Escalating costs threaten small businesses’ ability to grow and prosper
ALBANY, April 15, 2019—A report on the economic competitiveness of all 50 U.S. states released today by the American Legislative Exchange Council places New York at 50th, last in the country. The report measures 15 variables, including a variety of state taxes, state debt, policies that impact the economic growth, the cost of doing business, and the quality of the state’s legal system. The ability of a small business to grow and prosper is closely tied to these factors and can negatively impact NFIB’s more than 10,000 members across New York.
“When a small business is unable to predict their future costs, taxes are high, and there is a threat of they could rise further, a company owner will hold off on expanding or adding new jobs,” said Greg Biryla, state director of NFIB in New York.
“Further, federal census data continues to show that New Yorkers are voting with their feet. Many businesses and families move to states that are more competitive, taking their state taxes and community investment with them. For the remainder of 2019’s legislative session, state lawmakers and stakeholders should be focused on one priority, improving the state’s economy so that small businesses can do what they do best–innovate, grow, and hire.”
