FY23 budget will make up to $200 million available for growing high-tech industries across state
√ New FAST NY online portal launched to solicit interest and provide program updates
Gov. Kathy Hochul on Monday announced plans for the new Focused Attraction of Shovel-Ready Tracts New York (“FAST NY”) grant program to attract and expand key growth industries to New York. The governor announced the program at the New York State Economic Development Council Conference in Albany.
Through Empire State Development, Hochul's fiscal year 2023 budget will make up to $200 million available to the new FAST NY grant program to develop sites designed to attract high-tech manufacturing, particularly semiconductor manufacturing, warehousing, distribution and logistics businesses to the state to jumpstart New York's shovel-readiness and increase the state's attractiveness to large employers.
"My administration is laser-focused on leading a recovery that works for the entire state, investing in every community and creating good-paying jobs of the future," Hochul said. "To be the most business-friendly and worker-friendly state in the nation, we're making historic investments in infrastructure, technology and project delivery. The hundreds of millions of dollars invested into the development of shovel-ready sites will help us diversify our economy and jumpstart New York's next great comeback."
ESD Acting Commissioner and President and CEO-designate Hope Knight said, "Currently, with the federal government poised to invest billions of dollars under initiatives such as the proposed CHIPS Act and the recently passed Infrastructure Investment and Jobs Act, the time is ripe for New York to invest in a new generation of shovel-ready sites, and FAST NY will help usher in a new era of growth."
FAST NY grant funding will be used to improve the shovel-readiness of existing, mature sites by funding improvements such as water infrastructure, sewer infrastructure, roads, electrical substations and power and gas lines, as well as prepare an emerging pipeline of future shovel-ready sites by addressing necessary pre-development site planning and reviews.
ESD launched a FAST NY online portal to solicit interest and provide updates about the program as it is developed. The site will serve as the home of the FAST NY grant program, which, following the passage of the state's budget, will eventually feature a formal application. The information collected will help inform the state as it reviews potential sites that would position New York to be a more competitive place to locate and expand a business, by helping to usher in a new era of market-ready infrastructure.
New York State Sen. Anna M. Kaplan said, "As we look to strengthen New York's economy coming out of the pandemic era, and as we seek to bolster local manufacturing to avoid future supply chain disruptions, it's vital that we invest big into the high-tech manufacturing sector that will be a significant driver of future economic growth and innovation. Taking steps now to attract these growing industries to New York will position our state for long-term economic success and strong job creation well into the future."
Assembly member Harry B. Bronson said, "It is important to make sure New York is ready for the future, and this starts with making sure that our state is prepared to grow the economy in industries that are in high demand. Through Fast NY, we will ensure that we have taken the necessary steps to make the Empire State attractive to key industries in this extremely competitive market."
Hochul’s team said, “Shovel-ready investments are a key driver in site selection for the semiconductor industry. Gov. Hochul has recently voiced her strong support for federal investments in domestic semiconductor manufacturing by joining 22 other governors calling for the passage of the CHIPS Act, which plays a crucial role in nation's economy and our national security, and has previously written an op-ed on the importance of passing this federal legislation investing in the domestic semiconductor industry.”