As New York doled out more than $700 million in economic development spending through the latest round of Regional Economic Development Awards, an annual event highlight regional job creation and economic growth in Upstate New York, the five regions who took home the most were Central New York, Mid-Hudson, the Finger Lakes, the Mohawk Valley and New York City.

State officials like Howard Zemsky, the president of Empire State Development, insist that these awards come as upstate New York's economy has turned a corner.

"It's a far different picture today than it was eight years ago. Upstate New York has come an awfully long way economically. The whole state has come a long way. Upstate is doing better than it has," Zemsky said.

Fiscal watchdogs have disagreed, pointing to an outmigration of people in upstate communities. At the same time, a sinking stock market is leading to concerns of a recession in 2019.

Lt. Gov. Kathy Hochul says the state is well-prepared to handle any downturn.

"We have done everything we can to keep the business climate positive, keep taxes down on businesses so we don't drive them away, and we feel we have the resources to handle whatever comes our way," said Hochul, D-New York.

New York's unemployment rate in October was at four percent, slightly higher than the national average. Economic experts have credited, in large part, the surging New York City economy [with] helping move the state forward.

"Certainly it makes sense for us to always have an eye on what's happening nationally, but because of the stewardship of our finances over the last eight years, we're in a good place," Hochul said. 

Oversight for economic development spending remains a delicate issue for Gov. Andrew Cuomo's administration, following a bid-rigging scandal stemming from the Buffalo Billion, a signature job creation program for the state. Assembly Speaker Carl Heastie on Tuesday in a radio interview suggested lawmakers may seek more oversight of economic development spending.

"It would be almost hard to imagine digesting more information than  we provide at the moment. If anyone can't find information on a specific project, I'd be surprised," Zemsky said.

One of the biggest economic development efforts for New York now is Amazon's plan to bring 25,000 jobs to Queens, linked to billions of dollars in tax incentives. Zemsky says the project makes sense for the area.