The data that comprised my previous blog came from the Milken Institute (you have to register to get to the data). The five criteria that were used to determine the states’ rankings and how New York scored in each of them follows. The average value for all states is 100.
- Wage Cost Index: 128.5 (2nd-highest)
- Tax Burden Index: 102.5 (26th-highest)
- Electricity Cost Index: 141.5 (8th-highest)
- Industrial Rent Cost Index: 154.4 (4th-highest)
- Office Rent Cost Index: 189.4 (highest)
The data indicates that New York has done a great job reducing its taxes to get it more in line with the national average.
It is unfortunate that Western New York – or for that matter, Upstate New York – is lumped into the same category as New York State because the Wage Cost, Industrial Rent Cost and Office Rent Cost indexes in Upstate would be significantly lower if Downstate were not included. It’s a different world down there, and it seriously impacts (both positively and negatively) the rest of the state.
Maybe Unshackle Upstate can take advantage of ranking Upstate separately from Downstate.