By leading the nation in tax cuts, reducing workers' comp rates, slashing job-choking red tape and making sound investments in education, we turned crisis into comeback. Now IBM is not just staying in New York, it is growing and investing in New York. I thank Lou Gerstner for once again linking IBM's destiny and success to New York State's. IBM also expects to mass produce semiconductors at line-widths more than 1,000 times thinner than a human hair. That, in turn, drives tremendous demand for critical technical components like chips.
More demand requires more supply.
The semiconductor industry has never been stronger and demand for our technologies has never been greater. We're investing billions of dollars across the globe to meet the long-term technology needs of our customers. Identified as a viable site for chip manufacturing, New York completed its environmental review process at IBM's Building 323 in East Fishkill nearly two years ago. I congratulate Governor Pataki for his vision and leadership in bringing this historic investment to New York State. Recognizing that the private sector would seek a public partner to undertake a multi-billion dollar investment, New York State approached IBM more than one year ago to expedite the negotiating process.