New York State Incentives Attract Business and Jobs | Trade and Industry Development

New York State Incentives Attract Business and Jobs

Mar 19, 2024 | By: Tracey Schelmetic

While New York City and its environs may have little trouble attracting global business, it’s important to remember that New York is a large state by eastern U.S. standards, and that many of the counties upstate are highly rural and need some additional incentives to attract businesses and jobs.

In February, New York Governor Kathy Hochul announced that more than $57 million had been awarded to support 238 projects across New York State through the Regional Economic Development Council initiative. Round XIII included Empire State Development (ESD) grant funds and Excelsior Jobs Program tax credits, which were made available on a continuous and competitive basis to support the immediate needs of communities.

“New York State is supporting our growing communities by investing in shovel-ready projects that will encourage job creation and help boost local economies,” Governor Hochul said. “The range of these projects reflects crucial Regional Economic Development Council input from the stakeholders who know their local assets and industries best, helping us to make strategic investments to create opportunity in our communities, both now and for the future.”  
Other noteworthy recent projects in New York State include the following.

More Than $45 Million In Grants Awarded to Transform Seven Commercial Sites
In March, New York State announced that more than $45 million has been awarded to improve seven locations under the Focused Attraction of Shovel-Ready Tracts New York grant program. FAST NY is designed to prepare and develop sites across the state to jumpstart New York’s shovel-readiness and increase its attractiveness to large employers and high-tech manufacturing companies. The program, administered by Empire State Development, will help diversify New York State’s economy while propelling new investments for businesses, communities and job creation. Since its inception, FAST NY has awarded more than $175 million to 20 sites in every region upstate.

Globalfoundries Commits $11.6 Billion Investment to Expand Semiconductor Plant
Saratoga County-based GlobalFoundries has announced plans to invest more than $11.6 billion over the next 10 years to expand its existing Fab 8 semiconductor manufacturing site in New York’s Capital Region. The transformative investment will allow the company to immediately expand its existing facility and then build a new 358,000-square-foot semiconductor manufacturing facility on its campus in Malta, tripling its capacity to meet growing demand for chips, enhancing national security by expanding the United States’ chipmaking capacity and creating more than 1,500 direct jobs and thousands of indirect jobs.

Exergy Commits to $1.8 Million Expansion on Long Island
In January, Empire State Development announced that Exergy, a manufacturer of heat exchangers and point-of-use systems, has completed the expansion of its Garden City manufacturing facility at 320 Endo Boulevard in Nassau County, Long Island. The expansion will position Exergy to meet increasing demand from its customers in pharmaceuticals, semiconductors, defense, and other high-tech industries. Empire State Development is supporting Exergy’s expansion, recommended by the Long Island Regional Economic Development Council, with a $250,000 capital grant and up to $60,000 in performance-based Excelsior Jobs Program tax credits in exchange for the company’s commitment to create six new jobs and retain 54 jobs.

Photo © Sean Pavone |
Photo © Sean Pavone |

Creation Technologies Opens $22 Million State-of-the-Art Manufacturing Facility in Wayne County
Global electronics manufacturer Creation Technologies, formally IEC, has officially opened the doors on its new 150,000 square-foot state-of-the-art manufacturing facility in the Village of Newark, Wayne County.  The company, whose technologies support the medical, tech industrial and aerospace and defense sectors, has already created 179 jobs as part of a multi-year commitment to creating more than 360 new jobs. Creation Technologies’ expansion in New York’s Finger Lakes region builds on the state’s commitment to accelerating the growth of the state’s manufacturing sector to build a twenty first-century economy and create good jobs.

NY State Announces $10 billion Partnership with Leaders from the Semiconductor Industry
In December, the Office of the Governor announced a $10 billion partnership with leaders from the semiconductor industry such as IBM, Micron, Applied Materials, Tokyo Electron and others to establish a next-generation semiconductor research and development center at NY CREATES’ Albany NanoTech Complex. The partnership will fund the construction of a cutting-edge High NA Extreme Ultraviolet Lithography Center – the first and only publicly owned High NA EUV Center in North America – that will support the research and development of the world’s most complex and powerful semiconductors. In addition to the transformative investment in New York’s Capital Region, the partnership will make New York State home to the nation’s most advanced, publicly owned semiconductor R&D infrastructure, support the long-term growth of New York’s tech economy and create and retain thousands of direct, indirect and union construction jobs.

Door Manufacturer Undertakes $4 Million Expansion in Akron, NY
Whiting Door, a manufacturing company that supplies roll-up and swing doors for the transportation industry, announced in December that it will undergo a $4 million expansion at its Akron, New York facility. The project will support at least 25 new jobs in the state-of-the-art manufacturing space. Empire State Development is incentivizing Whiting Door to continue to grow in Erie County by providing up to $500,000 in Excelsior Jobs Program tax credits in exchange for job creation commitments. Additionally, the New York Power Authority Board of Trustees will review an application for a $595,000 funding award through its Western New York Power Proceeds Fund.

Photo © Harold Stiver |
Photo © Harold Stiver |

Beta Technologies to Expand Production Flight Test and Delivery Center
Late last year, BETA Technologies, an electric aerospace company whose aircraft will perform critical cargo, military and medical missions, announced a partnership with Clinton County on a $41 million expansion of the company’s existing facility at Plattsburgh International Airport. The upgraded facility will serve as the manufacturing and final assembly hub for BETA’s all-electric aircraft and will establish a permanent flight test and aircraft delivery center. As part of the agreement to expand operations at Plattsburgh International Airport, BETA Technologies has committed to creating 85 full time jobs in exchange for a $20 million grant awarded to BETA via Clinton County from Empire State Development’s Regional Economic and Community Assistance Program.

JCS Controls Inc. Will Grow Its Monroe County Operations
In late 2023, food and beverage engineering and consulting company JCS Controls Inc. announced an expansion of its Monroe County operations, committing to creating up to 34 new jobs. The company specializes in advanced process and control systems designs that are focused on the food and beverage industry. JCS plans to build an additional 15,000-square-feet of fabrication space onto its existing Metro Park facility in the Town of Brighton. The upgrades will allow for the installation of state-of-the-art welding and air filtering systems, and for the repurposing of space to accommodate the growth of the company’s engineering team. Now underway, JCS expects to be operational in the new space in the fall of 2024.

TTM Selects New York State Following Extensive Yearlong Site Assessment
TTM Technologies, Inc., manufacturer of technology solutions, recently announced that it plans to invest $130 million to build a greenfield high-tech manufacturing facility in the Town of DeWitt, Onondaga County, creating an estimated 400 good-paying jobs. TTM will produce ultra-high density interconnect PCBs, TTM’s most advanced PCBs that will be primarily used for U.S. military applications and crucial to the U.S. semiconductor industry, at its new facility, which will be co-located on 24 acres adjacent to TTM’s existing production facility in DeWitt. TTM’s new plant will be one of the first in the nation to specialize in manufacturing PCBs and advanced packaging. TTM will also invest in research and development that will further integrated-circuit substrate and HDI PCB technologies across the United States. T&ID