New York State's High Tech Economy
New York State has rapidly become a world class
technology center that fosters innovative ideas and pioneers
programs focused on bringing the most advanced cutting edge
technological products to market.
This fact was reinforced by the recent announcement that International SEMATECH North, a global consortium of 12 major computer chip manufacturers, will locate its next generation computer chip research and development center at the Center of Excellence in Nanoelectronics at Albany. In securing this prized facility over other sites in the U.S., Europe, and Asia, New York cemented its image as a leader in chip research and development and elevated its status around the world as a forerunner in the technologies of tomorrow.
As a commitment to broadening its status as a leader in the high technology and biotechnology industries, New York has invested more than $1 billion in the State's technology business sector, world-class research laboratories, and academic centers over the past seven years. New York's financial incentive programs have boosted investments in laboratory and clean room space, incubator space for high-technology company spin-offs, and state-of-the-art workforce development programs. These efforts helped secure the State's standing as fourth in the nation for high-technology growth according to a ranking in the February 2002 issue of Business Facilities magazine.
New York State has pursued the following innovative initiatives to foster technology growth:
- Invested $117 million in the development and commercialization of high-technology and biotechnology innovations;
- Allocated $280 million to increase the availability of venture capital for emerging businesses;
- Assigned $1.7 million to the newly created Empire State Technology Employment Incentive Program to help employers attract highly-trained technical workers;
- Created financial incentives for businesses, such as the Qualified Emerging Technology Employment Credit and Qualified Emerging Technology Company Capital Tax Credit.
New York's National Industry Segment Rankings:
1st in photonics manufacturing employment with 9,643 jobs;
2nd in defense electronics manufacturing employment with 10,700 jobs;
3rd in the nation in total high tech manufacturing employment with 83,813 jobs.
Source: American Electronic Association's Cyberstates 2005--Data are for 2002.
For more information, contact Empire State Development at 1-800-STATE-NY.
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