October 13, 2010: The Kirwan Institute and NYSA jointly released a report today entitled, "Where's the Stimulus: State and Regional profiles of the Recovery Act Investment in New York State." The report highlights the allocation of federal Recovery Act investments statewide, identifying geographic distribution of funds as well as specific populations that have benefited. The report finds that Recovery Act funding has been of critical importance to help New York weather the economic storm by maintaining services and getting many New Yorkers back to work. Read the full report here, see highlights and color maps below, or read the press release here.
A few key facts and findings emerged from the study:
- The State of New York will receive $29.4 billion in Federal Stimulus funds which will be allocated for use by the end of fiscal year 2011.
- As of June 30, 2010, recipients reported on $9.7 billion of these funds, which resulted in the creation of 170,018 jobs, according to Recovery.gov. This is the sum of four quarterly reports and not a cumulative total. Due to the methodology used, some ongoing jobs may be re-reported.
- One of every five dollars that came to New York State came in the form of direct payments to individuals, such as unemployment payments of Pell Grants.
Several populations such as Native American- and White-owned businesses are deriving an especially high benefit from federal contract work to be performed in New York State while others, such as Latino-owned and Black-owned business, are deriving a disproportionately low benefit.
- While Native Americans comprise less than 1 percent of business owners in New York state, they received over 11 percent of all stimulus contracts in the state, and nearly 9 percent of the contract dollars. Most of these contracts were for construction work at Fort Drum in Jefferson County, awarded by the Department of Defense.
- A disproportionately large majority of business contracts, in terms of both number of contracts and the value of contracts, went to white-owned businesses - both statewide and in the city of New York. White-owned businesses represent 76.3 percent of New York businesses but they received over 85 percent of the Recovery Act contract dollars for work conducted in the state.
- Conversely, Black- and Latino- and Asian-owned businesses received a disproportionately low share of these contracts and contract dollars. Statewide, black- and Latino-owned and Asian-owned businesses each represent about 10 percent of business owners. But they received no more than 5 percent of the Recovery Act contracts and no more than 4 percent of the contract dollars.
Of the $29.4 billion in stimulus funds flowing into the state, $9.3 billion is expected to flow to New York City targets. Chief uses of the funds New York City receives between 2009 and 2011 will include:
- $3.3 billion to stabilize local government and school district budgets
- $2.9 billion to individuals as food stamps, unemployment benefits and Pell grant
- $689 million to public infrastructure projects
- $2.3 billion to other investments such as homelessness prevention.
Read the full report: "Where's the Stimulus: State and Regional profiles of the Recovery Act Investment in New York State."
By NYSA on Wednesday, October 13, 2010 at 9:37 AM| No TrackBacks
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