The state is once again preparing to hand out millions of dollars in funding for economic development projects. As our Lori Chung reports, local leaders say when it comes to reporting on the progress of job creation initiatives here in the Capital Region, there's a lot of good news to share.

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ALBANY, N.Y. -- "We are going to be poised for a recovery like this state has never seen," Governor Andrew Cuomo said.

This meeting, part of a strategy help New York's struggling economies rebound. Governor Cuomo met Tuesday with the leaders of the state's 10 Regional Economic Development Councils tasked with finding job creating initiatives and efforts to boost business. Here in the Capital Region, local leaders provide an update on their progress saying the investment in Nanotechnology has put our area on strong financial footing.

"It is an example of the kind of commitment a state has to make in order to get the kind of lift to be globally competitive," said RPI President Dr. Shirley Ann Jackson.

Capital Region Economic Development Council Co-Chair Shirley Ann Jackson says a combination of public and private investment has made the region the nanotechnology capital of the world. Add to that a state award of more than $62 million last year that officials will help fuel growth across the board.

Jackson said, "We have to grow a balanced economy and that economy can't just rest in one technology."

The Cuomo administration is now gearing up for another round of state awards to encourage regions to collaborate on plan to boost business. While positioning the region to win funding, council Co-chair and SEFCU President Michael Castellana says it's also important to look beyond it and tap into local talent and resources that will push the region forward.

"We have to be able to grow our region on our own, so we have to be able to put these ideas together with the private sector and use partnerships," Castellana said.

Leaders say building that balanced economy will mean a plan to keep talent here in the region and incentives to make sure other states have a harder time luring away growing businesses. Governor Cuomo emphasized that self reliant regions will make for a strong state overall.

"Not only should we focus on just keeping our ideas, commercializing our ideas in this state ourselves, but let's figure out how to attract other ideas back to the state," said Cuomo.