Mid-Hudson News Op Ed: We can’t afford to ignore businesses – New York’s economy is on the line

December 3rd, 2025

Read at Mid-Hudson News here.

Dear Editor,

New York is a place where world-class businesses are born, but too often they’re raised elsewhere. For years, we’ve been sounding the alarm, and now a recent report by The Business Council of New York State confirmed what New York’s businesses, both big and small, have been saying for years: overregulation is out of control, and we need to take action now– or we risk losing another generation of entrepreneurs to other states.

What looks like a crisis for New York’s economy could be an opportunity for real leadership and smart policy. But lawmakers in Albany must start listening to businesses and championing policies that reinforce, not undermine, a pro-growth vision for New York’s future.

Results from the survey of over 500 state business leaders and 40 associations described an avalanche of permits, restrictions, and red tape, high taxes, burdensome regulations, and lawmakers who aren’t doing enough to fix it. Only 2% of New York business leaders think Albany represents their interests. As one manufacturing executive put it: “We are focused on expanding our business… in any other state but here.”

This sentiment, unfortunately, bears out in the statistics. Over the past decade, jobs in New York grew a mere 7.3%, compared to 12% nationwide — and far behind Florida (24.9%) and Texas (20.3%). While we think of ourselves as a hub for corporate headquarters, management jobs grew just 2.8% between 2014 and 2024, again lagging behind the national average of 19.7%.

It’s not hard to understand why businesses feel this way. New York imposes over 300,000 restrictions on everything from hiring to basic operations. Opening a simple barbershop takes an average of 56 steps, 12 of which must be completed in person. We rank last on the Tax Foundation’s 2025 State Tax Competitiveness Index, thanks to punishing rates and an overly burdensome tax structure, and last again in Rich States, Poor States’ economic outlook ranking, dragged down by our sky-high corporate and personal tax rates.

Jobs are migrating elsewhere. Since 2020, more than 630,000 residents have fled New York. And businesses are following right behind. A 2023 report found that 158 companies managing nearly $1 trillion in assets have relocated their headquarters out of New York since early 2020.

At Upstate United, we advocate on behalf of the business community, but we still believe in smart regulation, worker protections, and tax frameworks rooted in fairness and equity.

That’s why we need Albany to listen to what the business community is saying: we must do away with the needless red tape to spur greater innovation, job growth, and higher wages. In early October, Governor Hochul called for a comprehensive review and repeal of “outdated or obsolete” regulations from state agencies. This is a promising next step, but we still need more leadership from our elected officials to translate these ideas into meaningful action. If not, New York risks ceding its economic leadership to the states that are eager to welcome the businesses we push away.

Our status as a hub for business and industry isn’t assured — it is protected by the policies we create. Albany and future local leadership need to start listening to our businesses and promoting policies that ensure we don’t lose jobs, investment, and talent to other states when we have the tools to keep them here.

Justin Wilcox, CEO Upstate United