Capital Region has fast-growing gig economy

The Capital Region has one of the fastest growing gig economies in the state.

The area has tens of thousands of non-employer establishments – which are businesses with at least $1,000 in receipts, no paid employees or payroll and are subject to federal income tax. These businesses include independent contractors and freelancers.

They are important to the regional economy because sometimes these non-employers become employers.

Terence Musto’s Fabbro Industries in Voorheesville is on that trajectory.

He started a business in 2013 that developed a first of its kind integrated frame for motorcycles and bicycles to improve the rider’s experience.

Fabbro will start hiring its first employees in 2023 when he plans to sell its patented bike frames in partnership with a small manufacturer.

This submission comes to us from the Center for Economic Growth.