New York has pledged $1 billion for chip research and development in Albany

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New York has pledged $1 billion for chip research and development in Albany
New York has pledged $1 billion for chip research and development in Albany

New York Democrats said the state will spend $1 billion to increase chip research in order to make upstate New York a global powerhouse of semiconductor research and development.

Gov. Kathy Hochul stated Monday that New York State will spend $1 billion to enhance chip technology research in Albany, the state capital, with the objective of making the region a global center of semiconductor research and development.

She stated that the investment will strengthen New York’s case for federal awards under the CHIPS and Science Act, which will provide more than $52 billion in funding for semiconductor research and development. It is part of a long-term strategy to take control of the sector from competitors, particularly China.

“There’s a race for global dominance going on.” That’s why we’re here,” Hochul, a Democrat, said among chip industry executives and both New York senators. “And I’m here to inform you that New York State will win that race.”

According to officials, the proposal will eventually create 700 new jobs and entail the purchase of a next-generation lithography machine for producing computer chips.

Companies such as chip designer IBM and semiconductor producer Micron will match the state’s $1 billion investment with another $9 billion under the plan. A portion of the funds will be used to build a chip research center at the University of Albany.

Senator Chuck Schumer stated that the public-private cooperation will help “make discoveries that engineers today can’t even fathom” and “ensure that the future of the semiconductor industry, both research and manufacturing, is developed right here in upstate New York.”

Officials in New York did not provide a timetable for hiring or industry investments.

The announcement came as the Biden administration announced $35 million in semiconductors Act financing for BAE Systems to enhance output at a factory in New Hampshire that manufactures semiconductors for military aircraft.

Over the last few years, New York has depended on incentives to grow its semiconductor industry, including a $1.4 billion package to build a chip facility near Saratoga Springs, which broke ground in 2009. The state has also pledged $5.5 billion in tax breaks to attract Micron to Syracuse.

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