Buffalo Billion Status Update

June 6, 2014 Updated Jun 6, 2014 at 5:53 PM EDT

By HILARY LANE

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June 6, 2014 Updated Jun 6, 2014 at 5:53 PM EDT

BUFFALO, N.Y. (WKBW) - It's been two and a half years since Governor Cuomo first announced the Buffalo Billion project.

Economic experts say it will be at least 5 years until we see notice an impact.

Here is a progress report on the three largest projects:

IBM has committed to bringing close to 550 jobs to the area.
The company is waiting for space in the Key Center to be finalized.
The expected timeline for job creation is 18 months to 2 years.

On the Buffalo Niagara Medical Campus:
Albany Molecular Research Institute will be setting up shop.
The company has already begun the hiring process.
250 news jobs in total will be created after the company moves into the Conventus building which is now under construction.

In South Buffalo:
Soraa, a lighting company, and Silevo, a solar panel manufacturer, will be calling the former Republic Steel site home.
Once construction on a new building is completed in 18-24 months, the companies are expected to create 400 new jobs