Commissioner Zemsky speaking at a podium.

Ten Ways New York’s Budget Delivers for Economic Development

At its core, the New York State budget is a spending plan that outlines the state’s fiscal and policy priorities. The recently passed FY 2019-20 budget delivers smart investments in economic development central to the continued growth of New York’s economy: revitalizing city centers, training our workforce for the jobs of today and tomorrow, incentivizing business growth and investing in innovation.  At a time when New York has a record-high workforce of more than 8 million and record-low unemployment, here are 10 key ways the budget builds on the Empire State’s progress:

  • Continuing fiscal responsibility: The budget holds state spending growth to 2 percent—and makes the 2 percent cap on property taxes permanent, adding to roughly $25 billion in taxpayer savings since 2012.
  • Phasing in Middle-Class Tax Cuts: In addition, the enacted budget phases in further middle-class tax cuts, leading to the lowest middle-class tax rates in more than 70 years.
  • Creating a Database of Economic Incentives: The budget answers the call to share a New York State story of growth and opportunity more widely by providing funding to help create a searchable online database of Empire State Development’s economic development projects from across the state. The database builds upon ESD’s existing online library of public data and reports, by capturing project-level information in one user-friendly resource.
  • Counting all New Yorkers: Supporting an accurate 2020 Census is critical to New Yorkers receiving the representation and federal funding they deserve. That’s why the budget authorizes up to $20 million to fund a Complete Count Commission that will help to ensure that all New Yorkers are counted.
  • Building economies from the ground up: The budget continues to support our game-changing strategy of community-based economic development, dedicating $750 million to the ninth round of the Regional Economic Development Councils (REDC). Since the councils launched in 2011, the REDCs have awarded over $6.1 billion to more than 7,300 regionally-significant projects, translating into nearly 230,000 new or retained jobs from Brooklyn to Buffalo.  
  • Revitalizing downtowns: In partnership with the REDCs and the Department of State, and Homes and Community Renewal, the budget provides $100 million to support the fourth round of New York’s Downtown Revitalization Initiative (DRI), which will breathe new life into city centers across the state.
  • Investing in infrastructure: Infrastructure connects local businesses to the global market, links New Yorkers with jobs, and unites communities – that’s why the budget invests in modernizing and improving infrastructure across New York. Building on Governor Cuomo’s major successes with an additional $150 billion over the next five years, New York is rebuilding transportation systems, supporting a sustainable energy future and driving economic development.
  • Developing New York’s workforce: Investing in workforce development means building talent pipelines that support new industries like clean energy and health tech while improving New Yorkers’ economic security. The budget includes $175 million in funding from many state agencies to create a new Workforce Development Initiative overseen by a new Office of Workforce Development. Projects will be reviewed by each REDC to ensure that projects will boost regional efforts to meet both short-term and long-term workforce needs. We’re also giving more industries more options for training workers, by expanding the Employee Training Incentive Program (ETIP), including allowing employers with dedicated training programs to use in-house experts to deliver that approved training – and extending ETIP tax credits to internships in more high-tech industries.
  • Extending film and TV productions’ impact: New York’s film and television industry energizes the state’s economy, hiring tens of thousands of New Yorkers and generating billions in spending. The New York State Film Tax Credit Program, launched in 2004, has incentivized thousands of productions and continues to be the principal factor cited by projects deciding to film and produce in New York. This budget extends that program, and its significant impact, through 2024.
  • Building the innovation economy: The budget continues funding for the NYSUNY 2020 and NYCUNY 2020 Challenge Grant programs, providing funding for plans that use technology to improve academic success, leverage public-private partnerships and connect students to jobs. In addition, the budget increases funding for the Division of Science, Technology and Innovation (NYSTAR) centers like the Centers of Excellence and Centers for Advanced Technology that promote academic and industry collaborations to commercialize research and find new applications for technology.