New York: $4.4 Billion Economic Development

September 28th, 2011
in econ_news

cuomo Econintersect:  New York governor Andrew Cuomo (pictured) announced a major economic development deal for the state Tuesday, September 27.  The plans include a number of companies including Intel, IBM, Samsung, Global Foundaries and TSMC, according to the Poughkeepsie Journal.  (Note: the paper did not identify what TMSC stands for, although it could be Taiwan Semiconductor Company.)   New York will be investing $400 million of the total in CNSE (State University of New York at Albany College for Nanoscale and Science Engineering).  IBM will be investing the bulk ($3.6 billion) of the remaining $4 billion.  The development plan will be carried out over five years.

Follow up:

Intel will be investing to establish its new nanotechnology facility at CNSE at SUNY Albany.

The economic impact was summarized by the Poughkeepsie Journal:

"This unprecedented private investment in New York's economy will create thousands of jobs and make the state the epicenter for the next generation of computer chip technology," Cuomo said in a statement.

Cuomo predicted the deal will lead to 2,500 additional high-technology positions, including:

-- 800 at the nanotechnology campus at SUNY Albany.
-- 950 at IBM’s lab facilities in Yorktown Heights and at its chip plant in East Fishkill.
-- 450 at the SUNY Institute of Technology in Utica.
-- 300 at CNSE's Smart System Technology & Commercialization Center in Canandaigua.

Cuomo said the expansion will also mean about 1,500 construction jobs in Albany and 400 in Utica. The deal will keep about 2,500 jobs among sites in Albany, Canandaigua and East Fishkill, the Democratic governor said. But he did not indicate how many jobs are at these sites now.

The newspaper did not say anything about tax or other concessions made by the state or local governments to obtain the commitments.

Source:  Poughkeepsie Journal

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