Columbia University has announced it would start an Institute for data sciences and engineering in New York City, reports Bloomberg.
To help push New York City forward as a high-tech leader, Mayor Michael Bloomberg and Columbia University President Lee C. Bollinger revealed plans to double both Columbia's current science engineering staff and graduate students.
The program, which will be housed at the school's existing campuses in Morningside Heights and Washington Heights, is expected to have 75 new faculty members over the next decade and half. The agreement includes the creation of 44,000 square feet of applied-science and engineering space by 2016.
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"This is the most ambitious economic plan the city has had in decades," Bloomberg said.
The Columbia's School of Engineering ranks 17 in computer science schools in the world and 10 in the United States.
The new Institute for Data Sciences and Engineering will reportedly focus on five specific areas: New Media Centre, Smart Cities Centre, Health Analytics Centre, Cybersecurity Centre, and Financial Analytics Centre.
Apparently, the new institute will generate an estimated $4 billion in economic growth across the five boroughs over the next three decades.
New York City will provide $15 million in financial assistance, including discounted-energy transmission costs and partial debt forgiveness, according to the release.
Columbia itself will spend $80 million in private investment to complete this project. The expenses of the new institute will not affect tuition rates, said Kathy McKeown, the director of the new institute. The $80 million will come from the money made through Columbia's engineering research.