Empire State Development CEO & Commissioner Howard Zemsky spoke in early February to legislators regarding NY state Governor Cuomo’s recent budget proposals. Zemsky highlighted key initiatives that will spur economic development, with an emphasis on innovation and specific regional strategies. These proposals come at a time when private sector jobs are reaching record levels in the state and unemployment rates are going down.
Key proposals that will affect the state economy include:
- $750 million to be invested in the Regional Economic Development Council (REDC) initiative. Since 2011, the REDC has helped strategize the investment of close to $5 billion in various infrastructure, community development, and job creation projects across the state.
- $500 million to phase II of the Buffalo Billion Phase I saw a complete revitalization of Western New York and helped spur economic development in the region. Phase II seeks to improve workforce development, attract and expand investments in downtown revitalization, life sciences, and advanced manufacturing, and promote the growth of the innovation economy emphasized by Governor Cuomo.
- $650 million investment in the NY life sciences industry. The first part of the investment ($15 million) will go to the development of the JLABS Innovation Center. This center stems from a collaboration between Johnson & Johnson and the New York Genome Center. JLABS will have the capacity to support 30 life science startups.
Further projects highlighted include initiatives in state tourism, film, technology, and manufacturing, with an emphasis on startups and job development.
Full coverage of the event can be found on the ESD blog.
