In his fourth annual State of the State message tomorrow, Governor Andrew Cuomo will (naturally) seek to highlight the most positive aspects of New York’s economic performance under his leadership.
New York’s monthly employment data continue to show a striking regional divergence in job-creation trends. According to today’s Labor Department report, as of November, year-to-year statewide private sector employment growth in New York slightly trailed the national average — with the economic weakness concentrated in upstate New York.
Governor Cuomo’s method of unveiling economic development “awards” is certainly a triumph of branding, hype and stagecraft, complete with special guest emcee Maria Bartiromo.
A huge majority of New York City residents believe it’s likely the non-Indian gambling casinos authorized by Proposal One on next week’s ballot will bring in “significant new revenue for New York state and local governments”—including a full one-third who think it’s “very likely” that casinos will be a big money maker, according to a New York Times-Siena poll released today.
Private sector employment in New York increased by 1.7 percent during the 12 months ending in August, a period in which the number of private jobs in the U.S. as a whole grew by 2 percent, according to the latest monthly report from the state Labor Department.
Job growth in New York over the past year fell below the national rate for the first time since the recession, Comptroller Thomnas DiNapoli points out in a report issued today.
No city in America can match New York’s broad array of taxes—more typical of a state than of a municipal government. Most New York City residents and businesses are subject to combined state and local tax rates far exceeding national norms. Such high taxes are a headwind against economic growth: they add to overhead, cut into profits, and make it costlier to employ people.
A post on this blog three days ago passed along statistics interpreted here to mean that New York “is leading the nation in private and public jobs lost to layoffs.” But that passage turns out to have been seriously misleading, to say the least.
New York comes in at number 35 on CNBC’s latest annual ranking of “Top States for Business.” This is down a tick from New York’s ranking on the same scale a year ago.
The year-to-year rate of job creation in upstate New York remained notably weaker than the average for the rest of the state or the nation as a whole last month, according to the latest data from the state Department of Labor (DOL).
In promoting his twin panaceas for the upstate economy—casino gambling and tax-free zones on college and university campuses—Governor Andrew Cuomo hasn’t minced words about the region’s mediocre economic performance. “We’re on the third generation of people giving the speech and writing the story” of upstate’s decline, he said at one recent news conference.
New York’s economy grew at barely half the rate for all 50 states in 2012, according to newly released federal data. The Empire State’s share of real Gross Domestic Product (GDP) was up 1.3 percent last year, compared to 2.5 percent for all states (and 1.5 percent for the northeast as a whole).