The Power of Partnerships
As announced by the U.S. Economic Development Administration, Senator Majority Leader Schumer and others, the Buffalo-Rochester-Syracuse region has been chosen to become one of 31 national tech hubs, a designation that could transform the economy in upstate New York.
The proposal, termed the “NY SMART I-Corridor Tech Hub,” will be the only federal tech hub focused on the semiconductor industry. This is particularly important amid a federal effort to “reshore” the industry, whose microchips are used in everything from computers to cars.
The Buffalo News and others reported that Buffalo, Rochester and Syracuse teamed together on the effort, whereas most tech hub applicants were based in only one community. The upstate bid has the potential to have a far greater economic reach than some of the other proposals, which will likely increase the chances that it lands federal funding.
The 31 tech hubs will now compete to be one of several bids selected to receive $40 to $70 million to jumpstart their economic redevelopment efforts. The award winners will be announced sometime in the coming months.
“This is something that will forever alter the trajectory of Western New York and upstate,” Gov. Kathy Hochul shared with The Buffalo News. “This changes everything.”
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