Albany County is targeting high-growth industries like semiconductors and artificial intelligence through a new five-year strategic plan, Capital Region Chamber reported.
The Advance Albany County Alliance unveiled “AllianceNEXT: A Strategic Plan for Advancing Albany County’s Economic Growth” on November 11, 2026. Developed by HR&A Advisors of New York, the comprehensive roadmap aims to accelerate business investment, create thousands of jobs, and revitalize local neighborhoods.
The strategy seeks to position the county as a premier destination for global business expansion. It builds upon the foundation laid by the Alliance since its inception in 2021.
“When we first set out to strengthen Albany County’s economic development efforts, our goal was to create an organization that could attract investment, support businesses and take on projects that would otherwise be difficult to move forward,” said Albany County Executive Daniel P. McCoy.
Three core priorities for growth
The AllianceNEXT framework establishes three primary pillars to guide regional development over the next five years. The first focuses on business attraction and retention by preparing shovel-ready development sites. The plan specifically targets high-growth sectors including:
- Semiconductors and chipfab
- Artificial intelligence and quantum technology
- Biotechnology and biomanufacturing
- Alternative energy and advanced manufacturing
The second priority involves real estate, neighborhood revitalization, and placemaking. This pillar aims to expand development efforts to support housing and commercial investment, creating environments where workers can live near their jobs. The third priority centers on communications, brand, and marketing to increase the county’s visibility among international investors.
The plan uses existing momentum in the semiconductor supply chain, which supports GlobalFoundries and other upstate fabrication facilities. It also identifies several key sites for future advancement, including the Port of Albany, the Port of Coeymans, the Al Tech Specialty Steel site, and the Vista Technology Campus.
The economic impact since 2021
Since its creation under the leadership of County Executive Daniel P. McCoy and the Albany County Legislature, the Alliance has managed significant private and public investments. The organization has supported 71 business-related projects to date.
| Metric | Value |
|---|---|
| Private investment enabled | $730 million |
| Economic development incentives deployed | $474 million |
| Loans and grants deployed | $17 million |
| Direct and indirect jobs supported | Approximately 5,600 |
The Alliance’s portfolio includes supporting major employers such as Plug Power, Ecovative, and Regeneron. It has also assisted in the redevelopment of the former College of Saint Rose campus and provided bonding support for the Albany Capital Center expansion.
This morning, I joined with the Advance Albany County Alliance to unveil “AllianceNEXT: A Strategic Plan for Advancing Albany County’s Economic Growth,” our comprehensive five-year economic development strategy. When we first set out to strengthen Albany County's economic… pic.twitter.com/y9gEq8KNA8
Recent international successes include a $40 million expansion by Sweden’s Atlas Copco in Voorheesville and a $12 million facility from Germany-owned NSH USA in Menands. The Alliance also facilitated the expansion of Belgium-based Aprojects Americas at the Coeymans Industrial Park.
Funding the next chapter
Implementing the AllianceNEXT strategy requires a large financial commitment. The plan calls for more than $50 million in direct Alliance investment over the next five years, primarily for the acquisition and development of shovel-ready sites.
To meet this need, the strategy recommends establishing new, sustainable, and recurring funding avenues. One proposal includes allocating a small portion of Albany County sales tax revenue to the Alliance. This revenue would be used to acquire sites, support housing, and drive neighborhood revitalization.
Any such funding change would require consideration and approval by the Albany County Executive and the County Legislature.
“If Albany County wants to compete for world-class investments, acquire and prepare shovel-ready sites, and bring new jobs, workers and homes to the county, then the Alliance must be provided with the corresponding resources to make those goals happen,” said Kevin O’Connor, CEO of Advance Albany County Alliance.
The Alliance will continue to manage challenging redevelopment projects, including the demolition of Albany’s Central Warehouse, the former Albany County Health Department campus, and the former McDonald’s site at 106 South Pearl Street.
The full AllianceNEXT strategic plan is available at advancealbanycounty.com/docs/alliancenext.
The Alliance has supported 71 business-related projects since 2021, enabling approximately $730 million in private investment.
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