A proposal to hike New York State's minimum wage would create an economic boost across the Empire State, Gov. Andrew Cuomo argued in a report released on March 16.
Cuomo wants to increase the state's minimum wage from $8.75 to $10.50, and $11.50 in New York City. The Democratic governor said a study from the New State Department of Labor shows this would lead to $3.4 billion in direct economic value as a result of 1.3 million New Yorkers having higher wages to spend. New York City would have the highest economic impact at $1.9 billion followed by the Western New York region at $193.1 million and the Southern Tier at $81.8 million.
When releasing the economic impact report, Cuomo said 42 business leaders from New York City, Long Island and the Hudson Valley have pledged support for the proposed minimum wage increase. The proposal needs to be approved by the Republican-led State Senate and Democratic controlled Assembly before it can take effect.
"More money in the pockets of minimum wage workers means more money being spent at small businesses and pumped into our economy," said Cuomo. " I thank these business leaders for joining the Fight for Fair Pay campaign, and working together we will raise the minimum wage in New York this year."
"By increasing New York's minimum wage, more workers will experience higher pay - translating into a direct increase in economic activity," said David Sorbaro, CEO of Millwood, N.Y.- based Mavis Discount Tire. "More consumers having more money to spend on goods and services is sure to strengthen our economy, from corner to corner, in communities all across the state."
