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N.Y. shows signs of improvement along measures of economic growth

October 3, 2012
Westfield Republican / Mayville Sentinel News

ALBANY - The Public Policy Institute of New York State recently released Unique New York, an annual economic benchmark that consists of a collection of state rankings on job creation, tax climate, population, personal income and various other indicators.

"Overall, it's been a successful year for business," president and CEO of The Business Council of New York State Inc., Heather Briccetti said. "We've worked with Governor Cuomo and the Legislature to institute a number of pro-growth measures, and it's starting to show in state rankings - the U.S. Chamber of Commerce rated New York 10th on its 'Enterprising States' list. The state's tax burden, however, is still considered to be one of the worst in the nation."

The Tax Foundation rates New York 49th in terms of business tax climate. This includes a ranking of 45th on the property tax index and 23rd for corporate income tax rates. New York also had the third highest percent growth in workers' compensation benefits between 2009 and 2010, according to data from the National Academy of Social Insurance, and ranked third in the nation in 2010 for the highest average retail price of electricity. New York also lags in population growth, ranking 39th over the past five years.

New York ranks a distant third in venture capital investment, behind high-tech powerhouses Massachusetts and California.

"We're optimistic that these figures will improve - in the long run - if we build on this year's legislative cycle and continue supporting job creation, controlling spending and easing the fiscal burden on employers," Briccetti said. "It's also crucial that we institute reforms to our workers' compensation system to provide real cost savings to employers. The Public Policy Institute will be releasing a report next month that further explores this issue."



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