October 16, 2014
Albany, NY

Statement from Governor Cuomo on New York's Unemployment Rate Falling to 6.2% -- Lowest Since October 2008

TOP Statement from Governor Cuomo on New York'...

Department of Labor Reports 4,500 Private Sector Jobs Added in September; 511,900 Private Sector Jobs Added Since Governor Cuomo Took Office

Tax Foundation Honors New York State With "Outstanding Achievement in State Tax Reform" Award

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Governor Andrew M. Cuomo today issued the below statement after the State Labor Department reported that New York's unemployment rate declined from 6.4 percent to 6.2 percent, its lowest level since 2008. The Department also reported that New York’s economy added 4,500 jobs in September, bringing the total number of private sector jobs added since Governor Cuomo took office to 511,900.

“When this administration took office four years ago, taxes were out of control and jobs and businesses were leaving as a result. Today, we’re seeing a different New York: one that has put its fiscal house in order and is continuing to create new opportunities every day,” Governor Cuomo said. “The news that our unemployment rate has dropped to its lowest since 2008 is proof that New York is on the move. I am honored to receive this award from the Tax Foundation on behalf of New York State in recognition of the State's efforts, and will continue working to further that progress and keep the arrows pointed in the right direction.”

In addition to the statewide decline, the unemployment rate in New York City declined from 7.8 percent to 6.8 percent over the past two months. This reflects the largest unemployment drop for New York City since records were first kept beginning in 1976.

The Governor today was joined by Joseph Henchman, Bill Rudin and Kathryn Wylde at the Museum of American Finance in New York City to discuss the jobs numbers and to receive an award from the Tax Foundation given to New York State for its commitment to expanding the corporate tax base and reducing the income tax rate to its lowest level since 1968. As these reforms phase in, New York’s ranking for its corporate tax system as part of the State Business Tax Climate Index will improve from 25th place to 4th best in the nation.

Joseph Henchman, Tax Foundation Vice President of State Projects, said, “New York’s efforts mark a tremendous first step towards reforming one of the least competitive tax codes in the nation. New York’s economic successes occur because of strengths that overcome a challenging business tax environment, but with 2014’s reforms, one less obstacle will stand in the way of the economic growth in New York. At a time when the gridlocked federal government is slow to enact substantive reforms, it’s encouraging to see states enacting crucial and well-crafted reforms.”

Bill Rudin, Vice-Chairman and CEO of Rudin Management Company and Chairman of the Association for a Better New York, said, "The news that New York's unemployment rate has fallen yet again is added proof that our economy is on the upswing and better days lie ahead. I want to commend Governor Cuomo for taking bold steps to reform the State's tax code - which was so essential to the progress we are seeing today - and for always keeping the priority of job growth and an open business climate in focus. The more than 500,000 private sector jobs that New York has gained since the recession are a testament to how things are coming together in the Empire State, and I am eager to see how many more we can add in the days to come."

Kathryn Wylde, President and CEO of the Partnership for New York City, said, "This recognition by the Tax Foundation, which has historically ranked New York’s tax environment as the nation’s worst, is a fitting testament to what Governor Cuomo has accomplished over the past four years. His business tax reforms have set the stage for a new era of job creation and economic growth across this state."

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