#49 New York


#49 in Taxation and Regulation

#38 in Workforce Quality

#47 in Living Environment

Right to Work?

Regional Profile – Northeast

STATE
OVERALL REGIONAL RANK
TAXATION & REGULATION REGIONAL RANK
WORKFORCE QUALITY REGIONAL RANK
LIVING ENVIRONMENT REGIONAL RANK
Connecticut
9
10
6
5
Delaware
11
11
3
2
Maine
3
5
5
9
Maryland
7
8
11
8
Massachusetts
8
9
1
6
New Hampshire
2
2
2
1
New Jersey
10
6
9
11
New York
11
11
8
10
Pennsylvania
4
3
4
4
Rhode Island
6
7
7
7
Vermont
5
4
10
3

Key Industries

Advanced Manufacturing, Solar Energy

Key Companies

AIG

American Express

Citigroup

Goldman Sachs

IBM

PepsiCo Inc.

Pfizer

Philip Morris

JPMorgan Chase

Verizon

Advantages

New York lowered its corporate income tax rate from 7.1% to 6.5%.

In manufacturing, the new orders index moved up three points and shipments advanced two points. The prices received climbed nine points, suggesting a pickup in the pace of selling price increases. Employment showed a slight increase in job levels and hours worked.

Challenges

New York lost nearly 1.6 million taxpayers between 1985 and 2013.

Key Contacts

Empire State Development

Howard Zemsky, President & CEO
518-292-5100
625 Broadway
Albany, NY 12245

Hzemsky@esd.ny.gov
http://www.esd.ny.gov/

CEO Comments

“New York is expensive, taxes are high, difficult to find and keep good employees.”

“NYC is horrible with taxes and regulations. DeBlasio is making NYC the late ‘70s all over again.”

“Without a doubt, NY is the absolute worst state to conduct business. Taxes are out of sight, regulation is over the top, and the work ethic is less than desirable.”

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No 49: New York

No. 49

New York

Taxation and Regulations
Workforce Quality
Living Environment

Based on CEO Survey by ChiefExecutive.net

Key Metrics
Taxation and Regulations
  • State Corporate Income Tax Rate: 7.10%
  • Highest Personal Income Tax Rate: 8.97%
Workforce Quality
  • % with High School diploma or more: 84.1
  • % with Bachelor’s degree or more: 31.9
  • % with Advanced degree or more: 13.8
  • Patents per 100K: 36.24
  • % of Employed Represented by Unions: 26
Quality of Life
  • Hopsitals per 10K: 0.108
  • Elementary/Secondary Schools per 1000 people: 0.235
  • Violent Crimes per 100K: 429.69
Key Companies
  • IBM
  • AIG
  • Pfizer
  • PepsiCo Inc.
  • JP Morgan Chase
  • Citigroup
  • Verizon
  • Goldman Sachs
  • Travelers Co.
  • Phillip Morris
  • American Express
Other Highlights
  • New York held steady in 2009, 2010 and 2011 at #49
  • New York ranks 8th in state debt per capita with $6288

Sources:
TaxFoundation.org
Statemaster.com
Bureau of Labor Statistics
U.S. Census Bureau
U.S. Patent and Trademark Office
The National Center for Public Policy and Higher Education