|Future flea market location?|
Finger Lakes residents may not have noticed that New York's economy has been recovering. In a press release provided to Gannett, Andy Cuomo's official spokesman for economic matters admits that it really isn't.
New York's economic recovery appears to be losing momentum, and that's raising concerns about the pace of the rebound we'll see in 2012.
State Comptroller Thomas DiNapoli shared those findings in a report released Thursday: "Economic Trends in New York State."
Don't move to Texas yet, as DiNapoli has some good news.
Rochester, New York City and the Glens Falls areas did better than the state average, with Rochester recovering 98.1 percent of the jobs it lost. The report attributed Rochester's economic success to gains in professional and business services, but it warned that the recent bankruptcy of Eastman Kodak "could result in the loss of thousands of jobs."
Yeah, that Kodak bankruptcy could really have a negative impact on Upstate's staggering economy, Tom. Then there's this other matter:
New York also has had the stigma of being unfriendly to business. The Tax Foundation, based in Washington D.C., last week named New York as having the 49th worst business climate in the nation -- ahead only of New Jersey.
"The combination of high property taxes, high income taxes, high corporate-income taxes and high sales taxes all create a toxic climate for attracting businesses and people in the state and keeping businesses and people in the state," said Scott Hodge, the group's president.