CONGRESSMAN PAT RYAN CONVENES SMALL BUSINESS ROUNDTABLE TO DISCUSS JOBS AND ECONOMIC GROWTH IN THE HUDSON VALLEY

Congressman Pat Ryan Convenes Small Business Roundtable to Discuss Jobs and Economic Growth in the Hudson Valley

Ryan joined by 25 business leaders, representing thousands of Hudson Valley employees 

POUGHKEEPSIE, NY – Congressman Pat Ryan held a small business roundtable alongside the Council of Industry, the Hudson Valley Economic Development Corporation and three County-wide Chambers of Commerce, bringing together the leaders of more than two dozen local companies that combined employ thousands of Hudson Valley residents. The group discussed innovative ways to make the federal government work for small businesses and how to leverage existing programs, like the CHIPS and Science Act and the Inflation Reduction Act, to bring manufacturing jobs back to the region.

“Last year Congress passed the CHIPS and Science Act and the Inflation Reduction Act, landmark pieces of legislation that will once again make the United States the global leader in manufacturing. I’m fighting like hell to bring those resources and good-paying jobs right here to the Hudson Valley,” said Congressman Pat Ryan. “This is a team effort, and I’m proud to partner with business leaders from across the district on this shared goal of creating jobs and supporting inclusive regional economic growth. Together, we’re going to cement the Hudson Valley’s position as a hub for renewed American manufacturing, which in turn will provide the family-sustaining wages that our region desperately needs to counteract rising costs of living.”

“We appreciate Congressman Ryan taking the time to meet with manufacturers in the district,” said Harold King, President, Council of Industry. “This is a time of great change in our sector with big investments from the federal government in the form of the CHIPS and Science Act and the IRA. And those investments are being accompanied by a significant increase in regulations and rulemaking.  More than ever it is important to keep a line of communication open between Hudson Valley manufacturers and their representatives in Washington to ensure that our region's manufacturing businesses can continue to drive our economy forward with essential products and good paying jobs.”

“This is a time of tremendous opportunity for the Hudson Valley, as public and private investments in rebuilding infrastructure, reducing carbon emissions, and revitalizing our nation’s manufacturing capacity are creating demand for workers, for housing and for commercial facilities,” said Michael Oates, President and CEO of the Hudson Valley Economic Development Corporation. “I applaud Congressman Ryan for engaging with our local businesses, and for working with them to identify and solve the challenges that have been holding our region back for too long.”

“We thank Representative Ryan for taking the time to meet with local Council of Industry manufacturing leaders,” said Steve Effron, President and CEO of EFCO, a manufacturer of specialty ingredients for the food and beverage sector. “We greatly appreciate Representative Ryan’s focus on programs that allow for strong job creation and investment in Hudson Valley manufacturing that benefits both workforce and local manufacturers.”

Feedback from the businesses represented at the table ranged from the need for more housing, especially workforce housing, to the need for assistance accessing federal funding and contracting opportunities. A familiar theme since even before the pandemic, the business leaders spoke with deep conviction about the urgency of addressing the skills gap that prevents employers desperate for workers from finding viable employees in their local communities.

“When we posted an open position recently, we only received one application, and the applicant was past retirement age,” said Devon Luty, President of Dorsey Metrology, which manufactures industry-leading, high-precision measurement instruments and gauges for shop and laboratory applications. “We’ve been yelling from the rooftops for years about the skills gap and the lack of candidates coming out of our region’s K-12 and post-secondary education system. I’m grateful for the opportunity to discuss this challenge with Congressman Ryan and I look forward to working with him to find ways to address this barrier for our region.” 

“Schatz Bearings has been steadily advancing our capabilities to provide high-precision products for military, aerospace, medical and semiconductor applications, but we struggle to secure contracts for federally-funded projects that could generate significant growth for our company and employees,” said Steve Pomeroy, President of Schatz Bearings of Poughkeepsie. “It’s very encouraging to know that our Congressman and his team are there to help us connect to the right federal agencies so that we have a shot at competing and bringing these contracts to the Hudson Valley.”

The CHIPS and Science Act became law in August of 2022 and will strengthen American manufacturing, supply chains, and national security, and invest in research and development, science and technology, and the workforce of the future to keep the United States the leader in the industries of tomorrow, including nanotechnology, clean energy, quantum computing, and artificial intelligence. Specifically, the bill:

• Provides $52.7 billion for American semiconductor research, development, manufacturing, and workforce development. 
• Provides a 25 percent investment tax credit for capital expenses for manufacturing of semiconductors and related equipment. 
  • These incentives will secure domestic supply, create tens of thousands of good-paying, union construction jobs and thousands more high-skilled manufacturing jobs, and catalyze hundreds of billions more in private investment.
• Includes $1.5 billion for promoting and deploying wireless technologies that use open and interoperable radio access networks.
• Establishes a technology, innovation, and partnerships directorate at the National Science Foundation (NSF) to focus on fields like semiconductors and advanced computing, advanced communications technology, advanced energy technologies, quantum information technologies, and biotechnology.
• Authorizes $10 billion to invest in regional innovation and technology hubs across the country, bringing together state and local governments, institutes of higher education, labor unions, businesses, and community-based organizations to create regional partnerships to develop technology, innovation, and manufacturing sectors.

The Inflation Reduction Act, which was also signed into law in August of 2022, includes sweeping provisions for rebates, grants, tax credits and other incentives designed to reduce greenhouse gas emissions that contribute to climate change. Broadly seen as the most ambitious climate-related legislation in the nation’s history, the bill also includes nearly $370 billion in federal investments that relate directly and indirectly to economic development. By incentivizing domestic production of clean energy technologies, the bill is spurring a wave of capital investment in facilities by companies like Cadenza Innovation and Zinc8, two battery energy storage system manufacturers that are planning to locate in the mid-Hudson region.

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