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IBM is bringing 500 jobs to Buffalo.

Governor Andrew Cuomo made the announcement today in Amherst during his regional budget address.

“IBM is going to be bring 500 new jobs right here to Buffalo; $55 million in investment from CNSE (College of Nanoscale Science and Engineering)” he said. “There'll be a 100,000 sq. foot facility in downtown Buffalo itself. Construction is going to begin next year; it should open in 2015.”

“I am so excited about this because it is the right place to be; it’s the right project; the right direction; IBM is the right partner to have.”

IBM is also retaining 3,100 high-tech jobs in the Hudson Valley.

Cuomo was also in Amherst to tout his budget. The $137 billion proposal includes $2 billion in tax cuts, funding for universal pre-kindergarten and a two-year property tax freeze.

State Comptroller Thomas DiNapoli has issued a report on the budget. The Comptroller says that while the state's finances are in the best shape in years, there are questions about how it will control spending.

DiNapoli also noted several risks in the budget, such as the pace of the economic recovery and its effect on tax revenues.

The budget is due on April 1.

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