York State does not have a functioning economic development strategy. Economic development in New York is based on either pay-to-play tax credit giveaways that have engulfed the capitol in continuing investigations, or camera ready proposals of limited substantive value. Neither method has achieved results and a million New Yorkers have left the state since 2010 to seek opportunity elsewhere. Economic growth that has occurred in and around New York City may have boosted the state’s overall job numbers, but the reality is that at the same time, growth upstate lags at half the national rate.
- New York City and downstate suburban areas have generated 89% of New York State’s private-sector job growth since 2010.
- The Binghamton, Elmira and Watertown/Ft. Drum areas have seen a net loss of private jobs since 2010.
- In 2017, the metro areas of Elmira and Utica-Rome saw job opportunities decline.
- Total private employment in upstate metro areas has grown at less than half of both the NYS and US rate since 2010, and just over half the US rate in 2017.
As part of any economic growth plan, SAM is also dedicated to addressing must also address the state’s crumbling infrastructure. The lifeblood of our economy — our mass transit systems, roads, water, energy and internet services — are all in disrepair. Our economic growth trails the nation by nearly 50% and our infrastructure has a C- rating. New York will continue to bleed talent to other states if we remain a high tax state that fails ail to provide basic services.
- Approximately 100 bridges in New York State were closed in 2017 due to serious deficiencies.
- 28% of public roads are in poor condition, which costs motorists an extra $571 per year.
- o repair, replace, and update New York’s wastewater infrastructure would cost $36.2 billion over 20 years. New York’s wastewater funding program is simply insufficient to fulfill even half of this essential reinvestment..
- Water infrastructure needs investments of $40B over 20 years.
- Roads and bridges needs investments of $35.5B over 15 years.
- Dams needs investments of $267M.
- Parks needs investments of $1B over 10 years.
- Road paving needs investments of $40B over 20 years.
- Upstate mass transportation needs investments of an additional $577M/year.
- The MTA needs investments of at least $19B in the next 5 years.
SAM-NY believes New York needs a 62-County Economic Development plan that addresses our high cost status and plays on the strengths of regional economies to help foster markets for inclusive, thriving local communities.