New York Governor Andrew Cuomo announced on Tuesday, September 27, that the state has secured billions in investments from major high-tech companies, according to The Wall Street Journal.
Five companies combined to bring $4.4 billion to fund research in New York. The companies include some of the largest players in the computing field, from domestic firms like I.B.M. and Intel to foreign manufacturers like Samsung, GlobalFoundries and the Taiwan Semiconductor Manufacturing Conductor.
The state plans to spend $400 million to fund research in computing and nanotechnology over the next five years. In turn, the companies are expected to add around 2,500 permanent jobs on top of 2,500 existing positions as well as 1,900 construction jobs.
The companies are collaborating to help develop a new generation of computer processors, as demands for power are matched by size constraints.
Speaking at the event, former President Bill Clinton compared the situation to San Diego and Florida where regional governments turned existing research institutes for biotechnology and computer simulation, respectively, into a thriving economic sector, according to The New York Times.