The Cuomo economic record reflects the strength of the state, the grit of its
people and the power of an idea called "Family" that has produced progress -
despite two national recessions - for all New Yorkers.
Governor Cuomo's unwavering commitment to jobs and opportunity has led to an
unrivaled period of innovation and investment that has produced a net gain of
500,000 jobs, 50,000 new businesses and an economy poised for a solid comeback.
This comeback is evidenced by 70,000 new jobs created in the last year and
unemployment at the lowest level since 1990.
To send an even stronger signal to the business community, Governor Cuomo
this year announced tax cuts that will save New York firms $1.6 billion a year
when fully implemented. That includes a phase out of the state's 5% hotel tax
-- providing a tremendous boost to the tourism industry.
Cutting taxes has been a top priority. Governor Cuomo has signed the two
biggest income tax cuts in state history, slashing the top income tax rate from
14% when he took office to 7.8% today.
The state tax burden has declined dramatically since 1983, with New York
dropping from the 14th ranked state to 22nd in state tax burden.
Governor Cuomo has saved local taxpayers more than $7 billion through the
state's takeover of long term Medicaid costs that began in 1984. He has
proposed to take over the rest of the Medicaid system in order to save
taxpayers an additional $4 billion. However, this proposal has been blocked by
the Republicans in the State Senate.
Governor Cuomo saved New Yorkers billions of dollars annually by leading the
fight to preserve the federal deductibility of state and local taxes which
Republicans wanted to eliminate.
The Governor's economic development agenda to expand, retain and attract
companies has led to strategic investments in thousands of companies and
capital projects across the state leveraging billions in private investment and
creating or retaining hundreds of thousands of jobs.
Under the guidance of Lieutenant Governor Stan Lundine, New York's investment
in high-technology has kept the state on the cutting edge of scientific
achievement in the private sector. State grants have led to more than $600
million in private investment and the state's $91 million investment in 13
Centers of Advanced Technology has produced 62 patents, 50 companies and
hundreds of jobs. An independent audit showed a 300% to 600% return on the
The Global New York program has ensured that local businesses are among the
best equipped to capitalize on a changing world economy. Since 1990, New York
has helped 6,700 firms gain access to world markets, generating $228 million in
Similarly, foreign investment in New York since 1983 has grown faster than
any other state, with 300 of the largest foreign- based firms having operations
Governor Cuomo's Defense Diversification program has become a national model.
Faced with dramatic defense cutbacks in New York, the program began in 1991 and
in its first year alone, more than 1,000 businesses received state assistance
that created or retained 20,000 jobs.
In order to help communities impacted by base closures and military
downsizing, Governor Cuomo turned to Lieutenant Governor Lundine to spearhead
the administration's aggressive base conversion policy. The state has provided
vital assistance to help these communities deploy their resources in a totally
new way and make these military bases a vital component of New York's post-Cold
To stimulate growth and economic investment in the state's hardest hit urban
areas, the Governor created the Economic Development Zones Program. The 19
existing zones have generated $450 million in investments from 869 businesses
creating more than 5,800 permanent jobs. Their success led the Governor to
designate creation of 21 new zones.
New York has invested $50 billion in its infrastructure under Governor Cuomo,
building or repairing thousands of bridges, 21,000 miles of roads and
overhauling New York City's mass transit system, making it cleaner, safer and
To streamline government and cope with the second national recession since he
took office, Governor Cuomo cut the state work force by 13%, saving taxpayers
about $1 billion annually. New York State ranks 44th nationally in state
employees per capita.
The Governor is propelling the state toward the 21st Century with a massive
$32 billion investment program called "The New, New York." This program will
create more than 300,000 construction and permanent jobs across the state
during the next four years.
In New York City alone, the program will pump $7 billion into projects
including a rail link between La Guardia and JFK airports, the Queens West
residential and commercial project on the scale of Battery Park City, and
construction of the Science, Business and Industry Library.
The New, New York will bring to the Long Island and Hudson Valley regions
billions in highway construction and subway, bus and commuter train
improvements, high-speed ferry service, and millions more for state parks
projects, high-technology companies, research, business incubators, export
trade development, and defense diversification projects.
Upstate the New, New York will provide hundreds of millions in transportation
funds, and will include massive capital projects such as the Inner Harbor and
Stadium Market Center in Syracuse, the Decker Health Science Center in
Binghamton, and the construction of the Buffalo Airport Gateway project
including a new 22-gate terminal.