New York State Profile

New York borrows federal funds to cover unemployment benefits; delinquent or troubled commercial property loans spike; state funding dedicated to the development of energy storage technology; business tax climate ranked second worst in nation.

• State job growth fell 1.9% in August 2009 from a year ago; national job growth fell 4.4%.
• State unemployment averaged 9.0% in August 2009; the national average was 9.7%
• Personal income fell 5.0% to $904 billion in Q2 2009 from a year ago.
• Tax revenue fell 22.0% in Q2 2009 from the previous year.
• Exports fell 33.5% to $35.5 billion in the first seven months of 2009 from a year ago.
• Venture capital investment in NY fell 33% to $199 million in Q2 2009 from a year ago.