Strengthening New York's Economy and Creating jobs

Bold Steps to the New Economy 
Governor Paterson released a plan entitled "Bold Steps to the New Economy: A Jobs Plan for the People of New York" which outlined his vision for how New York will lead this New Economy based on knowledge, technology and innovation. Governor Paterson's Jobs Plan capitalizes on federal stimulus dollars to drive economic recovery in the fields of energy, environmental protection, technology and health care.

Governor Paterson established the Innovation Economy Matching Grants program that will provide a 10 percent match for every stimulus dollar the federal government awards through competitive grants to research facilities in New York State. New York will allocate up to $100 million over several years for this program that is expected to leverage one billion dollars in federal research funding. This program will help ensure that new research centers are built in New York, which will position the state for future federal grants and private investment.

Increasing Opportunities for Minority and Women-Owned Businesses (MWBE)
Governor Paterson has brought historic, broad-based change to the way New York State conducts business:

  • Under Governor Paterson's leadership, revenues to MWBEs in New York State have increased by $100 million dollars. The Division of Minority and Women's Development has reduced processing time for state MWBE certification from two years to 90 days. The Division also created a "fast track" expedited certification process for companies that are already federally certified as a Disadvantaged Business Enterprise.
  • The Division created a bond access pilot program for the contruction industry. This program created $30 million worth of additional bonding capacity for MWBEs. The Division is also creating industry-specific initatives to increase MWBE participation in growth sectors such as information technology, energy efficiency and green technology. All three of these sectors correspond to the governor's economic development and policy priorities.  By sychronizing the MWBE program with the state's overall economic development program, Governor Paterson is ensuring that companies are growing in the areas that will create jobs, wealth, and tax revenues.

    Governor Paterson is increasing MWBE participation in underwriting and financial services:
  • By Executive Order, Governor Paterson established a Task Force to increase participation of MWBE underwriting and financial services professionals in New York State debt issuances. This was an unprecedented step in correcting New York's underutilization of qualified MWBE firms in this sector. The Governor appointed Paul T. Williams, Jr., Executive Director of DASNY, to chair the Task Force. In its preliminary report to the Governor, issued in April 2009, the Task Force reported that fees to MWBE underwriting firms had increased from four percent of total fees ($517,000) in 2007 to over 23 percent of total fees ($5.1 million) in 2008. The increase in MWBE utilization, which is continuing in 2009, is an historic accomplishment that has already resulted in new firms establishing a presence in New York and existing firms growing their employee base.
  • The work of the Task Force is not just limited to underwriters. The Task Force recently adopted recommendations to increase the utilization of MWBE law firms in all legal procurements, and will soon adopt new recommendations for increasing the utilization of financial and swap advisors, broker dealers, accountants, banks and mutual funds.
  • As a result of these Task Force recommendations, many other legal and financial opportunities will become available for MWBE firms interesting in contracting with public authorities and state entities.

45x15 Clean and Renewable Energy Program
In his 2009 State of the State Address, the governor announced one of the most ambitious clean energy goals in the country: the "45 by 15" program.  By 2015, New York State will meet 45 percent of its electricity needs through improved energy efficiency and clean and renewable energy.  Not only will this program help us meet our clean energy needs and help to protect our environment, it also means good jobs and keeping costs low for local governments.  The 45 by 15 program will create an estimated 50,000 new jobs, and through job training programs for displaced, unemployed, and underemployed workers, New York is creating the clean-energy workforce of the future.  The 45 x 15 program is an outgrowth is the Renewable Energy Taskforce, created by then Lieutenant Governor Paterson to find clean, renewable, sustainable solutions to our state's energy needs.

Weatherization
Governor Paterson pushed for the United States Department of Energy to approve New York's Weatherization Recovery Act Funding Plan to utilize $394 million in federal stimulus. The funds will be used to make at least 45,000 low-income households more energy-efficient, reducing heating and cooling costs by $500 million over 15 years.

The Weatherization Recovery Act Funding Plan will create as many as 4,200 jobs in New York. When combined with New York's annual federal Weatherization Assistance Program funds, this will result in more than $500 million to weatherize the homes of low-income New Yorkers over the next two years.

IBM
IBM is investing $1.5 billion to create 1,000 jobs for New Yorkers in Upstate New York. Partnering with the State, IBM is expanding its existing operations at the College of Nanoscale Science and Engineering at the University at Albany NanoTech at SUNY Albany, which is one of the most advanced nanotechnology resesarch facilities in the country. IBM will also update their East Fishkill facility in Duchess County and create a new semiconductor packaging research and development center in Upstate New York.

Yahoo! Inc.
Governor Paterson announced in May 2009 that the New York Power Authority (NYPA) had approved a proposal designed to bring Yahoo! Inc., the world's largest global online network of integrated internet services, to Western New York. If the proposal is accepted by the company, Yahoo! Inc. would invest at least $150 million for the construction of a new East Coast Regional Datacenter and create 125 new high-tech jobs in Western New York. The average wage and benefits of the new jobs that would staff the datacenter facilities will be approximately $65,000.

GLOBALFOUNDRIES
In the area of nanotechnology, Small Times magazine has just recognized the University of Albany and Cornell University as leading the nation in the commercialization of nanotechnology.  We are witnessing the investment of more than $4 billion by GLOBALFOUNDRIES in a world-class production facility which will hire 1,400 people, most of them trained at our community colleges, to produce the next generation of chips.  This technology will not only power and improve our computers and our smart phones, but will have significant impacts on almost all industries and all areas of society.  It will offer better built, longer lasting, cleaner, safer and smarter products for the home, for communications, for medicine, for transportation, for agriculture, and for industry in general.

Jacob K. Javits Convention Center
Under Governor Paterson's leadership, the Empire State Development Corporation (ESDC) approved the plan for the renovation and expansion of the Center. The project includes renovations that respond to the immediate needs of the convention and trade show industry, improve the existing building conditions, and enable the Center to continue operating while complementing the ongoing development of the West Side. It also includes a 100,000 square foot expansion of the Center that will add 40,000 square feet of exhibition space and 60,000 square feet of other functional and utility space. This newly renovated convention center will be home to countless international visitors, and provide attractions for residents and the millions of people who travel from around the world to visit and do business in Manhattan.