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 $80.1 million for the Department. This is a decrease of $1.5 million from the 2014-15 budget, reflecting reduced spending from the non-recurrence of one-time 2014-15 Legislative adds, offset by an increase in operational support for Minority and Women-Owned Business Enterprises (MWBE) activities.

The Executive Budget recommends a workforce of 159 FTEs for the Department, which is a net increase of 7 from 2014-15 levels. The increase reflects additional staffing needed to support MWBE initiatives, offset by the transfer of one FTE to the Business Services Center.

Major budget actions include:

• Increase Minority and Women-Owned Business Enterprise (MWBE) Opportunities to 30 percent: The budget includes $750,000 in new funding to support eight new FTEs and other operating costs to meet the Governor's goal of expanding MWBE participation in State contracting to 30 percent.
• Centers of Excellence Program: The budget includes $8.723 million in new funding to continue support for the expanded Centers of Excellence Program, the same level as last year.
• 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, an increase of $1.25 million from 2014-15. 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, the same level as last year.
• 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 01/21/2015

Click for additional detailed appropriation tables