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By Jon Campbell

December 14, 2011

The state’s economic development subsidies don’t do enough to stimulate the economy and create good jobs, according to a Washington, D.C.-based think tank.

New York received a D from Good Jobs Now in the group’s annual report card, which was released today. That places the state in a tie for 43rd in the country.

The report, however, did not take New York’s latest economic development effort—ten regional councils that competed against each other for grant and tax break money—into account. It did look at several of the state’s existing subsidy programs, such as the film tax credit and the Excelsior Jobs Program.

Allison Duwe, executive director of the Coalition for Economic Justice, said the state is moving in the right direction, but there’s a long road ahead.

“New York took a step in the right direction last week by funding Regional Economic Development Council initiatives that prioritize distressed communities, smart growth principles, high-skill green industries, neighborhood-level projects and affordable housing,” Duwe said in a statement. “However, Good Jobs First’s latest report shows New York still has a long way to go to ensure all of our economic development programs are meeting the most basic test of creating jobs.”

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