Transforming New York's Economy

Transforming New York's Economy

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

Investing in Infrastructure and Communities

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

What's Next

The 2% Property Tax Cap is Made Permanent

Reducing Property Taxes and Lowering Costs of Local Government

Governor Cuomo’s County-Wide Shared Services Initiative generates property tax savings by enabling collaboration between local governments across the state. Additionally, the FY 2022 Budget enacts a middle class property tax credit that targets New York families with the highest property tax to income burden.

Growing Our Tourism and Agriculture Sectors

Taste NY

Taste NY

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.


The Empire State Trail

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


Find additional information about New York's economic development projects and programs.

Get Involved

Text NEW YORK to 81336

Learn more about what the state is doing to grow the economy and create jobs.