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Is NYS the Northeast’s TBED Leader?

Written by: Steve Melito, Industry Blog Writer for FuzeHub

SSTI
Image Credit: SSTI

How does New York compare to other northeastern states in terms of technology-based economic development (TBED)? According to SSTI, a non-profit group that supports efforts to strengthen economies through technology and innovation, TBED requires a multi-faceted approach. In addition to research capacity and a skilled workforce, economies need capital along with initiatives to commercialize research.
In the past year, New York State has eliminated the income tax for manufacturers and established a 20% property tax credit. The Empire State is also meeting its investment commitment to the Buffalo Billion initiative, a regional effort that will create a high-tech manufacturing hub, help commercialize research at the Buffalo Niagara Medical Campus, and support the Edison Welding Institute center.
New York is not alone is pursuing TBED initiatives, of course. To the east, Connecticut plans to help small manufacturers purchase equipment, develop new technologies, and train workers. Large manufacturers with strong economic development potential can also apply for direct loans. To the south, the New Jersey Institute of Technology (NJIT) is promoting TBED via sector-focused innovation labs.
In a recent article entitled “Manufacturing Resurgence Attracts Attention of State Legislatures,” SSTI compares these Northeastern states – albeit in cursory form. In a previous article, however, SSTI reports how New York Governor Andrew Cuomo and the NYS legislature have also provided critical funding to the Regional Economic Development Councils, as well as the Innovation Hot Spots and Incubators program.
View original story: Manufacturing Resurgence Attracts Attention of State Legislatures
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