Tag Archives: New York

3rd Weakest

Map of USA with New York highlighted

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The Times Union reports:

New York state‘s economy contracted by 4.3 percent in 2009, the third worst performance among the 50 states and the District of Columbia.

Only Nevada, reeling from the real estate collapse, and Michigan, with its troubled auto industry, fared worse, according to new data on states’ gross domestic product.

The figures were released this morning by the U.S. Bureau of Economic Analysis.

Read the rest at: New York’s economy third weakest nationally – Times Union.

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21st, 30th, & 6th

From the Business Review:

North Carolina has once again ranked as the best business climate in Site Selection magazine’s latest rankings, released Nov. 1.

New York placed 21st on the list, in a tie with Mississippi.

The trade publication’s rankings consist of two parts, weighted equally: a proprietary index of new and/or expanded plant activity, and a survey of corporate site selectors across the country.

The survey asks site selectors to take into consideration factors such as the level of red tape, state tax incentives or other financial assistance, and the cooperation of government officials.


Read more: New York ranked No. 21 by Site Selection magazine | The Business Review

Really?

New York State Capitol viewed from the south, ...

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The Business Review reports:

New York state’s recession likely ended in the first quarter of this year, state budget officials said on Tuesday.

That’s where the good news stops.

Read more: New York’s recession ended in 1Q | The Business Review

Albany 7th in Government Employment

The Business Review reports that Albany is ranked seventh in reliance on public sector employment:

Empire Plaza in Albany, NY
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Albany is among nineteen major U.S. markets that rely so heavily on government employment that more than 20 percent of their jobs are in the public sector, according to a new Business First study.Albany comes in at No. 7, with 23 percent of the jobs being in government (100,800 government jobs to 336,400 private-sector jobs).

Business First analyzed raw data from the U.S. Bureau of Labor Statistics, calculating the shares of public- and private-sector employment in the nation’s 100 major metros as of August 2010. Public-sector totals include all workers with federal, state and local governments.

Read more: Albany among the most dependent on government jobs – The Business Review (Albany)

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And the winner is…

Money

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The Highest Property Tax Burdens in America

Catherine Rampell reports in the New York Times‘ Economix blog:

The typical resident of Westchester County in New York, pays more in property taxes than the typical resident of any other major American county, according to a new analysis of Census data from the Tax Foundation.

Read the rest at: Property Taxes, by County – NYTimes.com.

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7th?

Aerial view of the Hudson River and the city o...
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Is Albany Dead? Albany, NY is rated as number seven on the top ten dead cities list. The Business Review’s Biz Blog reports on the story running WallSt24/7.

From the WallSt24/7 report:

7. Albany

Albany is still the capital of New York State. It was once one of the largest “inland ports” in the world sitting near the place where the Hudson River meets the Erie Canal. This helped it become a major center for finished lumber and iron works. Perhaps because of the influence of the politicians who worked in the city, several universities and colleges were built there. The city’s manufacturing industry helped the population to rise to 134,000 in 1950. it is now under 95,000. The higher education institutions in the region have begun to help Albany become a regional center for information technology and the biotechnology industries, but these are not large enough to offset declines in the city’s fortunes which began in the 1960s.

Read more:

America’s Ten Dead Cities: From Detroit To New Orleans – 24/7 Wall St. http://247wallst.com/2010/08/23/americas-ten-dead-cities-from-detroit-to-new-orleans/3/#ixzz0xi8y8CtS

From Richard D’Errico’s post:

There’s a glimmer of positive news in the story. But it’s fleeting.

“The higher education institutions in the region have begun to help Albany become a regional center for information technology and the biotechnology industries,” McIntyre writes, “but these are not large enough to offset declines in the city’s fortunes which began in the 1960s.”

The other glimmer of positive news was that Albany is not Buffalo. Buffalo topped the list of dead cities, followed by Flint, Mich., Hartford, Conn., Cleveland, New Orleans, Detroit, Albany, Atlantic City, Allentown, Pa., and Galveston, Texas.

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Only 18th…?

King Fountain at Washington Park in Albany, Ne...
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Chris Churchill reports in the Times Union that Portfolio magazine ranks Albany, NY as 18th in the U.S. for a high quality of life. Who’s in front? Raleigh, Washington, DC, Minneapolis-St. Paul, Bridgeport-Stamford… The last? Bakersfield, CA. The rankings were based on data such as commute times, jobless rates, and income levels of the 67 largest metropolitan areas.

One caveat: Portfolio also ranked Albany as “more fun than Las Vegas.” Hmmm…

Chris Churchill’s story can be found at: Study: Capital Region ranks high for quality of life – Places and Spaces – timesunion.com – Albany NY.

The portfolio story can be found on their site at: http://www.portfolio.com/business-news/us-uncovered/2010/05/24/raleigh-north-carolina-tops-us-metros-with-best-quality-of-life

Charter School Cap Deadlocked in NY Legislature

The old Montmorenci School building.
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I’ve appraised a lot of charter schools in the last few years, so I’m interested in this story from the Business Review. A change in the cap will affect supply and demand considerations.

State lawmakers neglected to increase the cap on charter schools in New York on Tuesday, making the state vulnerable to losing up to $700 million in federal aid, said Gov. David Paterson.

New York currently permits 200 charter schools. Legislators had proposed increasing the cap to between 400 and 460.

The Legislature’s failure to adopt education reforms to illustrate to Washington D.C., its commitment to education reform comes at a time when Paterson has proposed a 2011 budget that calls for a $20.5 billion school aid reduction.

Read the rest of the story here: NY lawmakers deadlocked on charter school cap – The Business Review (Albany):.