New York has the bleakest economic outlook of any state in the nation, a report released Wednesday found.
The American Legislative Exchange Council, a conservative-leaning think tank, made the dire assessment in its annual “Rich States, Poor States” study — blaming New York’s high taxes. It was the fifth time in the last six years that New York ranked 50th in the annual study.
From Capital New York:
Companies participating in the state's Start-Up NY program created a total of 76 jobs last year in exchange for $56,650 in tax benefits, according to a report on the program's inaugural year of operation.
Governor Andrew Cuomo has often touted the program, which creates tax-free zones rooted in university campuses, for its promised job creation and investment numbers offered by the accepted companies. The report issued this week by Empire State Development is the first time the Start Up-NY's actual numbers have been documents.
The 54 companies approved last year by E.S.D.—33 of which are new to New York—have thus far created 76 of the 2,085 jobs they promised. The companies also promised $91.3 million in investment, and have so far delivered on $1.7 million of that, according to the report. Those numbers translate to 3.6 percent of the promised jobs, and 1.9 percent of the promised investment.