Tagged: upstate economy

A telecommunications company that builds fiber optic networks throughout the Northeast is expanding its headquarters in Albany, despite offers to relocate out-of-state.

Watertown International Airport swapped its 9-seater flights to Albany for 44-seater flights to Chicago back in November. So far, passengers and officials seem to agree it's been a big success.

Are we on the verge of a “sensor revolution?”

Sensorcon hopes so. The Buffalo-based tech startup envisions a world where the average person is empowered with a small device that reads temperature, carbon monoxide levels, dew point and more.

New York state is trying to get out of the way of the burgeoning number of craft breweries in the state. Governor Andrew Cuomo signed a law Wednesday that uses a mixture of tax credits and incentives to boost the beer business.

The hot, dry weather is taking a toll on crops in the region. Scattered heavy rains have brought some relief to some areas, but overall, production of field crops like hay and corn is suffering. In the North Country, it's been decades since the area experienced a summer so dry.

More tax breaks does not equal more jobs.

That's according to State Comptroller Thomas DiNapoli's latest report on New York's industrial development agencies (IDAs).

In his fifth report on IDAs [PDF], DiNapoli says the number of jobs created by the local economic development engines dropped by 22,000 from the year before.

DiNapoli also cites a $483 million gap in what IDAs gave out in tax breaks and how much they took in via payments-in-lieu-of-taxes (PILOTs).

That breaks down, the report finds, to a $2,659 cost per job - up 9 percent from the year before.

"Taxpayers are not getting enough bang for their buck when it comes to IDAs," DiNapoli said in a statement.

The U.S. Senate is considering legislation that would attempt to boost the economic recovery by way of tax breaks for businesses. Senator Charles Schumer is a big booster of the bill.