Declining trends in the horse racing industry and an increase in gaming options have taken their toll on OTBs. With the advent of commercial casinos in the State, policymakers have an opportunity to re-examine the viability of OTBs and how they fit into State-authorized gambling.

Total local sales tax collections in New York State grew by $552 million, or 3.6 percent, from 2014 to 2015 This was stronger than the 3.0 percent increase in the prior year. New York City sales tax collections grew by 7.3 percent, or $487 million, about half of which was due to an adjustment for incorrect payments in previous years. Excluding New York City, growth in local sales tax collections was 0.7 percent, with 30 of 57 counties outside of New York City having declines in their 2015 sales tax collections.

This brief focuses on prolonged foreclosure activity in New York State and the challenges facing local governments and communities in the wake of the foreclosure crisis.

The economic outlook contained in the Governor’s Executive Budget proposal for State Fiscal Year 2021-22, released this week, anticipates continuing but slow improvement for employment and other economic indicators, as well as tax revenues.

This report provides an analysis of annual financial data reported to the Office of the State Comptroller and the Authorities Budget Office by IDAs for fiscal year 2014, discusses regional impacts and highlights a new law championed by Comptroller DiNapoli, which increases transparency in IDA operations.

Economically, the Mid-Hudson region is relatively prosperous: county median incomes and property values are both well above the State and national averages as are the costs of living and doing business there. Current unemployment is below 5 percent in most of the counties, with a significant number of residents commuting to New York City. Recent economic development efforts have focused on attracting biotechnology and other high-tech manufacturing and on activities that take advantage of the region’s extensive road systems and generally well-developed infrastructure.

Total local sales tax collections grew by 1.7 percent or $130 million in the first half of 2016, compared to the first half of 2015.

This report highlights the Central New York region’s geography, demographics, municipalities, economy and labor markets, and includes a discussion about what the future may hold for the region.

While total local sales tax collections in New York State grew by only 0.7 percent in 2016, the modest increase was largely due to a multiyear correction that inflated New York City's 2015 collections. After adjusting for this correction, total local growth was about $357 million over the prior year, or about 2.3 percent.

In 2015, the State’s 109 active Industrial Development Agencies reported projects valued at $88.7 billion, with nearly $700 million in net annual tax exemptions and $11.4 billion in total debt outstanding, including conduit and other debt. They supported 4,484 projects that had created 224,734 jobs from their inception through 2015.