Governor Andrew Cuomo understandably is touting a U.S. Chamber of Commerce study that ranks New York in tenth place for growth, productivity and livability among the 50 states. The governor said the Empire State had moved up 11 places from its position in last year’s “Enterprising States” study.
But there’s one cloud behind that silver lining.
The Chamber study attributes the improvement in New York’s ranking to “rapid GDP expansion and per-capita personal income growth” — both of which are backward-looking measures. “Much of this growth,” the study adds, “has been driven by the rebound in various high-value finance sectors.”
Unfortunately, that rebound — a product of federal bailouts and zero interest rates — is now over, and the financial sector’semployment and profitability outlook is not rosy.
On other measures, New York ranks high in college-educated population, advanced-student achievement, and output of college degrees. And Cuomo’s property tax cap gets a special nod from the Chamber study as a “notable reform” that “protects businesses and other property owners from major tax fluctuations.”
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