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date: 27 October 2021

Abstract and Keywords

This article describes development in the economy of New York State. National and international trends play a large role in the decline of New York's manufacturing economy. New York's economy has been dominated by the financial and insurance industries. The New York State economic development climate is daunting to business, especially when viewed against several key criteria. The state has at least two distinct economies, with the upstate segment containing more of the intractable locus of economic challenge in recent years. Economic development approaches that engage private sector investment have over time come to be favored over those that rely on public funding alone. In the aftermath of the “Great Recession,” and in the context of the state's current fiscal condition, New York's competitive position in economic development remains difficult to improve.

Keywords: economic development, New York State, public funding, private sector investment, manufacturing economy, insurance industry, business

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