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Cuomo Pushes Ambitious Economic Plan in Annual Address
Gov. Andrew Cuomo’s State of the State address Wednesday laid out an ambitious agenda with plenty of interest to the commercial real estate sector. It ranged from bolstering New York state’s green economy, to funding the next phase of the Second Avenue Subway, and completing the Long Island Rail Road’s East Side Access project.
Statewide, the clean-energy sector employs nearly 160,000, an increase of 8.9% since 2016. Cuomo proposed growing the sector by expanding the state’s electric vehicle industry, launching a retrofit program for homes and businesses, and strengthening the state’s position as an offshore wind facility hub.
The proposals around the Second Avenue Subway and East Side access were part of a $51.5-billion, four-year capital program for the Metropolitan Transportation Authority. Cuomo noted that the 2020-2024 capital plan is 70% larger than the 2015-2019 plan.
The economic development aspects of Cuomo’s State of the State were by no means limited to downstate. He also proposed reimagining the Erie Canal system to stimulate tourism and economic development, along with measures to grow the upstate tech economy.
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- ◦Economy
