NY Governor Andrew M. Cuomo announced that IBM will be maintaining 3,100 technology jobs in the Hudson Valley and surrounding areas, and will be creating 500 new IT jobs in Buffalo.
The agreement IBM has entered into with SUNY College of Nanoscale Science and Engineering (CNSE) includes maintaining existing semiconductor plant jobs in Duchess County, where IBM is the biggest private employer, at least till the end of 2016.
As part of the agreement, IBM has also agreed to create 500 new jobs in Buffalo and will be first anchor tenant of the Buffalo Information Technologies Innovation and Commercialization Hub. This hub is funded through a $55 million commitment made by the State.
IBM, CNSE, the University at Buffalo and the Western New York Regional Economic Development Council (WNYREDC) will be training IT professionals and educating IT staff at the hub, in addition to software development activities that will drive discoveries in fields such as energy efficiency, genomics, molecular research and defense.
The $55 million commitment by the State will be made through CNSE, including $30 million to purchase software and hardware for the hub, and the remaining $25 million for establishing an open innovation facility.
Gov. Cuomo said that the strategic investments being made in emerging fields will position the City of Buffalo and the rest of Western New York as a high-tech industry leader and pioneer of new discoveries.
Gov. Cuomo added that the three Innovation and Commercialization Hubs in the region are leveraging billions in private investments, creating thousands of good-paying jobs and building a sustainable local economy for years to come.
Apart from this IT hub, the two other previously announced Buffalo Innovation and Commercialization hubs that are already being developed include a high-tech hub at the RiverBend Commerce Park and a medical hub at the Buffalo Niagara Medical Campus.
Buffalo Mayor Byron Brown noted that new Buffalo economic development activity worth $4.3 billion is currently underway, and IBM‚Äôs commitment adds to the momentum by bringing a pledge of 500 new jobs to Buffalo.
Erie County Executive Mark Poloncarz said this is a good example of how public funds may be used to draw private sector partners such as IBM to invest their own money, with new jobs and a more diverse and stronger economy as a result.
WNYREDC Co-chair and President of the University at Buffalo Satish K. Tripathi said the substantial investment in the Hub will create hundreds of high-paying jobs and put Western NY on the map as a global leader in cutting-edge energy and health research.
Construction on the Buffalo Information Technologies Innovation and Commercialization Hub will begin this year, and the facility will open in 2015.