (FAST NY) initiative. The funds will finance upgrades to utility infrastructure for the expansion project at the Port of Albany called Beacon Island. The funds will be utilized for the construction of a high-voltage substation, a sanitary wastewater treatment plant, intake lines and pump station packages for the fire protection system, reports Capital Region Chamber.
Boost for Maritime Commerce and Manufacturing
Port of Albany CEO Richard Hendrick expressed his appreciation for the funding, emphasizing its importance in expanding the port’s capabilities. “This is great news and will provide a critical boost enabling additional maritime commerce,” said Hendrick. “Thank you to Governor Hochul and ESD President, CEO, and Commissioner Knight for this support. With grant funding through Empire State Development’s FAST NY Shovel-Ready program, the Port will be able to move forward with the electrification infrastructure including critical long-lead items needed in expanding the Port for manufacturing opportunities.”
The Port of Albany project was the largest individual recipient in this round of FAST NY funding, which allocated a total of $32.6 million to seven statewide development projects.
Strategic Importance of the Port of Albany
FAST NY is aimed at preparing and developing shovel-ready sites throughout New York, and making them desirable to large employers and advanced manufacturers. The Port of Albany expansion is regardedas an important step in continuing to advance New York‘s economic competitiveness.
Governor Hochul’s announcement highlighted the Port’s potential: “The Port of Albany’s Expansion Project is a fully graded 85-acre site with access to 115Kv power lines and the navigable Hudson River that presents a unique asset to manufacturers of a variety of large-scale components.”
Local Leaders Applaud the Investment
The grant has been widely praised by local and state leaders, who recognize the Port’s vital role in regional economic growth.
Albany Mayor Kathy Sheehan said: “This investment in the Port of Albany is yet another signal that New York’s Capital City is ready to lead the way and be a global hub for maritime commerce. Thank you to Governor Hochul for recognizing the importance and potential of the Port of Albany, and congratulations to the entire Port team for securing this important grant funding.”
State Senator Patricia Fahy emphasized the Port’s economic impact: “The Port of Albany continues to be a powerhouse for economic growth and job creation in our Capital Region, employing more than 1,400 of our neighbours and generating millions in economic activity. This $18.8 million investment through the FAST NY program will ensure that the Port remains a key hub for manufacturing, invest in necessary electrification infrastructure and maritime commerce while strengthening our local infrastructure for the future.”
NYS Assemblymember John T. McDonald III, RPh, also highlighted the significance of the funding: “It is great to see the Port of Albany will receive an $18.79M investment through FAST NY grants. This funding will support major infrastructure upgrades, including a high-voltage substation and wastewater treatment plant. This fully graded, 85-acre site is now even more primed for large-scale manufacturing and global companies looking for shovel-ready locations.”
Economic Growth and Future Outlook
Total investment in the Port of Albany expansion now stands at almost $178 million after this most recent grant. The Port continues to be an important regional economic stimulus, generating over $428 million every year and creating about 1,400 local jobs, with a further 4,500 jobs throughout the state.
Assemblymember Gabriella A. Romero stressed the broader economic implications: “This grant is a major win for the Port of Albany and for maritime commerce in the Capital Region. The FAST NY Shovel-Ready program makes critical investments in helping our state appeal to employers and manufacturers so we can expand innovation and opportunity. A $18.79 million investment in our infrastructure will go a long way in helping bring large-scale manufacturing and countries from across the globe to Albany.”
As the Port moves forward with its expansion plans, this latest funding injection will ensure continued growth and reinforce its position as a critical hub for maritime commerce and manufacturing.
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Source: Capital Region Chamber
