New York is the 2nd Worst State for Business, Ranking 49th in 2014

New York’s high-tech startup, STARTUP-NY, designed to bring jobs to New York, poses some concerns. Critics feel that it is too narrowly focused in terms of the types of companies they are trying to attract and the places where they can be located, and have complained about everything from the cost of the advertising to the political motivations behind it.

May 8 2014 by JP Donlon


Previous State: Illinois Next State: California

No. 49 New York

Taxations & Regulations

Workforce Quality

Living Environment

Key Metrics
State GDP 

  • % Growth ’12-’13: 0.7
  • % Growth ’11-’12 v. Nat’l Avg. (2.5%): -1.2

Unemployment

  • Unemployment Rate Dec. 2013 %: 7.1
  • Comparison with Nat’l Rate (6.70%): -0.4

Domestic Migration

  • Domestic Net Migration 2013: -104,470
  • Rank: 50

State Government

  • State Debt per Capita Fiscal Year ’13 ($): 7,366
  • State & Local Gov’t Employees per 10k Residents: 634.5

State-Local Tax Burden

  • Rate (%): 12.8%
  • Compared to Nat’l Avg. (9.9%): 2.90%
Key Companies
  • IBM
  • AIG
  • Pfizer
  • PepsiCo Inc.
  • JP Morgan Chase
  • Citigroup
  • Verizon
  • Phillip Morris
  • Goldman Sachs
  • American Express
Development Trend Indicator: Neutral
Startup NY makes media splash but favors only narrow niche of companies.
CEO Comments
“New York, and in particular NYC, needs to be more supportive of businesses, or all the jobs will leave with the businesses.” 

“New York is legal extortion when trying to leave. They don’t help on the front end, only hinder on back end. deBlasio killing charter schools: idiocy.”

“NY state should be the Empire State again: Wall Street, natural gas fracking, great colleges, but the politicians continue to mess it up. Too many taxes, too much regulation, and too much government corruption.”


Based on CEO Survey by ChiefExecutive.net

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