President Biden announces $20 billion to boost tech, semiconductor chip production in Hudson Valley
POUGHKEEPSIE, N.Y. -- President Joe Biden was in the Hudson Valley on Thursday and made a stop at IBM in Poughkeepsie, where he announced a $20 billion initiative focused on new technology.
The massive investment includes billions of dollars that will be spent in New York. IBM plans to invest in the Hudson Valley, CBS2's Kevin Rincon reported.
"It's about good paying jobs that you can raise a family on. Jobs now, jobs for the future, jobs in every part of our country, and that's what we're going to see here at this factory in the beautiful Hudson Valley," said Mr. Biden.
The investment at IBM will go toward making and developing semiconductors, mainframe technology, artificial intelligence and quantum computing.
The economic opportunity being promoted by the president isn't necessarily new.
"IBM was a cornerstone of the community before, and I know companies have to make adjustments as they go. So it would be cool to see that tech come back to the area," said Patrick McGuire, who owns The Poughkeepsie Grind.
McGuire has been in business for a decade. He knows there was a time when IBM was thriving, but that changed in the 90s.
The president's visit and the investment could breathe new life in the area, which in many ways is being rediscovered.
"We've already seen a big spike in population just thanks to people exploring other options out of New York City. So it'd be cool to see that continue," said McGuire.
That spike has created new demand throughout town.
"There's a need for more housing. I do think there's always a demand for that. I think more development projects like this," said Michelle Barone-Lapore, a Baxter Building spokesperson.
Baxter Building has seen old spaces reinvented. New money, however, means new problems.
"People that used to work locally, they had to move out of the area to afford it. So that's the downside of all of that," said Marla Neville, owner of Main Printing.
Neville has owned her printing company on Main Street for nearly 18 years. She's seen it all.
"They've had their ups and downs. The area seems to start to improve and then it kind of falls flat, and then it'll improve a little and fall flat, and then it took the hit with COVID-19. Now we see it rebounding. We do see new development," said Neville.
She hopes small businesses like hers aren't forgotten as things improve. The ebbs and flows have been part of life here for decades, but many hope these new investments usher in a new era.
After the event in Poughkeepsie, the president was expected to meet with New Jersey Gov. Phil Murphy and attend a Democratic National Committee reception in Red Bank.
The president was scheduled to attend another fundraising event Thursday night in New York City.