Governor Hochul Announces "Fast NY" Grant Program to Attract Key Industries to Shovel-ready Sites

February 28, 2022

FY23 Budget Will Make Up To $200 Million Available for Growing High-Tech Industries Across the State  

New FAST NY Online Portal Launched to Solicit Interest and Provide Program Updates

Governor Kathy Hochul today announced plans for the new Focused Attraction of Shovel-Ready Tracts New York grant program to attract and expand key growth industries to New York State. The Governor announced the program at the New York State Economic Development Council Conference in Albany.

Through Empire State Development, Governor Hochul's fiscal year 2023 budget will make up to $200 million available to the new FAST NY grant program to develop sites that will attract high-tech manufacturing, particularly semiconductor manufacturing, warehousing, distribution and logistics businesses to the state to jumpstart New York's shovel-readiness and increase the state's attractiveness to large employers.  

"My administration is laser-focused on leading a recovery that works for the entire state, investing in every community and creating good-paying jobs of the future," Governor Hochul said. "To be the most business-friendly and worker-friendly state in the nation, we're making historic investments in infrastructure, technology, and project delivery. The hundreds of millions of dollars invested into the development of shovel-ready sites will help us diversify our economy and jumpstart New York's next great comeback."

Empire State Development Acting Commissioner and President and CEO-designate Hope Knight said, "Currently, with the federal government poised to invest billions of dollars under initiatives such as the proposed CHIPS Act and the recently passed Infrastructure Investment and Jobs Act, the time is ripe for New York to invest in a new generation of shovel-ready sites, and FAST NY will help usher in a new era of growth."

Read the full press release here.