Categories: 2014 Best & Worst States

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

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 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.”

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

J.P. Donlon

J.P. Donlon is Editor Emeritus of Chief Executive magazine.