New York is the 49th Best State for Business 2013

Previous State: Illinois Next State: California No. 49New York Taxations & Regulations Workforce Quality Living Environment Based on CEO Survey [...]

May 6 2013 by JP Donlon


Previous State: Illinois Next State: California

No. 49New York

Taxations & Regulations

Workforce Quality

Living Environment

Based on CEO Survey by ChiefExecutive.net

Key Metrics
State GDP 

  • % Growth ’10-’11: 1.1
  • % Growth ’10-’11 v. Nat’l Avg. (1.5%): -0.4

Unemployment

  • Unemployment Rate Dec. 2012 %: 8.2
  • Comparison with Nat’l Rate (7.80%): 0.4

Domestic Migration

  • Domestic Net Migration ’10-’11: -113,757
  • Rank: 51

State Government

  • Debt per Capita Fiscal Year ’10 ($): 6,694
  • State & Local Gov’t Employees per 10k Residents: 634.5

State-Local Tax Burden

  • Rate (%): 11.1
  • Compared to Nat’l Avg. (9.9%): 1.21
Key Companies
  • IBM
  • AIG
  • Pfizer
  • PepsiCo Inc.
  • JP Morgan Chase
  • Citigroup
  • Verizon
  • Phillip Morris
  • Goldman Sachs
  • American Express
Development Trend Indicator: Neutral
Gov. Cuomo seems to be less concerned now about business-friendliness.
CEO Comments
“New York’s taxes on the job creators is broken and taxing authorities are too bureaucratic – a glimpse of everything bad in the federal government.”

“New York headed in the right direction, but still way behind other states.”

“No matter how good the people and the weather are, activist departments of revenue, lots of regulations, and high taxes make states like CA and NY bad options, always.”

“Given New York’s onerous tax regulations, we are seriously going to consider whether we allow employees to travel to or participate in events in that state. We can’t afford for NY to become a tax nexus for us just because our employees participate in a conference in NY or the like.”

“New York and New Jersey have high costs of doing business and favor local companies to a greater extent than other states favor their local companies.”

“California, Illinois & NY are simply awful states to operate facilities or employ people. The state governments are bankrupt from years of out-of-control spending, budget mismanagement, general corruption (or too much public/private union influence) and the business regulations are worse than almost any other state. For example, California Prop 65 has turned into civil litigators’ bonanza (state sponsored program) to legal ‘extort’ money from mostly out of state companies. We will do almost anything possible to minimize our exposure to these anti-business environments.”

“NY, CA, & IL make it hard to desire to do business there due to deeply-rooted and ineffective socialist bureaucrats who get in the way with their secular social engineering and inherent distrust of business. They represent ‘ankle weights’ to focused business people trying to serve others with value, quality, and responsiveness. High taxes, legal ‘lottery’ justice, and costly union-first commercial complications make you desire to see the consuming public relocate away from these ‘upside-down’ population centers in spite of their historical importance.”

“We are closing out our business in [New York and California] as it is nearly impossible to make a good profit, and certainly not worth the management effort and the investment.”

“California, New York and Illinois have high costs of living, high taxes and high regulation. Additionally, changes are making each place worse to do business in those states.”

“California, NY and Illinois are all the same they have no clue that someone has to pay the bills and that the taxpayer is going to not take much longer. Even though they have the highest tax rates they have the worst services—go figure.”

Sources:
Bureau of Economic Analysis
Bureau of Labor Statistics
NewGeography.com
The Tax Foundation

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