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New York Gov. Andrew Cuomo is holding his daily news conference on the COVID-19 outbreak, which has infected more than 37,000 people in the state as of Thursday.

Cuomo reported 100 new deaths in the state on Thursday, bringing the total to 385. He warned that the number will continue to rise, particularly as the state struggles to find enough hospital beds and ventilators to handle the expected onslaught of patients.

More than 5,300 residents have been hospitalized and the state is projecting that will climb to 140,000 over the next two to three weeks, Cuomo said. At least 1,517 people have been discharged, he added. The state has already spent $1 billion trying to stymie the outbreak and estimates that business closures will cost roughly $10 billion to $15 billion in lost revenue.

At the peak of the outbreak, New York state estimates it will need roughly 40,000 ventilators, Cuomo said. The state currently has about 3,000 to 4,000 ventilators on hand and has purchased about 7,000 more, he added. COVID-19 patients also need ventilators a lot longer than most other respiratory patients, 11 to 21 days compared with three or four days, Cuomo said.

Read CNBC's live updates to see the latest news on the COVID-19 outbreak.