Seizing the Moment: How Regional Economic Development Councils Can Build a Good Jobs Economy examines the current proposal to create Regional Economic Development Councils to serve as New York's flagship jobs program. The report argues that Regional Councils must transform the state’s economic development programs from wasteful corporate giveaways into coordinated and outcome-oriented job creation programs that deliver good jobs and broad community benefits.
What are Regional Economic Development Councils?
Governor Cuomo is proposing to create 10 Regional Economic Development Councils that award grants and subsidies on a competitive basis to spur private-sector investment and job creation. Despite being the flagship economic development initiative of his campaign, the Governor has consistently delayed release of any substantive details on the structure, power and scope of these new entities. They are to be created through executive order with appointments to the councils likely happening at the end of June 2011. Information on the councils can be gleaned from the state budget, Cuomo’s campaign pledges, government officials and newspaper articles.
No Return on Our Investment: The Failure of New York’s Industrial Development Agencies shows how our biggest job creation tool, Industrial Development Agencies (IDAs) are spending dramatically greater amounts of tax dollars each year while failing to create jobs, let alone quality jobs.
Each year, IDAs are required to report on the projects they subsidize. In the last three years, we have analyzed that data and produced key facts about IDA performance. A look at the most recent data reveals increased spending and revenue loss to local communities, and wasted subsidies.