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Report ranks N.Y. 49th out of 50 for economic growth

Rochester Business Journal
May 23, 2013

New York’s income and property taxes and workers’ compensation costs have contributed to the state’s poor economic outlook and ranking as the second to worst state for economic growth, a new report by the American Legislative Exchange Council shows.

Rich States, Poor States looks at the latest trends in state economic growth and ranks each state based on 15 policy variables, including tax rates, regulatory burdens and labor policies. Utah ranked first in terms of overall economic outlook for 2013, while Vermont ranked 50th.

New York ranked 37th for its economic performance, a backward-looking measure based on the state’s performance in GDP, domestic migration and non-farm jobs. While GDP grew 43 percent from 2001 to 2011, some 1.6 million people left the state during the same time period. Non-farm jobs increased 2.8 percent, the report shows.

New York’s overall economic outlook rank of 49th was an improvement from 2012, when the state ranked last.

The state ranked 49th in terms of top personal income tax rate and 50th for its 17.16 percent top marginal corporate income tax rate.

New York ranked 44th for its property tax burden of $47.67 per $1,000 of personal income. The state ranked 46th in terms of average workers’ compensation costs of $2.82 per $100 of payroll.

The report’s authors note states with lower taxes and fiscally responsible policies experience far more economic growth, job creation and in-migration than do states with high-tax, big government counterparts.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


What You're Saying 

michael thornton at 5:18:38 PM on 5/23/2013
Funny stuff. And just this past Tuesday, voters overwhelmingly passed increased school taxes, NY residents and the state is hurt by high taxes and voters keep raising them voluntarily while screaming about the high taxes. Bizarroworld...
Mark Baker at 5:19:37 PM on 5/23/2013
Well duh ... New York insists on taxing us all to death.
Lance Guglin at 10:57:36 AM on 5/24/2013
I'm shocked! Absolutely shocked! You mean a hyper partisan, anti government right wing "think" tank devoted to misinforming the electorate for the purpose of promoting conservative economic policies and convincing people to vote against their own self interest has found NY...  Read More >

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