New York State will invest some $50 million in the biosciences through the Regional Economic Development Council Initiative with projects in nearly every region, according to an analysis by the New York Biotechnology Association (NYBA). The awards were announced on Thursday in Albany. The funds will include support for projects as diverse as a bioscience incubator in Westchester County to a biomass electric plant in the Mohawk Valley. Together, the projects total over $49.7 million in new investment.
"We are very excited that New York, recognizing the value of a robust bioscience industry, is investing in the biosciences, one of the state's leading growth areas. These investments will enable further growth in a field that supports some 250,000 direct, indirect and induced jobs, and contributes over $32 billion a year to the state's economic output," said Nathan Tinker, Executive Director of NYBA.
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