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New York State Economic Development

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

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New York State Economic Development

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

  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 corsi@empire.state.ny.us • Web www.nylovesbiz.com

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