Study Overview
On behalf of Empire State Development (ESD), REMI analyzed the economic and fiscal impacts of a proposed investment by Micron Technology, Inc. The proposal involved constructing and equipping several semiconductor manufacturing facilities in Onondaga County, New York. Between two phases of operations, the company would invest a total of $99.6 billion in capital expenditures, $1.5 billion in infrastructure and other investments, and $3.3 billion in Research & Development. R&D spending would continue through 2055. A 70-industry Tax-PI v2.5 model of New York was selected for this study.
REMI found strong positive economic and fiscal impacts throughout this study, with a 45,418 job increase in average annual employment, an average annual increase in real economic output of over $16 billion, and an average increase of more than $5 billion in real disposable income. By 2055, every direct job, over 4.5 other jobs would be created in the state economy, accounting for 9,005 direct jobs, 9,431 indirect jobs, and 32,474 induced jobs. REMI also projected that the proposed facility would generate, on average, an additional $378.5 million in real state government revenue and more than $565.5 million in additional real local government revenue statewide, on average.
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