Google to spend $1B on new campus in New York

Alphabet's Google plans to invest more than $1 billion on a new campus in New York.

That would be the second major technology company, after Amazon, to pick America's financial capital to expand and create thousands of jobs.

The 1.7 million square-foot campus will be called Google Hudson Square, according to a company blog post on Monday.

Google hopes to start moving into the building by 2022.

It’s the latest tech giant to announce that it would be building new campuses.

Apple announced last week it would spend $1 billion to build a new campus in Austin, Texas.

Last month, said it would open offices in New York and the Washington, D.C. area, creating more than 25,000 jobs.

Mountain View, California-based Google's move to invest in prime real estate on the Lower West Side of Manhattan also underscores the growing importance of New York as a hub for innovation and an incubator for technology companies.

New York is quickly becoming a hub for technology as the city provides a better option to other places that would require more investment.

The Wall Street Journal reported last month that Google was nearing a deal to buy or lease an office building in New York City that could add space for more than 12,000 new workers.

Google's first New York office at 111 Eighth Avenue is one of the city's largest buildings that it bought in 2010 for $1.77 billion, according to Reuters.

Earlier this year, the company announced a $2.4 billion purchase of the Manhattan Chelsea Market. It also has leased space on Pier 57, off the Hudson River.

With investments in Google Chelsea and Google Hudson Square, the company said it would more than double the number of employees in New York over the next 10 years.