June 25, 2010 NY receives 'Gold Shovel' award, GlobalFoundries top project in 2009 The Business Review (Albany)
New York has received the 'Gold Shovel' award from an executive magazine that covers corporate site selection.
It is the first time New York has received Area Magazine's award. GlobalFoundries' construction of a $4.2 billion chip plant in Saratoga County was named the Project of the Year for 2009 by the magazine. That project will create 1,400 jobs when the chip plant is fully operational in 2014.
In these trying economic times, economic development agencies are working harder than ever to grow their states' businesses, said Geraldine Gambale, editor of Area Development magazine. Every year there are a few standouts, and New York state deserves special recognition for its efforts.
The magazine, based in Westbury, New York, recognizes state development agencies that helped create jobs through innovation policies, infrastructure improvements and investments, among other activities. The magazine listed 10 projects in the state that helped New York win the award. Three of the projects are in the Capital Region. Besides the GlobalFoundries project in Malta, the magazine recognized two GE projects in Schenectady valued at a total of $189 million and creating a total of 850 jobs.
Dennis Mullen, Empire State Development Corp.'s chairman and CEO, said the award is a testament that New York state is a great place to live and do business.
Tennessee received the Gold Shovel award in 2009, Texas won it in 2008, Georgia won it in 2007 and Alabama won it in 2006.
