Comptroller's report: New York economic development agency fails to demonstrate impact

Economic IndicatorsAssociated Press

A review of New York state's main economic development agency says it needs to do more to evaluate whether its programs are helping the economy.

The report released by Comptroller Thomas DiNapoli on Thursday found that the Empire State Development Corporation provides little information about the value of its programs.

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The report also says the agency "makes no public assessment" about whether its programs are cost effective and that it's "unclear" to what extent the agency is helping to create good-paying jobs.

The corporation runs more than 50 programs designed to boost the economy and oversees tax credits, subsidies and financing tools.

In a statement, the agency's leaders said it regularly reports on its own performance and will "be more than happy" to direct the comptroller's office to its website.