New York State is not waiting for the federal government to create an economic turnaround; it’s creating one in a nanotech lab at Albany’s new College of Nanoscale Science and Engineering, CBS News reports.

New York made a billion-dollar state investment to attract another $13 billion from computer industry giants like Intel and IBM.

Physicist Alain Kaloyeros says the 13,000 jobs generated statewide will double in the next 5 years. That could mean $2 billion in payroll pumped into New York State’s economy.

The center includes a more than $1 billion investment by IBM and further investments from Intel and other major companies, the source said. “Why single out one company when they’re all present in Albany?” the source said.

President Obama switched the location of his New York capital region visit Tuesday, with the White House citing logistical issues, Daily Politics reports.