New York ranks near the middle of the states for economic performance, business vitality and development capacity, a new analysis of state economies has found.
The Corporation for Enterprise Development's (CFED) analysis, 2007 Development Report Card for the States, measures 67 criteria to rank states' economic performance and future economic potential.
New York was given an overall grade of B in the performance category, which measures economic climate for the state's wage earners. The state's average rating was, in part, the result of poor showings in long and short-term employment growth and in net migration. The state did well in resource efficiency criteria, having a high rate of alternative energy use, and low greenhouse gas emissions.
New York earned a C in business vitality. The CFED awarded the C after looking at the rate of business closings in the state, and job creation by start up businesses.
The state earned a B in development capacity, the category that measured the potential of New York's economy. The CFED said the state earned high marks in areas measuring innovation assets, including the number of scientists and engineers with PhDs, and businesses created by research and development done at universities. But, the CFED said the state's high energy costs and lack of affordable urban housing pulled New York's development capacity grade down.
The study excluded some commonly cited factors in economic competitiveness, such as taxes and workers' compensation costs.
More details on New York's grades are at www.cfed.org/imageManager/_documents/drc_2007/ranking/new_york.pdf.
The full report is available at cfed.org/focus.m?parentid=34&siteid=2346&id=2364.