| Joseph Byrne Wednesday, December 19, 2012 |
The business atmosphere is going to start looking a little bit better with a recent boost to Long Island's economic growth. This boost comes in the form of $59.7 million in economic development funds from New York state which was won on Wednesday. However, Long Island was still not named as a top performer. The state named Central New York and the North Country as the two top regions, each earning more than $90 million.
This is along the same as the previous year as Long Island, western New York, the North Country and central New York were the top winners in the first competition for $785.5 million in tax incentives. Long Island alone won $101 million. These are great numbers for the last couple of years and there is no doubt that Long Island will not benefit from it.
After the devastation of Superstorm Sandy, many businesses have had to either let their employees go because of the damages donw, or have had to severely cut back because of rebuilding. These economic funds are a tremendous boost to help bolster an already lagging, but brightening, economic landscape.
This year’s Long Island proposal includes 115 projects submitted for competitive funding, including 16 of those the council deemed priority projects. The council was seeking $31 million for those priority projects, although a maximum of $25 million will be given out.
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