April 22, 2024
Albany, NY

Governor Hochul Announces Plan to Transform New York’s Economy and Workforce as Part of FY 2025 Budget 

Governor Hochul Announces Plan to Transform New York’s Economy and Workforce as Part of FY 2025 Budget 

$500 Million Capital Investment at NY CREATES’ Albany NanoTech Complex to Jumpstart $10 Billion Partnership for Next-Generation Chips Research 

$200 Million Investment to Support Four ON-RAMP Advanced Manufacturing Training Centers to Prepare New Yorkers for the Jobs of the Future 

Expands Downtown Revitalization Initiative, NY Forward, FAST NY and Restore NY – Signature Economic Development Programs to Catalyze Statewide Economic Growth   

$80 Million in Capital Funding to Strengthen Arts and Cultural Sector and Support New Public Art Initiatives 

Supports Business Ownership Opportunities for Foreign-Born New Yorkers Through University-Sponsored Visa Opportunities and a New Virtual Immigrant Entrepreneur Center

$30 Million to Support Newspaper and Broadcast Journalism Jobs 

Builds on Governor Hochul’s Commitment to Establishing a Modern, 21st Century Economy in New York State

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Governor Kathy Hochul today announced her plan to transform New York’s economy and workforce as part of the FY 2025 Budget. The Budget includes a $500 million capital investment to jumpstart a $10 billion partnership for next-generation chips research; a $200 million investment to support four ON-RAMP advanced manufacturing training centers and prepare New Yorkers for the jobs of the future; and expands the Downtown Revitalization Initiative, NY Forward, FAST NY and Restore NY to catalyze economic growth across New York State. The Budget also adds $80 million in capital funding to strengthen the arts and cultural sectors and support new public art initiatives; provides new support for immigrant entrepreneurs; and eliminates outdated pandemic-related sick leave requirements.

“New York’s businesses and workers are the backbone of our state’s economy, and this budget includes major, one-of-a-kind investments that will help them continue to thrive,” Governor Hochul said. “From supporting the next generation of chips research to a network of training centers to prepare workers for the future, New York is moving full-steam ahead to build a modern 21st century economy that creates good-paying jobs, strengthens our communities, and secures a financial future for generations of New Yorkers.”  

Investing in Next-Generation Chips Research

As part of the FY 2025 Budget, Governor Hochul has secured a $500 million capital investment for NY CREATES’ Albany Nanotech Complex to jumpstart a $10 billion partnership and bring a cutting-edge High NA EUV Lithography Center to the Complex. The Governor announced the partnership with IBM, Micron, Applied Materials, Tokyo Electron, and other leaders from the semiconductor industry last year as part of her commitment to establishing a global hub for semiconductor manufacturing in New York. Once completed, this new center will build on other semiconductor-related investments to make New York home to the first publicly owned High NA EUV Lithography Center in North America, support the long-term growth of New York’s tech economy, and create and retain thousands of direct, indirect, and union construction jobs.

Preparing New Yorkers for the Jobs of Tomorrow

The Budget also includes a $200 million investment to establish One Network for Regional Advanced Manufacturing Partnerships (ON-RAMP) – a network of four new workforce development centers to prepare New Yorkers for the jobs of the future. As the state continues to attract 21st century businesses in fast-growing industries like semiconductor manufacturing, ON-RAMP Centers will offer credentials and training related to advanced manufacturing and help expand opportunities for disadvantaged populations. The program will focus on strategic, high-impact locations in upstate New York, including a flagship facility in Syracuse overseen by CenterState CEO.

  Expanding New York’s Signature Economic Development Programs

Governor Hochul has secured funding for additional rounds of the Downtown Revitalization Initiative, NY Forward, FAST NY and Restore NY – New York’s signature economic development programs to spur growth across the state. The Budget provides $100 million for another round of the Downtown Revitalization Initiative (DRI), which has been transforming downtown neighborhoods into vibrant communities where the next generation of New Yorkers will want to live, work, and raise families. Participating communities are nominated by the State’s 10 REDCs based on the downtown’s potential for transformation. Each winning community is awarded funding to develop a downtown strategic investment plan and implement key projects that advance the community’s vision for revitalization.     

To support New York’s rural communities, the Budget also allocates $100 million to the NY Forward program, designed to advance the renaissance of smaller downtowns. Like the DRI program, NY Forward communities are selected in partnership with the REDCs, and the Department of State will lead the community through an abbreviated planning process to develop a slate of readily implementable projects. The State’s investment in projects that demonstrate their ability to accelerate revitalization will strengthen the competitiveness and improve the future trajectory of New York’s small communities and larger urban centers.    

In addition, the Budget includes $100 million to fund another annual round of the Focused Attraction of Shovel-Ready Tracts New York (FAST NY) program. Launched in December 2022, FAST NY has awarded more than $175 million to prepare 20 sites across every Upstate region for shovel-readiness.

  The Governor has also secured a $50 million investment for Restore NY, a competitive funding program to support projects that turn vacant, abandoned, and condemned properties into viable sites that advance key goals including downtown redevelopment, waterfront planning and resiliency, and housing production.   

Strengthening Arts and Cultural Sector

The FY 2025 Budget continues Governor Hochul’s investments in the State’s dynamic non-profit arts and cultural sector with $80 million in new capital funding, allowing the New York State Council on the Arts to offer an additional round of grants for projects of all sizes, ranging from $50,000 to $10 million. The Budget also establishes two new programs to empower artists to take stage in the State’s continued economic growth – Cultivating Havens for the Arts through Regional Murals (CHARM NY), which will fund the design and installation of public murals in communities across New York; and the “State of the Arts” Fellowship Program, which will place artist fellows at State agencies to advance public policy goals through creative approaches.

Supporting Immigrant Entrepreneurs

Governor Hochul is committed to supporting immigrant entrepreneurs and has secured funding to help foreign-born New Yorkers forge a path toward business ownership. As part of the Budget, the Governor has established a program to provide opportunities for international entrepreneurs to obtain university-sponsored visas, collaborate with universities to drive innovation, and develop startup companies or early-stage ventures in New York. The program will provide competitive grants for up to eight research universities and colleges to operate the program. 

Governor Hochul will also create a virtual Immigrant Entrepreneur Center, which will serve as a centralized resource for important information and services relevant to immigrant entrepreneurs. The center will direct users to resources such as ESD’s capital access, technical assistance, and regulatory relief programs; the Office for New Americans naturalization, legal consultation, English language, digital literacy, and workforce development services; SUNY’s entrepreneurship, academic, workforce development, and civic engagement programs; and DOL’s Business Express platform. 

Tax Credit to Support Newspaper and Broadcast Journalism Jobs

The Budget also includes the Newspaper and Broadcast Media Jobs Program, a tax credit to support existing and new jobs in the industry. $30 million is available each year for eligible print media and broadcasting companies beginning tax year 2025 and ending in tax year 2028. Each eligible business can claim up to $300,000 in tax credits, and credits will be divided evenly between firms that are 100 employees or less and firms that are more than 100 employees.

Strengthening Recruitment and Retention Efforts by Reforming Tier 6

As the State and other public employers continue to face workforce challenges, the FY2025 Budget includes two reforms to the retirement benefits for Tier 6 members. The two reforms are: changing the final average year salary to determine a public employee’s retirement benefit from highest five consecutive years to the highest three consecutive years and extending the two-year exclusion of overtime earnings when determining a Tier 6 member’s contribution rate to their pension benefit. These enhancements to an employee’s retirement benefits are intended to recruit and retain a much stronger and talented public workforce.

Contact the Governor’s Press Office

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