CEO Guide to the States

#49

New York

CEO Rank on Best & Worst States for Business

REBUILDING THE EMPIRE

Despite taking the brunt of the pandemic at the start, the Empire State is experiencing a notable rebound, both in New York City and across the state. Plug Power announced in February 2021 that it will build one of the largest green hydrogen plants in the country in Genesee County. Fashionphile, CPI Aero and Ubiquity Solar have also announced investments in the state in the past year.

"This groundbreaking is incredibly significant for the economies of the Finger Lakes and Western New York, providing new jobs and establishing the region as a prime destination for large manufacturers moving forward. Plug Power's new facility will be the largest plant in North America producing green hydrogen, advancing our ambitious green energy goals as we work toward a cleaner future."
Kathy Hochul
Governor

TAXES

0 %

top corporate income tax

# 0

on the Tax Foundation’s State Business Tax Climate Index ranking

EDUCATION

0 %

of students graduated high school in 2019

0 %

of adults age 25 and older have a bachelor’s degree or higher

UNEMPLOYMENT RATE

0 %

RIGHT TO WORK STATE

No

QUALITY OF LIFE

# 0

POPULATION GROWTH

0 %

increase between 2010 and 2020

KEY INCENTIVES

Excelsior Jobs Program: Offers a jobs tax credit of up to 6.85% of wages per net new job, an investment tax credit of 2%, an R&D credit of up to 6% and a property tax credit for companies that meet established job and investment thresholds.

START-UP NY: Offers tax-based incentives, innovative academic partnerships and the opportunity to operate tax-free for up to 10 years on an eligible university or college campus.

Life Sciences Tax Credit Program: Offers a fully refundable credit of 15% for a company that employs 10 or more people for life sciences R&D performed in the state.

Employee Training Incentive Program: Offers a credit of 50% of eligible training costs, up to $10,000 per employee, for New York State employers seeking to upgrade skills or improve the productivity of their employees.

EDCs

Empire State Development

esd.ny.gov

New York City Economic Development Corporation

edc.nyc

Capital Region Center for Economic Growth

ceg.org

Rochester Economic Development Corp.

redcoroc.com

Greater Rochester Enterprise

rochesterbiz.com

Buffalo Niagara Partnership

thepartnership.org/economic-development

HIGHLIGHTED PROGRAM OR INITIATIVE

Empire State Development in May 2021 created an accessible and searchable Database of Economic Incentives on its platform. The program is designed to increase transparency into projects that received ESD support and how incentives are awarded. The database contains information on more than 1,000 projects.

BIG DEALS

  • Beam Suntory announced in January 2021 it will relocate its headquarters and create 150 jobs in New York City.
  • CPI Aero announced in February 2021 it will expand manufacturing operations and create 85 jobs on Long Island.
  • Fashionphile announced in June 2021 it will establish its headquarters and create nearly 150 jobs in New York City.
  • Founders Holding Co. announced in September 2021 an expansion and 148 new jobs in Buffalo.
  • Ubiquity Solar announced in September 2021 a $61 million expansion and up to 150 new jobs in Endicott.
  • Alternative energy company Plug Power broke ground in October 2021 on a $290 million green hydrogen fuel production facility in Genesee County.

BIG COMPANIES

53 Fortune 500 companies headquartered here, including:

  • JPMorgan Chase 
  • Verizon 
  • Citigroup
  • Goldman Sachs Group 
  • Morgan Stanley
  • Pfizer 
  • MasterCard
  • Colgate-Palmolive 
  • Fox
  • Regeneron Pharmaceuticals