#49 New York
From the Governor
“New York is proud to be at the forefront of the life sciences industry and the home of global biotech leaders like Regeneron…. The continued growth of Regeneron here in New York is yet another indication that we are leading the way in the life sciences and attracting the jobs of tomorrow.” —Gov. Andrew Cuomo
Expansion in the Empire
Despite the controversial loss of Amazon’s HQ2, the city is still on a roll. The Economic Development Council announced in September 2018 that in the past year, New York startups closed more than 1,500 deals worth more than $12 billion. And there’s growth throughout the Empire State. Regeneron announced an $800 million investment and 1,500 new jobs in Rensselaer County and OFD Foods will invest $25 million in a manufacturing facility in Monroe County.
Excelsior Jobs Program: Offers four fully refundable tax credits for up to 10 years. Includes a credit of 6.85% of wages per job, 2% of qualified investments, 50% of the federal R&D credit and a real property tax credit.
New Markets Tax Credit Program: Offers investment capital for companies and real estate development projects that foster job creation and development in low-income communities.
START-UP NY: Offers new and expanding businesses the opportunity to operate tax-free for up to 10 years on or nearby eligible universities or college campuses in New York.
Empire State Development: esd.ny.gov
New York State Economic Development Council: nysedc.org
New York City Economic Development Corp.: nycedc.com
Center for Economic Growth: ceg.org
Capitalize Albany Corp.: capitalizealbany.com
Highlighted Program or Initiative
The New York City Economic Development Corp.launched Cyber NYC, an innovative suite of public-private partnerships focused on growing startups in the city. The goals are to foster cross-sector engagement, connect and develop a homegrown workforce and commercialize and scale research to produce new companies and jobs.
- In November, Amazon dubbed New York City one of two winners in its HQ2 search, pledging to divvy a total of $5 billion between the two locations and create 25,000 jobs.
- Discovery announced in January 2018 it will move its headquarters from Maryland to New York City in 2019.
- OFD Foods announced in April 2018 a $25 million manufacturing facility in Monroe County.
- Travel brand Away announced in May 2018 it would relocate and expand its headquarters in New York.
- Regeneron announced in September 2018 an $800 million investment to expand its operations in Rensselaer County and create 1,500 new jobs.
- Six unmanned aerial systems companies announced $39.5 million in investments September 2018.
52 Fortune 500 companies are headquartered in the state, including:
New York Life Insurance
Goldman Sachs Group
“These state incentives, along with other state and federal policies, have helped Regeneron keep and expand our operations in New York State, which will benefit the local economy and help us achieve our mission of bringing new medicines to people with serious diseases.” —Leonard Schleifer, M.D., Ph.D., President and CEO, Regeneron
“New York state has been a key partner in our efforts to grow the UAS sector in the region, first through the investment in the 50-mile test corridor, its ongoing support of the GENIUS NY program and now the UAS Central Job Fund. —Robert Simpson, President and CEO, CenterState
“As Plug Power continues to grow both its customer base and corporate family, opening the Clifton Park facility was an easy decision. We’re confident that our technology solutions—coupled with proven ingenuity, a deep pool of engineering talent and the unsurpassed work ethic of people in the Capital Region—will make this expansion a great success.” —Andy Marsh, CEO, Plug Power