Empire State Development Corporation

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Agency Web Site: https://esd.ny.gov/

Mission

Doing business as Empire State Development (ESD), the Urban Development Corporation (UDC) is a New York State public benefit corporation. Its overall objective is to promote a vigorous and growing state economy, encourage business investment and job creation, and support diverse, prosperous, local economies across New York State through the efficient use of loans, grants, tax credits, real estate development, marketing, and other forms of assistance.

Organization and Staffing

In 1995, the operational efforts of the Department of Economic Development (DED) and the Urban Development Corporation (UDC) were consolidated to form Empire State Development.

Empire State Development is headed by a President/CEO appointed by the Governor, subject to Senate confirmation. ESD is governed by a nine-member board of directors comprising two ex-officio members and seven members appointed by the Governor with the consent of the Senate. ESD operates regional offices in Binghamton, Buffalo, Elmira, Hauppauge, New Windsor, New York City, Plattsburgh, Rochester, Syracuse, Troy, Utica, and Watertown, with headquarters in Albany, Buffalo, and New York City.

Budget Highlights

The FY 2024 Executive Budget recommends nearly $1.3 billion in new funding in support of various ESD programs and initiatives..

For more information on this agency's budget recommendations located in the Executive Budget Briefing Book, click on the following link: Briefing Book – Economic Development (PDF)

For more information on this agency's budget recommendations located in the Executive Budget Briefing Book, click on the following link:

Briefing Book – Economic Development (PDF)

Program Highlights

• Workforce Development Initiatives. The Budget continues support for last year’s $350 million workforce development initiative that advanced a wide-reaching and historic investment in workforce development across several agencies and authorities. This funding will sustain ESD’s new Office of Workforce and Economic Development, workforce development local assistance and capital grants programs, and targeted workforce investments in teachers, healthcare workers, collegiate apprenticeships and internships, mental health professionals, and caregivers.
• Regional Economic Development Councils. $150 million to support a new round of funding for the Regional Economic Development Councils initiative to further advance each region's long-term economic development strategies, including job growth, retention and recovery in industries disproportionately impacted by the COVID-19 pandemic.
• New York Works Economic Development Fund. $400 million for the New York Works Economic Development Fund as part of the New York Works initiative. This Fund will provide capital grants to support projects that facilitate an employer’s ability to create new, or retain existing, jobs, or to fund infrastructure investments necessary to attract new businesses or expand existing businesses.
• Market New York. $15 million to support tourism marketing plans and projects that best demonstrate regional collaboration among counties and promote regional attractions.
• Promote Tourism and Business Investment. The Budget includes $45 million to support efforts to promote New York State as a tourism destination; attract and expand business investment and job creation; and support economic development initiatives of the State.
• Economic Development Investments. The Budget includes $40.5 million to support ongoing economic development initiatives including the New York State Economic Development Fund, the Minority- and Women-Owned Business Development and Lending Program, the Urban and Community Development Program, and the Entrepreneurial Assistance Program.

Note: Most recent estimates as of 02/01/2023