ALBANY - A job-creation program highly touted by Gov. Andrew Cuomo's administration created just 408 jobs in its first two full years, despite an advertising campaign that cost state taxpayers more than $50 million.
Businesses participating in the state's Start-Up NY program created 332 jobs in 2015 after creating 76 jobs in 2014, according to a new state report.
The report from Empire State Development, the Cuomo administration's economic-development branch, was released Friday evening ahead of the holiday weekend, a time notorious for government agencies to release unflattering news.
It was more than 90 days late: By law, the report was due March 31.
Start-Up NY offers new and growing businesses 10 tax-free years if they locate in specific zones in New York at various public and private college campuses and properties.
The state has spent tens of millions of dollars promoting the program, including $53 million from late 2013 to early 2015. The bulk of that cost was spent on seemingly ubiquitous television advertisements.
After two full years, the program has created more tax-free areas across the state (441) than jobs, according to the report.
So far, 159 companies have been approved for the program. including 102 that are new businesses. Together, they invested $11.4 million in New York in 2015 and received $1.2 million in tax benefits.