New York state has launched Round XII of the its annual Regional Economic Development Council Initiative.
Several area companies and development projects have been helped over the years by funding from this initiative.
Round XII includes core capital grant and tax-credit funding to be combined with a wide range of programs from 10 state agencies that will provide funding for prospective projects. As with Round XI, $150 million in grant funds from Empire State Development will be available to projects on a continuous basis, in order to be responsive to the immediate needs of communities.
“The Regional Economic Development Councils have been transformative for communities across the state, and we will continue supporting impactful projects that align with each region’s strategic goals,” Gov. Kathy Hochul said. “Through Round XII, we are addressing one of the biggest challenges—and opportunities—in our state’s economic development strategy by supporting New Yorkers in developing the skills they need to succeed, both today and in the future. The REDCs will identify strategies to ensure employers in growing industries have access to the skilled labor they need to be competitive, helping usher in a more prosperous New York for all.”
This year, the Regional Economic Development Councils will prioritize workforce development, with a specific focus on developing and funding job training and placement programs that address the current and future needs for talent of employers in the state and each region, officials said. As part of this focus on equitable growth, each Regional Council will work in concert with ESD and the new Office of Strategic Workforce Development to create a tailored regional strategy identifying the specific jobs and skills needed by employers in that area of the state.
The Regional Councils and ESD will then seek to fund programs that help workers meet these specific needs.
Earlier this year, Hochul created a new Office of Strategic Workforce and Economic Development within ESD. The office’s purpose is to leverage ESD’s expertise in working with businesses in New York state to inform the design of workforce training and placement programs.