The joint bid from Buffalo, Rochester, and Syracuse aims to establish a semiconductor corridor in upstate New York, with $54 million in federal funds sought to support the industry. The bid has already cleared a significant hurdle and, if successful, would position the region as a leader in semiconductor innovation and create economic growth and high-paying jobs.
Upstate New York Tech Hub Bid Seeks Federal Funds for Semiconductor Industry
( Credit to: Buffalonews )
A joint bid from Buffalo, Rochester, and Syracuse is seeking $54 million in federal funds to support the semiconductor industry in upstate New York. The bid, known as NY SMART I-Corridor, aims to establish a "semiconductor corridor" stretching from Buffalo to Syracuse. If successful, the federal funding would be supplemented by an additional $10 million from New York State, bringing the total value to around $64 million.
The semiconductor industry in upstate New York is gaining attention, with recent announcements from Micron Technology and Edwards Vacuum. Micron Technology plans to build a $100 billion chip fabrication plant near Syracuse, while Edwards Vacuum is planning a $319 million facility in Genesee County to support chip plants. The joint bid from Buffalo, Rochester, and Syracuse aims to capitalize on this momentum by training workers, building a network of suppliers, promoting innovation, and attracting capital.
The NY SMART tech hub bid has already cleared a significant hurdle by being designated as one of 31 "tech hubs" out of 400 entries in a competition overseen by a U.S. Commerce Department agency. These tech hubs are eligible for substantial federal funding, and the final funding decisions will be announced this summer by the U.S. Economic Development Administration.
Federal Funding as Seed Capital for Upstate New York Tech Hub
The president and CEO of the Buffalo Niagara Partnership, Dottie Gallagher, sees the federal funding as seed capital that, when combined with other funding sources, will activate the plans for the tech hub. The tech hub program was established through federal legislation supported by Senator Chuck E. Schumer, who has been a vocal advocate for the Buffalo-Rochester-Syracuse bid. Schumer is committed to ensuring the bid receives funding and believes the region's workforce, abundant water, cheap power, research institutions, and his own support make it a compelling choice.
The NY SMART bid consists of five proposals, each with a projected budget and lead organization. The proposals include initiatives focused on workforce training, commercializing new semiconductor technologies, providing seed funding and support for semiconductor firms, building up the semiconductor supply chain network, and establishing an innovation office to oversee the plans.
Transformative Impact of Federal Funding on Upstate New York
If the bid is successful in securing the federal funding, it would have a transformative impact on upstate New York. The funding would position the region as a leader in semiconductor innovation and create opportunities for economic growth and high-paying jobs. Senator Schumer believes this funding would be a significant boost for the Western New York economy and further solidify the region's reputation as a desirable location for semiconductor manufacturing and development.
Overall, the joint bid from Buffalo, Rochester, and Syracuse for a tech hub in upstate New York has the potential to drive the semiconductor industry forward in the region. With federal funding support, the bid aims to strengthen the workforce, foster innovation, and attract capital, ultimately positioning upstate New York as a leader in the semiconductor sector. The final funding decisions are eagerly awaited, and Senator Schumer is optimistic that the bid will receive the necessary funding to bring this vision to life.
