Why are the world’s most forward-looking companies choosing to invest in New York State? With its abundance of clean and reliable power, first-class colleges, a highly skilled workforce, and a thriving economy, high-tech manufacturers and supporting supply chain partners are capitalizing on these assets to expand their operations and grow their businesses in New York.
Leaders across the state have a proven track record of encouraging pioneering investments to support diverse and prosperous local economies. Through competitively positioned loans, grants, tax credits, and real estate development, New York has some of the most competitive incentives and economic development attraction mechanisms in the United States. The state’s well-designed and well-executed site readiness programs—that offer turnkey shovel-ready and high-value industrial sites in the bustling Northeast corridor—have been paramount to New York State’s success.
Today, New York consistently ranks among the top 10 U.S. Manufacturing States, with the sector contributing over $83 billion to the state’s gross domestic product in 2022. The semiconductor manufacturing industries alone are among the strongest in the nation, supporting more than 10,300 jobs, $2 billion in exports, and 72 semiconductor facilities across the state. In the cleantech space, New York State is third in the nation in clean energy jobs with just over 178,000 New Yorkers employed across key sectors including renewable energy generation, clean transportation, and buildings. Since 2019, New York has announced 45 clean tech manufacturing projects totaling more than $4.8 billion in investments and approximately 8,500 jobs created or retained.
Speed-To-Market Sites In NY
In a recent interview, Jeff Janiszewski, one of New York’s leaders in economic development, recalls how the state was a pioneer with the Build Now site readiness program, which was launched several decades ago.
“The state recognized the importance of site readiness, and in 1995, we refined its speed-to-market approach to drive economic growth by providing strategically prepared sites for development. Since then, we have worked arduously with prominent companies from all over the world to be ready for investment opportunities and to meet their pressing needs,” said Janiszewski, Senior Vice President, Strategic Business Development/Global NY at Empire State Development.
The Focused Attraction of Shovel-Ready Tracts New York (FAST NY) business attraction grant program was announced in 2022 to enhance the state’s appeal to high-growth industries. FAST NY has become a game-changer, accelerating the preparation and development of shovel-ready sites in communities across the state.
Administered by Empire State Development, the program provides grants for pre-development activities and infrastructure investments to ensure sites can accommodate industry needs. Since its inception, FAST NY has awarded nearly $233 million to 32 projects across the state, improving shovel-readiness and enhancing the growth of businesses in cleantech, semiconductor, and other industry supply chains, transforming nearly 3,000 acres of previously underutilized land.
Awarded projects include pre-development and infrastructure improvement projects, such as the $20 million FAST NY grant awarded to Monroe County in 2023 to upgrade the existing electrical infrastructure and boost the region’s appeal to agribusiness and industrial machinery manufacturing. Because of that award, Fairlife broke ground on a $650 million production facility in April 2024 at a site in Webster, located in Monroe County.
The performance-based Excelsior Jobs Tax Credit Program is another crucial mechanism that is supercharging investments in New York’s cleantech and semiconductor manufacturing sectors. These fully refundable tax credits are available to firms that meet job creation and investment thresholds. Additionally, these tax credits are enhanced for cleantech manufacturing and supply chain projects, or to projects that make products or develop technologies primarily aimed at reducing greenhouse gas emissions or supporting the use of clean energy.
In February 2025, BAE Systems qualified for $8.5 million through Excelsior Jobs Tax Credits for the job creation commitments tied to its $65 million expansion of a new battery production line in Broome County. Moreover, Raymond Corp—a world leader in lithium-ion battery technology and e-warehousing solutions—is advancing the Energy Solutions Manufacturing Center of Excellence to ensure New York is at the frontline of manufacturing and innovation in this sector. Up to $1 million in Excelsior Jobs Tax Credits is projected for the $15.6 million project.
“This program eligibility distinguishes Excelsior from other state tax credit programs, providing significant advantages,” emphasized Janiszewski.
Semiconductor Industry Finds A Home
New York is not only designated as America’s Battery Tech Hub by the U.S Economic Development Administration (EDA), but it is also a global leader in semiconductor manufacturing. The New York Semiconductor Manufacturing and Research Technology Innovation Corridor—or NY SMART I-Corridor Tech Hub—was designated as one of the only 31 tech hubs in the nation, bolstering the growth of New York’s semiconductor ecosystem. It is anticipated that one in four American-made chips will be produced within 350 miles of the NY Smart I-Corridor by 2033, creating a globally competitive framework in Central New York’s Silicon Empire. The program includes a consortium of semiconductor supply chain companies that helped close deals with industry leaders like Micron Technology’s $100 billion investment in Clay, NY, bringing nearly 50,000 jobs, and GlobalFoundries’ $15 billion investment in its Fab 8 facility in Malta NY, to support innovation and manufacturing capacity.
New York is focused on site readiness for expanding the clean energy economy with supply chain development for energy storage, electric vehicles, and other cleantech sectors. The Genesee County Economic Development Corporation’s Science & Technology Advanced Manufacturing Park (STAMP) Mega-Site was designed to bring advanced manufacturing and next-generation businesses to Western New York and Finger Lakes regions. STAMP’s 1,250-acre campus has $1 billion of announced investments including Edwards Vacuum, which will support 600 high-quality jobs in semiconductor equipment manufacturing powered by clean renewable electricity from the New York Power Authority.
NYSERDA owns and manages the Saratoga Technology + Energy Park (STEP) in the Capital Region, a semiconductor manufacturing corridor. Located adjacent to GlobalFoundries, it offers more than 200 shovel-ready acres, ready access to approximately 50 MW of power, and modern facilities designed for multiple users or tenants. Its proximity to leading researchers in advanced energy storage and battery technology provides a strategic location for cleantech manufacturing, environmental technologies, and semiconductor supply chain firms.
New York’s historic investments in workforce development, economic growth, and transformational technologies continue to pay off. These investments are unlocking new economic opportunities that attract cutting-edge employers, propel job creation, and foster high-growth industries. The environment for doing business in New York has never been better.
