October 26, 2010
By: by Business Facilities
With the world's eleventh largest economy and the largest regional economy in the U.S., the Empire State is headquarters for scores of companies and a place where businesses of all sizes can tap resources and a diversely talented and experienced workforce. It is the most powerful global hub of commerce, finance, culture, international affairs and entertainment and the state's innovative, pro-growth financial incentives provide the ideal business climate for companies to thrive.
New York's pro-business philosophy offers companies job-creating tax cuts and encourages emerging technology growth with tax incentives for research and development. Incentives include the Manufacturing Assistance Program (MAP), Build Now-NY, Federal Empowerment Zones and Investment Tax Credits.
A global leader in high technology, New York has invested more than $1 billion in this sector over the past seven years. The state is home to GlobalFoundries, one of the most advanced semiconductor manufacturing facilities in the world and one of the largest private sector industrial investments in New York's history. Incentives that help to attract high-tech companies include the Qualified Emerging Technology Employment Credit and Qualified Emerging Technology Company Capital Tax Credit.
New York is also a top location for international investment. Gov. David Paterson and Empire State Development (ESD), the State's lead economic development agency, are making great strides in fostering international business as well job creation. "New York is ideally positioned to compete and lead in the global economy," said Empire State Development (ESD) President and CEO Marisa Lago.
To continue attracting new business, improve commerce, and revitalize local economies, New York announced several economic development initiatives in 2009-the $120 million Upstate Regional Blueprint Fund and the $35 million Downstate Revitalization Fund, which provide funding to finance business investment, infrastructure upgrades and downtown redevelopment efforts.
Both programs support projects that help provide a framework for future growth in Upstate and Downstate regions with stymied development. The programs will invest in projects that advance local development and small businesses.
New York is not just a state of mind; it is a trendsetter with a progressive outlook on economic development and an aggressive approach to conducting business. Here is a sampling of some choice locations you will want to consider in the Empire State.
Syracuse Enters Nanotech Sweepstakes
A collaboration between Lockheed Martin Corp., the Albany-based College of Nanoscale Science and Engineering, and a central New York economic development agency will become a $250 million investment in the next year and ultimately may blossom into a $1 billion development.
The endeavor is centered around a vacant former General Electric Co. laboratory in the Syracuse suburb of Salina. The New York State Assembly is providing $28 million for the project, including $16 million to renovate the laboratory and $12 million to pay for specialized equipment. The new laboratory will turn innovations developed at CNSE's Albany Nanotech complex into products for commercial and military markets. The venture is expected to create 250 jobs in Syracuse.
Alain Kaloyeros, senior vice president and CEO of the College of Nanoscale Science and Engineering told the TimesUnion that Bethesda, Md.-based Lockheed Martin will move at least some of those jobs from other locations to Syracuse. In addition, it will become a tenant at Albany Nanotech, and Kaloyeros said he expects it to have 25 to 35 researchers there. More than 2,500 people are employed at the Albany research complex, a $6.5-billion public-private partnership.
The GE laboratory once focused on research into television tubes, pacemakers and intercontinental ballistic missiles. The 100,000-square-foot building has been closed for 14 years. It is part of the Electronics Park campus once occupied by GE, where Lockheed Martin now has 2,400 employees.
GE sold its aerospace business, including the campus, to Martin Marietta in 1992 for $3.01 billion. A merger with Lockheed created Lockheed Martin in 1995.
Electronics Park is operated by the CenterState Corporation for Economic Opportunity, a regional economic development agency, in a partnership with Lockheed Martin and Empire State Development Corp.
Research and development of so-called "systems on a chip" for radar and sonar applications will take place in Albany, Kaloyeros said, and then be developed into products in Syracuse.
Work on the project is expected to begin by the end of the year and take 18 months.
The arrangement with Lockheed Martin is similar to deals with IBM Corp. and GlobalFoundries, in which the research occurs in Albany and manufacturing takes place in Fishkill and Malta.
Sematech, the global consortium of leading computer chip makers (including Intel, HP and Toshiba) announced earlier this month, Sematech announced that it will move the bulk of its remaining operations from Austin, TX to CNSE in Albany in January, bringing at least 100 new jobs to the complex. Sematech CEO Dan Armbrust announced that Sematech's manufacturing arm, known as International Sematech Manufacturing Initiative Inc. (ISMI), will relocate its headquarters to CNSE's nanotech complex.
ISMI and private partners will invest a combined $80 million in the Albany operation, including $20 million in state money contributed through the Empire State Development Corp.