A report by a leading think tank analyzed New York State's job allocations from 1993 to 2007 and found that the state suffered a loss of 148,000 jobs. The data align with the state's net population loss of 1.6 million people since 2000 and suggests a stalled growth in small business development and state LLC filing.
The research also shows that neighboring New Jersey took on more than 60,000 of those jobs - a third of which were moved immediately following the September 11th terrorist attacks on New York City.
"New York has failed to do a good job of nurturing small and startup firms that are a crucial source of seed corn for future economic growth," economist J. Scott Moody, the writer of the report. "The migration of jobs to other states, the poor ratio of firm births to firm deaths, and the relatively low proportion of self-employed workers and small firms are weaknesses New York needs to address."
The report comes as New York's gubernatorial race intensifies between Democrat Andrew Cuomo and Republican Carl Paladino. The race has highlighted, among other topics, the importance of spurring small business growth in New York as a means for attracting new jobs.
Tags : form an llc, incorporation news, ny, small business management
Posted: Oct 11th, 2010