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March 6, 2014
New York State added private jobs at a slower pace than the nation as a whole during the 12-month period ending in January, according to data released today by the state Labor Department.
Year-to-year private job growth map from the state Labor Department
Statewide private employment as of January was up 1.7 percent from a year earlier, compared to 2.1 percent nationally.
Thanks to yet another month of strong job growth in New York City, private employment in the downstate region grew at a faster-than-average 2.5 percent clip. However, the 52 counties categorized as “upstate” by the Labor Department (including Dutchess and Orange, although they are within the downstate Metropolitan Commuter District) created jobs at a much more sluggish pace of just 0.5 percent.
The map at right illustrates a familiar pattern of growth and non-growth by county, with the darkest shadings indicating little or no increase in private-sector employment. The key table from the Labor Department press release is at the end of this post.
The regional variance in job growth continues a multi-year trend.
January 15, 2014
Public subsidies of sports arenas, stadiums and ballparks “cannot be justified on the grounds of local economic development, income growth or job creation, those arguments most frequently used by subsidy advocates.” That’s the solid consensus view of economists, based on decades of evidence from scores of projects, as summarized in this 2008 paper. For a more recent take on the issue, see this April 2013 report presented to officials in Milwaukee, Wi., where the usual suspects are pushing for a new downtown arena.
All economic analyses aside, taxpayer-funded subsidies for sports facilities are just plain unfair, chiefly benefiting wealthy owners, sponsors and boosters of the teams that play in them, while diverting scarce resources from more basic public services and infrastructure needs.
But many politicians across the country remain suckers for the “if we build it, they will come” premise behind proposed sports developments, especially in struggling cities. Until yesterday, at least, New York State’s latest local sports facility subsidy scam had been taking shape in Syracuse, where Onondaga County Executive Joanie Mahoney reportedly had Governor Cuomo’s pledge of state support for a partially county-funded $500 million arena that would serve mainly as a new showcase for the Orange of Syracuse University.
January 7, 2014
In his fourth annual State of the State message tomorrow, Governor Andrew Cuomo will (naturally) seek to highlight the most positive aspects of New York’s economic performance under his leadership. As the Governor put it during a press conference yesterday previewing his tax agenda:
[W]e’ve added 380,000 private sector jobs since 2010. New York is number two in jobs created since the recession … We have more jobs today than at any time in history of the state of New York. Unemployment in every region is down from where we started three years ago, so all the arrows are pointed in the right direction.”
All of these statements are accurate — as far as they go. However, on closer examination, the employment numbers for New York paint a more mixed picture. Based on the latest available data from the state Department of Labor and the U.S. Bureau of Labor Statistics (BLS):
- New York State has grown more slowly than the national average since Governor Cuomo took office, largely as a result of a modest slowdown in job growth relative to the U.S. average during the past 18 months.
- There continues to be a pronounced regional variation in economic performance. Thanks to strong growth downstate, especially in New York City, New York State ranks 21st out of 50 states in its rate of private job creation since November 2010. But if the 50 counties of upstate New York were a separate state, they would rank dead last during the same period.
December 19, 2013
New York’s monthly employment data continue to show a striking regional divergence in job-creation trends. According to today’s Labor Department report, as of November, year-to-year statewide private sector employment growth in New York slightly trailed the national average — with the economic weakness concentrated in upstate New York.
The key trends from the November report are summarized in the chart below.
December 12, 2013
Governor Cuomo’s method of unveiling economic development “awards” is certainly a triumph of branding, hype and stagecraft, complete with special guest emcee Maria Bartiromo. But stripped of the glitzy new wrapping, the $716 million in projects announced yesterday comprised a familiar-sounding mix of industrial development bond (IRB) allocations, state-financed infrastructure projects, tourism promotion subsidies and plain old pork-barrel grants— the sort of thing that Albany has been doling out piecemeal for decades now.
The new wrinkle in the Cuomo approach to economic development spending since he took office in 2011 is the purportedly strengthened role of regional economic development officials and business leaders in deciding how a goodie bag of (largely borrowed) money will be distributed. Even now, however, regional council priorities actually carry just a 20 percent weight in a final “scoring” process that, for all intents and purposes, is ultimately controlled by the governor.
September 20, 2013
Private sector employment in New York increased by 1.7 percent during the 12 months ending in August, a period in which the number of private jobs in the U.S. as a whole grew by 2 percent, according to the latest monthly report from the state Labor Department.
The growth rate continues to be strongest In New York City, Long Island and in the lower Hudson Valley (+ 2.5 percent) and weakest in the 52-county upstate region (+ 0.8 percent). The only upstate metros with private employment growth above the U.S. average were Kingston, at 2.8 percent, and Glens Falls, at 2.4 percent. Albany-Schenectady-Troy registered year-over-year private job growth of just 1.3 percent, despite continuing expansion in the region’s much-touted (and heavily government-subsidized) tech sector.
August 23, 2013
Job growth in New York over the past year fell below the national rate for the first time since the recession, Comptroller Thomnas DiNapoli points out in a report issued today.
In a news release summarizing its findings, the comptroller’s office notes that “New York added 110,000 jobs between June 2012 and 2013.”
… [O]ver the same period, national job growth rates exceeded New York’s in nearly every major employment sector – professional services; leisure and hospitality; trade, transportation and utilities; financial activities; and mining, logging and construction.
New York outperformed the nation in education and health job growth, but government jobs decreased in the state by 1.1 percent. The state’s job growth rate, however, declined to 1.8 percent in 2012 from 2.1 percent in 2011. The national rate of growth increased to 2.2 percent from 1.8 percent during that time frame.
August 8, 2013
A post on this blog three days ago passed along statistics interpreted here to mean that New York “is leading the nation in private and public jobs lost to layoffs.” But that passage turns out to have been seriously misleading, to say the least.
Challenger, Grey & Christmas, the Chicago company that was the source of the statistic, today confirmed that it compiles the layoff numbers from news accounts of corporate announcements grouped by headquarters state–which, in fact, is what is indicated on its release, but which I simply failed to notice. Since New York is headquarters to some big companies, that would boost the layoff numbers for the Empire State. [Thanks to Bill Hammond of the Daily News for pointing this out.]
August 5, 2013
This is the stub of a blog post that was taken down once it was pointed out that it was misleading to the point of inaccuracy.
It is the policy of NYTorch to promptly correct all errors or mis-statements of fact.
July 10, 2013
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New York comes in at number 35 on CNBC’s latest annual ranking of “Top States for Business.” This is down a tick from New York’s ranking on the same scale a year ago.
CNBC says it bases its ranking of states — one of several produced annually by media, business and research organizations — “based on the criteria they use to sell themselves” in economic development marketing materials.