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New York powers up with $5.2 billion in economic development

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  • Staff Report 

Governor Kathy Hochul has launched a groundbreaking initiative, awarding low-cost power to 11 companies and propelling over $5.2 billion in capital investments across New York State. These strategic investments are set to bolster nearly 6,000 jobs, showcasing the state’s dedication to fostering a vibrant economy and a sustainable future. The announcement also spotlighted a significant $1 million funding award aimed at revitalizing the Niagara Arts & Cultural Center, highlighting the state’s commitment to both economic and cultural growth.

Under the ReCharge NY program, nearly 32 megawatts of low-cost power will energize a diverse group of companies, including a notable investment by fairlife to build a massive milk beverage manufacturing facility in Monroe County. This facility alone is expected to generate up to 250 jobs, underscoring the substantial impact of these initiatives on local employment and manufacturing capabilities. Additionally, semiconductor giant GlobalFoundries is set to expand its Saratoga County plant, further cementing New York’s role as a leading hub for high-tech industry growth.

The power allocations also extend to supporting Western New York businesses through low-cost Niagara hydropower, fostering significant expansions and job creation at firms like Buffalo Games and Mayer Brothers. These efforts, alongside the Western New York Power Proceeds Fund awards, are testament to New York’s strategic approach to harnessing its resources for economic development while prioritizing clean energy and community enrichment. As New York strides toward a greener, more prosperous future, these initiatives mark critical milestones in the state’s economic and environmental leadership.