Tech Companies to Invest $4.4 Billion in New York State, Create ‘Thousands of Jobs’

Five technology companies, including IBM and Intel, have agreed to invest $4.4 billion in New York state over five years to create a research and development hub for nanotechnology and the next generation of computer technology.

The other companies involved are Globlalfoundries Inc., Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co. Ltd.

This unprecedented investment in New York's economy will create thousands of jobs and make the state the epicenter for the next generation of computer chip technology, said Gov. Andrew Cuomo.

The governor said the investments would result in the creation and retention of about 6,900 jobs, including 2,500 high-technology openings. In addition, he also spoke of approximately 1,500 construction jobs and preserving 2,500 current jobs.

The first project, to be led by IBM, will concentrate on creating the next two generations of computer chips, Cuomo's office reported. The second -- a joint effort by Intel, IBM, TSMC, Globalfoundries and Samsung -- will concentrate on moving existing 300mm wafer manufacturing technology to a more advanced 450mm specification for chips.

IBM has committed $3.6 billion of the total investment as part of its work on computer chips. New York state will not invest in private companies but will grant $400 million to the State University of New York's College for Nanoscale and Science Engineering in Albany. The amount will include $100 million for energy efficiency and low-cost energy allowances.