Governor Pataki Announces $2.7 Billion Investment in Tech Valley

Strategic Insights -

Governor George Pataki delivered his tenth State of the State address on January 5, 2005, outlining three significant technological developments that promise to shape the future of the Hudson Valley, known as Tech Valley. The announcements marked a substantial investment in the region, with global giants such as IBM, Sony, Toshiba, and Samsung committing $1.9 billion to build a next-generation chip plant. The facility, located in Fishkill, will create 750 new jobs and 250 research projects, with operations set to begin in early 2006. Additionally, ASML Holding NV will establish a $325 million R&D center in Albany, joining the Albany NanoTech complex and the college of nanotechnology at UAlbany to form a world-class nanotechnology center. A new center for high-tech materials will also be built in Albany, with a joint investment of $450 million by IBM, Tokyo Electron, and Applied Materials, and other companies expected to join.

Key Takeaways:

  • Governor Pataki announced a $1.9 billion investment from IBM and six global giants to build a next-generation chip plant in Fishkill, creating 750 new jobs and 250 research projects.
  • The chip plant, set to begin operations in early 2006, will be located in the 380,000 square foot facility next to IBM's current chip facility.
  • ASML Holding NV will establish a $325 million R&D center at the UAlbany Center of Excellence in Nanoelectronics, joining the Albany NanoTech complex and the college of nanotechnology at UAlbany.
  • The new R&D center will focus on nanoscale lithography, a process used to imprint circuit patterns on silicon wafers for nanochips, which are smaller and more information-dense than conventional microchips.
  • The new centre for high-tech materials, a joint venture between IBM, Tokyo Electron, and Applied Materials, will be built in Albany with a $450 million investment.
  • The total investment in these technological developments is $2.7 billion, with New York State's share of funding being only $225 million.
  • The majority of the investment funds are supported by private funding, with the potential to create over one thousand jobs.

Statistics:

  • $1.9 billion: Total investment from IBM and six global giants to build the next-generation chip plant.
  • $380,000 square feet: Size of the new chip plant facility.
  • 750: Number of new jobs created by the chip plant.
  • 250: Number of research projects to be conducted at the chip plant.
  • $325 million: Investment for ASML Holding NV's R&D center.
  • $450 million: Investment for the new centre for high-tech materials.
  • $2.7 billion: Total investment in the technological developments.
  • $225 million: New York State's share of funding for the projects.
  • 2006: Expected year of operations for the new chip plant.

Sources:

  • Governor George Pataki's tenth State of the State address, January 5, 2005.
  • Various press releases and statements from the mentioned companies, including IBM, ASML Holding NV, and Applied Materials.