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New York State Economic Development. “The best place in the world to live, work, raise a family and grow a business”

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Presentation on theme: "New York State Economic Development. “The best place in the world to live, work, raise a family and grow a business”"— Presentation transcript:

1 New York State Economic Development

2 “The best place in the world to live, work, raise a family and grow a business”

3 Downstate: 14 counties, 69% of NYS’s population * Upstate: 48 counties, more than 40,000 sq. miles * Population figure calculated from 2006 U.S. Census estimates

4 New York Conundrum (1990-2004 ) Downstate Leading center of banking, finance and communications in the U.S. Demographers estimate that there will be 9.4 million people in NYC by 2025 (8.1 million people in 2004) New York City has more Fortune 500 companies than any other U.S. city (44) Total personal income from 2000-2005 increased 16% in the 14 county downstate region Upstate Lost 33% of its manufacturing base (more than any other state in the nation) 25% reduction of its young people aged 20 to 34 Population grew slower than all but two states (decline in Buffalo 14%, Rochester 8%)

5 The “Old” ESD NYC headquarters/decision making Regional offices as reactive outposts Large project, big business focus No small business programs Lack of international focus

6 Four Pillar Strategy Reduce the Cost of Doing Business Develop the Innovation Economy Regional/Community-Based Development Improve Infrastructure

7 2008-09 Executive Budget: Special Emphasis Downstate Housing Opportunity Fund Downstate Revitalization Fund Commuter Transportation Improvements Waterfront Access and Opportunities Upstate Upstate Regional Blueprint Fund City-by-City Initiatives Housing Opportunity Fund Agribusiness Fund

8 Revitalizing Upstate New York

9 $1B Upstate Revitalization Fund Proposal: Targeted investments to stimulate growth and generate high-quality jobs to support infrastructure and other investments

10 Revitalizing the Upstate Economy I II III IV $350 M – Regional Blueprint Fund $115 - City-by-City Projects $175 M - Other Initiatives $50 M – Upstate Agribusiness Fund $80 M – Upstate Parks Restoration $30 M – Intercity Rail Improvements $100 M – Preservation of Upstate Bridges $100 M – Upstate Housing & Community Revitalization $1 Billion Upstate Revitalization Fund

11 I. $350M Regional Blueprint Fund Continue momentum from the Regional Blueprint Meetings summer/fall 2007 Creates initiatives for…. Innovation (incubators, investments in universities, funding to assist companies expand R&D facilities, lab space) Investment (tourism development, new small business loan programs)

12 I. $350M RBF (cont.)… Infrastructure Construction of development-ready sites/industrial parks, bringing existing sites up to standard Specifically, the proposal includes funding for: Water, sewer and drainage systems Clearing and site development costs Planning and engineering Access roads and other infrastructure improvements Stimulate private investment in contaminated vacant buildings

13 II. $115M City-by-City Projects City-by-City initiatives throughout our urban areas Second round of City by City, especially focused on smaller cities

14 II. $175M Other Initiatives Invest in Upstate from other statewide programs, including: New Investment Opportunity Fund ($100 million) New arts and cultural program ($12 million) Expanding Universal Broadband ($7 million) New business marketing program targeting Upstate ($3.5 million) Venture capital investments ($3 million+7M) Enhancements to existing State programs supporting the development of high technology ($12 million) Other Empire State Development Corporation job and investment programs ($38 million)

15 III. Bridges and Upstate Housing and Community Revitalization Bridge Safety $100 million in new funding for State and local bridge preservation Housing Opportunity Fund $100 million dedicated to the development and rehabilitation of affordable, supportive and workforce housing initiatives across Upstate

16 IV. Agribusiness, Parks and Rails $50M Upstate Agribusiness Fund Continued growth of the food and agricultural industry Alternative fuel products Access to markets Investments in farm and agriculture infrastructure Hire state’s first Director of Ag-Business Development Connects Upstate growers with Downstate consumers Support for agriculture research at institution

17 IV. Agribusiness, Parks and Rails $80M Upstate Parks Restoration Preservation and development of parks and recreational facilities to help draw tourists and new residents to the state $30M Intercity Rail Improvements Improve speed and reliability of rail connections between Upstate and New York City

18 Next Steps Budget process Brownfield legislation Power for Jobs Empire Zone legislation

19 Contact ESD Western New York Regional Office Christina Orsi Regional Director 716-856-8111 Web

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