Economic Development, Department of

Agency Web Site: http://esd.ny.gov/

Mission

Together with Empire State Development, the New York State Department of Economic Development:

Advises the Governor and Legislature on all major economic development issues and decisions;

Develops and recommends State economic development strategies;

Provides technical and financial assistance to businesses through a network of regional offices; and

Coordinates the efforts of other State agencies, authorities and organizations, as well as local governments, on actions that affect the State’s economy.

Budget Highlights

The Executive Budget recommends $83.5 million for the Department. This is a decrease of $1.1 million from the FY 2016 budget, reflecting reduced spending from the non-recurrence of one-time FY 2016 Legislative adds, offset by an increase in Federal funding.

The Executive Budget recommends a workforce of 153 FTEs for the Department, which is a net decrease of 5 from FY 2016 levels. The decrease reflects operational efficiencies achieved by the Department.

Major budget actions include:

• Centers of Excellence Program: The budget includes $8.723 million in new funding to continue support for the expanded Centers of Excellence Program. This is a decrease of $1.3 million from last year due to the non-recurrence of one-time FY 2016 Legislative adds.
• New York State Innovation Hot Spots and New York State Incubators Program: The budget includes $5 million in new funding to support expenses of the Innovation Hot Spots and Incubators Program. This is a decrease of $1 million from last year due to the non-recurrence of one-time FY 2016 Legislative adds. Designated Hot Spots and Incubators will serve as high technology innovation incubators providing growth support funding for start-up companies.
• Market New York Program: The budget includes $5 million in new funding to support an advertising competition for the best regional marketing plans, the same level as last year.
• "I ♥ NY” Program: A $2.5 million appropriation is recommended for "I ♥ NY” tourism advertising, the same level as last year.
• Tourism Matching Grants: $3.8 million is provided to assist local tourism promotion agencies. This is a decrease of $500,000 from last year due to the non-recurrence of one-time FY 2016 Legislative adds.
• International Trade: A $700,000 appropriation is recommended for international trade activities and offices, the same level as last year.

For more information on this agency's budget recommendations located in the Executive Budget Briefing Book, click on the following link:

Briefing Book – Economic Development (PDF)

Note: Most recent estimates as of 01/13/2016

Click for additional detailed appropriation tables