Economic Development

In the past 10 years, economic development efforts have brought more than $9 billion of investment to the City of Albany. The City’s health care and educational institutions are investing and expanding in unprecedented ways. Downtown Albany has experienced a renaissance with $35 million in new residential units, the expansion and updating of premier entertainment destinations and new world-class dining locations. Albany’s diverse neighborhoods are being revitalized, from the Hudson River waterfront on the eastern border to Albany’s globally-rare Pine Bush Preserve on the western border.

The City of Albany continues to be a prime destination to invest and create business. Albany is home to many fine commercial establishments and government partnerships, world renowned hospitals, and educational and research institutions.

These assets help create the strong economic climate which provides Albany with a competitive advantage in attracting new businesses. 

A catalyst for economic growth, Capitalize Albany Corporation facilitates transformational development projects, serving as the City of Albany's economic development arm. A registered 501 (c)(3) not-for-profit organization implementing programs and resources to create, retain and attract business in the City of Albany.

Powered by investors composed of Albany's community and business leaders, Capitalize Albany manages and coordinates all local economic development functions. The Corporation works alongside the City of Albany's Industrial Development Agency (IDA) and Capital Resource Corporation (CRC) under a professional services agreement allowing Capitalize Albany to match transformational projects with the right tools and resources.

Two important resources for developers, the IDA and CRC assist in local development by acquiring, constructing, improving, maintaining or equipping eligible projects. Any project undertaken by either entity must advance job opportunities, health, general prosperity and the economic welfare of the people of the City of Albany. The assistance offered may include conduit bond financing, tax exemptions and abatements. To obtain assistance, applicants must satisfy eligibility requirements and demonstrate a need for assistance. 

Contact Capitalize Albany Corporation at  (518) 434 2532 or

Contact the Albany IDA/CRC at (518) 434-2532 or

Public-Private Budgetary Cooperation
In April 2010, the City’s Common Council created the Commission on Public-Private Budgetary Cooperation (Ordinance 42.31.10).  The Commission’s powers and duties consist of providing a report with findings and recommendations regarding exempt properties and public-private partnerships. 

Read the Public-Private Budgetary Cooperation Final Report.