Two projects continue New Haven’s economic boom
By Kevin Leininger | The News-Sentinel
New Haven's recent economic boom continues in the form of two more industrial expansions representing total investment of about $13.5 million and 14 new jobs.
Superior Aluminum Alloys plans to create 10 production jobs paying between $19,500 and $45,000 and two maintenance jobs by installing $11.9 million in new equipment at its 14214 Edgerton Road plant, plus $942,000 in real estate improvements. And, according to a separate application for a tax abatement to be considered by New Haven City Council Tuesday, Quincy Recycle Paper Inc. will install $715,000 of manufacturing equipment at its 2210 Summit St. facility, creating two sales jobs.
Founded in 1997, Superior reported sales of about $165.25 million in 2016 and currently has about 130 employees. The company produces approximately 260 million pounds per year of aluminum alloys. Quincy was established in 1974 and currently employs 23 people, reporting sales of $9.3 million last year. The company provides a variety of recycling services.
If the abatements are approved, Superior would save $719,000 in equipment taxes and $108,461 in real estate taxes, while Quincy would save $26,575 on equipment taxes. Abatements temporarily reduce the taxes payable on new equipment and real estate improvements.
The two projects are only the latest in a series of recent expansions in New Haven. In April, Continental Diamond Tool announced a $12 million, 77-job expansion, preceded by announcements from Lippert Components ($19 million, 140 new jobs) and Sauder Manufacturing Co., which plans to create up to 60 jobs at a new 165,000-square-foot plant on Rose Avenue.