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.”
About the Author
You may also like
New Yorkers’ Health Costs Spiral as Officials Take Credit for ‘Savings’
The latest round of health insurance premium hikes announced by New York regulators adds to evidence that state policies are drowning consumers instead of helping them.
Late last mo Read More
Budget Deal Slows Medicaid Growth But Plants Seeds for Future Spending
The growth of New York's Medicaid spending is projected to slow but not stop as Governor Hochul and the Legislature effectively split their differences over health care in the newly enacted state budget.
Read More
Albany Lawmakers Push a $4 Billion Tax on Health Insurance
Legislative leaders are proposing an additional $4 billion tax on health insurance plans in the upcoming state budget – but withholding specifics of how it would work. Read More
As migrants flow to NY, so does red ink
The influx of foreign migrants to New York could cost the state $4.5 billion more than expected next year, Governor Hochul today warned. Read More
The Bill Arrives: NY Faces $9B Budget Gap Next Year
New York’s outyear budget gaps, the shortfall between planned state expenses and state tax receipts over the next three years, has exploded to more than $36 billion, just-released documents show. Read More
NY school spending again led US, hitting all-time high in 2020-21
Public elementary and secondary school spending in New York rose to $26,571 per pupil in 2020-21, according to the latest Census Bureau data Read More
A Tale of Two Levies
New York school districts are getting record levels of state aid. But how many are using it to cut taxes? Read More
Albany’s Belated Budget Binge
State lawmakers have begun passing the bills necessary to implement the state budget for the fiscal year that began April 1. Read More