For Release — Tuesday, December 26, 2006
EXTRA BUSINESS COSTS IN NEW YORK TOTAL MORE THAN $35 BILLION, PUBLIC POLICY INSTITUTE STUDY FINDS
ALBANYGovernment-related costs of living and doing business in New York are more than $35 billion higher than if they matched such costs across the nation, a new study by the Public Policy Institute of New York State finds.
Benchmark New York compares costs for state and local taxes, energy, health-care premiums, workers' compensation, and state and local government charges. It finds, for instance, that property taxes cost New York residents and businesses $8.1 billion more than would be the case if the state matched the national average. And workers' compensation adds $1.3 billion more to the cost of doing business than if New York's average cost per case were the same as the national average, according to the Institute.
The additional costs for New Yorkers add up to an average of $1,830 a year for every state resident, or $5,015 for every private-sector job.
The Institute's Benchmark New York analysis is based on data from the U.S. Census Bureau, National Council on Compensation Insurance and other authoritative sources. The report is available at www.ppinys.org/nyecon/benchmarkNYS.pdf.