The Chairman of the New York State Assembly’s Ways and Means Committee, Herman Farrell Jr., has released the committee’s annual revenue report. According to the committee’s findings, total non-farm employment across New York State grew 1.8% during the State Fiscal Year of 2015-2016. That growth is expected to slow to a rate of 1.5% during this current fiscal year.
Wages have also grown 3.8% over the past fiscal year, and are forecasted to continue to grow 4.7% in the coming year.
The report also cites potential challenges to the state’s revenue in the coming year. Potential cuts or changes to the composition of Wall Street could result in a critical reduction in state tax revenue, according to the State Assembly’s Ways and Means Committee report. A link to the full report can be found here.