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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
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.
June 21, 2013
Darker shading = least job growth
The year-to-year rate of job creation in upstate New York remained notably weaker than the average for the rest of the state or the nation as a whole last month, according to the latest data from the state Department of Labor (DOL).
New York State as a whole gained 104,200 private jobs between May 2012 and May 2013, a growth rate of 1.4 percent, while private employment nationally grew by more than 2.2 million, a growth rate of 2 percent. During the same period, however, the 50-county upstate region (as defined by DOL) added just 20,400 jobs, a growth rate of 0.8 percent.
The weakest upstate metro areas remain Binghamton (down 100 jobs, or -0.8 percent) and Elmira (down 400 jobs, or -1.2 percent), which also would have the most to gain from the issuance of state regulations allowing for natural gas hydrofracking. The strongest were Poughkeepsie (which could just as easily be classified as downstate) and Kingston, where private employment grew by 2 percent and 2.6 percent, respectively.
June 13, 2013
Governor Andrew Cuomo says his proposal to allow up to three casinos in upstate New York will “create thousands of new jobs where they are needed most.” Now comes the small print: it turns out those jobs will be controlled mainly by organized labor, whose support the governor presumably is courting for a needed constitutional amendment to legalize casino gambling on a broader scale.
Under the bill Cuomo unveiled last week, casinos will be required to enter into a “labor peace agreement” with unions seeking to represent their workers — which, in case anyone still wondered, explains why the head of the state AFL-CIO was present for the governor’s announcement of the plan in May.
But that’s not all: in an unprecedented move, Cuomo’s bill would also treat all capital projects at casino sites as “public work” under the state labor law. The privately financed, owned and operated facilities would be covered by prevailing wage requirements and would have to submit union-friendly project-labor agreements for renovations and construction work. The inevitable result: higher costs for the casino owners (who will, to be sure, just pass them along to the suckers customers) and fewer job opportunities for upstate’s mostly non-unionized construction workers.
June 6, 2013
** (See update at end of post.)
New York’s economy grew at barely half the rate for all 50 states in 2012, according to newly released federal data.
The Empire State’s share of real Gross Domestic Product (GDP) was up 1.3 percent last year, compared to 2.5 percent for all states (and 1.5 percent for the northeast as a whole). For the second year in a row, we’re looking at a mediocre number for New York. In 2011, our real GDP growth was 1.2 percent and ranked 35th out of 50. The state’s real GDP growth was up a tick in 2012, but its ranking fell to 37th.
In promoting his twin panaceas for the upstate economy—casino gambling and tax-free zones on college and university campuses—Governor Andrew Cuomo hasn’t minced words about the region’s mediocre economic performance. “We’re on the third generation of people giving the speech and writing the story” of upstate’s decline, he said at one recent news conference.
More details on upstate’s poor job creation record can be found in this presentation from yesterday’s Empire Center forum in Albany on “The Upstate Jobs Crisis.”
May 28, 2013
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It’s “big”! It’s “bold”! It “could really make a difference“! It’s Governor Andrew Cuomo’s Tax-Free NY proposal, subject of some of the biggest, boldest gubernatorial rhetoric since … well, since Cuomo’s launch two weeks ago of round three of the state Regional Economic Development Councils, which in turn came on the heels of a resort gaming destination plan in early May, neither of which should be confused with the “new day” proclaimed by the governor at last year’s yogurt summit.
Big and bold in its time
The governor’s latest initiative would allow qualified start-ups, out-of-state firms or expansions of existing New York companies to operate on a completely tax-exempt basis for up to 10 years if they locate in designated zones at colleges, universities and “strategically located state-owned” property. The focus has been on the 64 State University campuses, most of which are upstate, although the governor also says zones will be designated at private campuses.
News accounts say the governor has compared the initiative to the construction of the Erie Canal.