Report Highlights Challenges in New York’s Business Climate
City Park in Canary Wharf
A recent report by the Public Policy Institute of New York State, in collaboration with the New York State Economic Development Council, paints a critical picture of the state’s current business environment.
The study surveyed more than 500 business leaders and over 40 industry associations across New York to understand the factors affecting the state’s economic competitiveness. Findings point to concerns over increasing regulations and rising costs of operating businesses in the state.
Ryan Silva, executive director of the New York State Economic Development Council, and Chelsea Lemon, director of government affairs for the Business Council, discussed the report’s findings on Capital Tonight. They highlighted that only 8% of respondents believe the state encourages innovation.
The report also recommends measures such as reinstating a business czar in the governor’s office and reconsidering New York’s scaffold law, which has long been criticized for adding legal and financial burdens on employers.
The report’s release underscores growing worries among business leaders about New York’s ability to maintain a competitive and innovation-friendly environment.
