CHENANGO COUNTY – High energy costs, property taxes and the cost of living are all reasons why economic development in Upstate New York, including Chenango County, may not be growing in proportion to the national rate.
A study released on Thursday by the Business Council of New York compared economic development in the counties and regions of New York to the national rate of growth. The results showed that Chenango County, and several surrounding counties including Broome, Madison, Cortland and Otsego, all received grades of F, and Upstate New York as a whole received an F as well.
“This index shows just how badly New York’s economy has performed compared to the nation, and it confirms that Upstate New York is locked in a profound economic crisis,” said Business Council President Kenneth Adams in a press release. “Through a long period that includes both ups and downs in the national economy, New York’s economic performance has been awful.”