#49 New York
From the Governor
“We are proud to support companies that invest in New York State and grow our innovation hubs, which in turn attract more world-class businesses and further elevate our 21st century economy.” —Gov. Andrew Cuomo
Building the Empire
The Empire State continues to grow new opportunities, not only in New York City but also in northern parts of the state. While headquarters and tech companies flock to the Big Apple, manufacturers and industrial distributors are announcing new investments in places like Albany, Rochester and Buffalo. IBM, Briggs & Stratton, Cree and Booz Allen Hamilton are just a few of the companies to invest in New York in 2019.
Excelsior Jobs Program: Offers a jobs tax credit of up 6.85% of wages per net new job, an investment tax credit of 2%, an R&D credit of up to 6%, and a property tax credit for companies that meet established job and investment thresholds.
START-UP NY: Offers tax-based incentives, innovative academic partnerships, and the opportunity to operate tax-free for up to 10 years on an eligible university or college campus.
Life Sciences Tax Credit Program: Offers a fully refundable credit of 15% for a company that employs 10 or more people for life sciences R&D performed in the state.
Employee Training Incentive Program: Offers a credit of 50% of eligible training costs, up to $10,000 per employee, for New York State employers seeking to upgrade skills or improve productivity of their employees.
Empire State Development: esd.ny.gov
New York State Economic Development Council: nysedc.org
New York City Economic Development Corporation: nycedc.com
Center for Economic Growth: ceg.org
Capitalize Albany Corp.: capitalizealbany.com
Buffalo Niagara Partnership: thepartnership.org/economic-development
Highlighted Program or Initiative
In May 2019, Gov. Andrew Cuomo launched the Workforce Development Initiative with $175 million to support strategic regional efforts to meet workforce needs, improve regional talent pipelines and address the long-term needs of industries. Funds will support a variety of projects with a focus on regionally significant industries that fuel job growth, including clean energy, life sciences, computer science and advanced technologies.
- IBM announced in February 2019 it plans to invest over $2 billion to grow its high-tech footprint at the SUNY Polytechnic Institute campus in Albany and throughout the state.
- Tech company Yext announced in April 2019 plans to expand its New York City headquarters and create 500 high-paying jobs over the next five years.
- Booz Allen Hamilton announced in May 2019 it will expand operations in Rome with 60 high-skilled jobs.
- Precision Manufacturing announced in June 2019 it will acquire operations in Troy and create 50 jobs.
- Orgill announced in June 2019 it will build a $68 million distribution center in Rom and create 225 jobs
- ITX Corporations announced in July 2019 it will move is corporate headquarters to Rochester and create up to 80 jobs.
- Briggs & Stratton announced in September 2019 it will create 52 new jobs and construct a facility in Sherrill.
- Nanotronics announced in September 2019 it will open a high-tech manufacturing center at the Brooklyn Navy Yard and create 190 jobs.
- Cree announced in September 2019 a $1 billion public private partnership that will create 600 jobs at the SUNY Polytechnic Institute campus near Utica.
More than 50 Fortune 500 companies headquartered in state, including:
“There were many positive things that led us to select Rome as the home for our newest distribution center, including the excellent workforce in the area and the assistance and cooperation of local officials.” —Ron Beal, Chairman and CEO, Orgill
“AI will transform the world in dramatic ways in the coming years. IBM is pushing the boundaries of AI faster—for the benefit of industry and society. By expanding our partnership with New York State, we are creating a global hub of AI hardware research with an ecosystem to innovate, incubate, and lead in the development of disruptive technologies.” —Mukesh Khare, Vice President, Semiconductor and AI Hardware, IBM Research