A State of Growth
Under Governor Cuomo’s leadership, New York’s economy is in a state of growth. Since 2011, the unemployment rate has declined in every region of the state, and New York now has 8 million private sector jobs, more than at any point in state history.
Governor Cuomo has restored fiscal discipline to state government, closing a $10 billion deficit in his first budget, and keeping state spending growth to less than 2% each year. Regional Economic Development Councils empower communities, leading to more investment in Upstate than any at other time in history. The Councils actively support tens of thousands of jobs across the State.
Property taxes are finally under control, keeping communities affordable for homeowners, renters and businesses. Every New Yorker now pays a lower tax rate than they did before the Governor took office.
Governor Cuomo also launched a $311 billion infrastructure plan to increase our competitiveness in the 21st century global economy.
New York State continues to stimulate growth across regional economies while remaining the globe's beacon of economic opportunity.
By the Numbers: Economic Growth in New York
In 2018, the state’s annual private sector job count reached 8,181,000, a new, all-time high.
Since the beginning of Governor Cuomo’s administration, New York State’s economy has added 1,138,600 private sector jobs.
In 2018, the state’s unemployment rate fell to 4.1%, its lowest annual rate on record.
Governor Cuomo has invested more than $25 billion in Upstate New York, more than any other government in state history.
Investing in Infrastructure and Communities
To grow New York's competitiveness in the global economy, we are building today for a better tomorrow with a $100 billion infrastructure plan to build the new NY.
With a bottom-up and community-driven economic development approach, NYS is breathing new life into our Upstate cities and downtown urban districts.
After an extended pattern of flooding along Lake Ontario and St. Lawrence River, Governor Cuomo created the REDI to increase resilience of shoreline communities and bolster economic development.
Reducing NY's Property Tax Burden
Property Tax Relief
Passed Property Tax Relief Credit
Passed $1.5B in Property Tax Cuts to Aid Homeowners and Find Local Governments Efficiencies
Passed 2% Property Tax Cap
Growing Our Tourism and Agriculture Sectors
Governor Cuomo launched Taste NY to support the growth and vitality of NY's food & beverage industry. In 2017, the program saw a $3 million increase in total gross sales over 2016.
To drive economic growth and boost tourism, the State is developing 350 miles of new trail to create a 750-mile pathway for hiking and biking along scenic vistas and charming communities.
Creating Jobs and Growth Opportunities Across the State
Since the program's launch in 2015, Governor Cuomo has secured high-speed Internet upgrades for approximately 2.42 million locations statewide.
Since 2011, the NYS Film Tax Credit has generated an estimated $28.2 billion in spending and approximately 1,627,434 new hires in New York State.