The 156 companies participating in New York’s Start-Up NY program have created 722 new jobs since the program began in 2014, in exchange for the opportunity to operate tax-free for 10 years.
Three of those companies are in Central New York. They have created 52 new jobs, up from just nine the year before , according to a report today from Empire State Development Corp., the state economic development agency.
Critics point out that the state also has spent more than $50 million to advertise incentive programs including Start-Up NY.
Today’s report indicates that “the end may be near” for Start-Up NY, asserted Ken Girardin , of the fiscally conservative Empire Center.
Girardin said the number of five-year job commitments from participants barely increased from a year ago, an indication that the program has stalled. In addition, the rate of job growth in 2016 was slightly slower than the year before.