In a recent study by personal finance company Wallethub, New York State was ranked as the 38th best state for starting a business, with Utah leading the list. The study assessed several factors, placing New York at 47th for growth in small businesses and office-space affordability, 37th in labor costs, but 5th in availability of human capital. Other rankings included 40th for average work week length, 36th in cost of living, and 25th in industry variety.
Business advocates say regional legislative changes to reduce business costs and ease operations. A notable example is the geographical adjustments made in minimum wage legislation.
The state’s Senate Republicans, focusing on small business costs in their 2024 legislative agenda reflect this need for economic improvements. The Governor’s State of the Address also outlines development initiatives and protection plans, indicating a broader focus on state economic development.
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