October 30, 2026
Albany, N.Y.Advance Albany County Alliance today unveiled “AllianceNEXT: A Strategic Plan for Advancing Albany County’s Economic Growth,” the organization’s comprehensive five-year economic development strategy.
Developed by HR&A Advisors of New York, AllianceNEXT is designed to accelerate business investment, create thousands of new jobs, revitalize neighborhoods and position Albany County as a leading destination for businesses to grow and thrive. AllianceNEXT builds on the Alliance’s significant achievements since its creation 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. “Five years later, the results speak for themselves: we’ve helped businesses expand, created jobs and advanced major redevelopment projects that will benefit our communities for generations. AllianceNEXT gives us an opportunity to build on that success.”
AllianceNEXT establishes three core priorities to guide the Alliance’s work over the next five years:
- Business Attraction and Retention: Strengthening Albany County’s competitiveness by increasing investment in bringing shovel-ready development sites online, and targeting high-growth industries including semiconductors and chipfab; artificial intelligence and quantum technology; biotechnology and biomanufacturing; alternative energy; and advanced manufacturing.
- Real Estate, Neighborhood Revitalization and Placemaking: Expanding the Alliance’s real estate development efforts to support housing, commercial investment and urban neighborhood revitalization, creating vibrant communities where businesses can grow and where workers want to live.
- Communications, Brand and Marketing: Elevating Albany County’s visibility among domestic and international investors by telling a consistent, engaging story about the county’s economic strengths, skilled workforce, strategic location and quality of life.
The strategy builds on work already underway, including efforts to strengthen the semiconductor supply chain supporting GlobalFoundries and other upstate semiconductor fabrication facilities; attracting foreign direct investment to relocate or build within the county; and advancing development opportunities at the Al Tech Specialty Steel site, Port of Coeymans, Coeymans Industrial Park, Port of Albany and Vista Technology Campus.
The Alliance will also continue exploring opportunities for new investment in the challenging sites and projects it has taken on, including the demolition of Albany’s Central Warehouse, the former McDonald’s site at 106 South Pearl Street, and the former Albany County Health Department campus, among others.
Building on Five Years of Economic Growth
The Alliance was established under the leadership of County Executive Daniel P. McCoy and the Albany County Legislature, following McCoy’s call for a coordinated approach to business attraction, retention and investment. Since 2021, the Alliance has supported 71 business-related projects, enabling approximately $730 million in private investment and supporting the creation and retention of approximately 5,600 direct and indirect jobs. During that period, the Alliance has deployed $17 million in loans and grants and $474 million in economic development incentives.
Its work has included supporting the siting or expansion of major employers such as Plug Power, Ecovative and Regeneron; advancing redevelopment of the former College of Saint Rose campus; preparing the Al Tech Specialty Steel site for future development; and providing bonding support for the expansion of the Albany Capital Center. More recently, the Alliance has supported foreign direct investments from international companies, including Belgium-based Aprojects Americas’ expansion at Coeymans Industrial Park; Swedish manufacturer Atlas Copco’s $40 million expansion in Voorheesville; and German-owned NSH USA’s new $12 million facility in Menands.
“The Alliance has become the vital one-stop resource for businesses looking to grow and invest in Albany County,” said Kevin O’Connor, CEO of Advance Albany County Alliance. “In five years, we’ve welcomed new investment into Albany County and tackled challenges that no other entity would take on. We now have tremendous opportunities in front of us, but realizing their full potential will require the resources and commitment needed to act.”
Investing in the Next Chapter
A key recommendation in the AllianceNEXT strategy calls for new sustainable and recurring county investment to support its implementation. Achieving the plan’s goals will require more than $50 million in direct Alliance investment over five years, primarily in shovel-ready site acquisition and development. AllianceNEXT recommends several recurring funding avenues, including allocation of a small portion of Albany County sales tax revenue to the Alliance, which would provide resources to acquire and prepare development sites, support housing and neighborhood revitalization, and attract additional private investment.
The recommendation would be subject to consideration and approval by the Albany County Executive and County Legislature.
“We’ve shown what the Alliance can accomplish, but the opportunities ahead of us are even more lucrative,” O’Connor said. “If Albany County wants to compete for world-class investments, acquire and prepare shovel-ready sites, and bring new jobs, workers and homes to Albany County, then the Alliance must be provided with the corresponding resources to make those goals happen. Establishing a dedicated, recurring source of funding will allow the Alliance to plan ahead, act quickly and deliver results that benefit Albany County for generations.”
The full AllianceNEXT strategic plan is available at advancealbanycounty.com/docs/alliancenext/