Upstate United Reacts to Significant Loss of Financial Sector in NYS

August 22nd, 2023

A statement from Justin Wilcox, Executive Director of Upstate United

“The increasing loss of players within the financial industry from New York to the sun belt over the past few years is something state leaders should be paying close attention to as we look ahead to continued short falls in our state’s financial plan. A recent calculation done by Bloomberg News shows that 158 companies managing $993 billion in assets have moved out of New York State with 56 of them heading straight to Florida.

“While our state remains the most powerful financial services centers in the world, this exodus should not be taken lightly, and New York State Comptroller Tom DiNapoli shares the concern. Why?  Because financial firms leaving New York also means high-income earners leaving with them. Preliminary data from tax year 2021 shows that taxpayers with more than a $1 million income were 1.5% of filers but paid 43.5% of the total Personal Income Tax (PIT) for that same year.

“Year-over-year the price tag on our states financial plan has increased while reliance on high-earning sectors and taxpayers has become more unpredictable. As we look ahead to the early stages of a new fiscal plan, it is critical to be realistic about our state’s financial situation and to move forward cautiously.”

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