Skip to content
Home » News » New York State » State boosts high-tech sector with $45M in grants for businesses

State boosts high-tech sector with $45M in grants for businesses

  • / Updated:
  • Staff Report 

Governor Kathy Hochul announced the awarding of over $45 million in grants to enhance seven commercial sites across New York, aiming to attract high-tech manufacturing businesses. These grants, part of the Focused Attraction of Shovel-Ready Tracts (FAST) NY program, target improvements in Broome, Chemung, Clinton, Fulton, Niagara, Oneida, and Orange counties. The initiative reflects New York’s commitment to diversifying its economy and stimulating job creation in advanced manufacturing and growth industries.

The FAST NY program, initiated in February 2022, has distributed more than $175 million to 20 sites statewide, with Governor Hochul proposing an additional $100 million expansion in the FY 2025 Executive Budget. This strategic investment is designed to prepare New York for future economic opportunities, making it an attractive location for leading-edge companies. Empire State Development President, CEO, and Commissioner Hope Knight highlighted the program’s role in positioning New York as a prime destination for businesses in sectors like semiconductors and renewable energy.

Significant projects funded by FAST NY include a $23.6 million grant to Oneida County for developing a semiconductor supply chain campus and a $11.3 million investment in Broome County for flood prevention and infrastructure at a former industrial site. These investments underscore the state’s efforts to support sustainable community growth and job creation, demonstrating New York’s proactive approach to embracing the high-tech industry’s evolving needs.