New York doled out more than $700 million in economic development spending on Tuesday, as part of an annual event highlight regional job creation.

Capitalize Albany issued a statement saying the New York State Regional Economic Development Council (REDC) awarded $5,988,790 in funding to the city. The Capital Region overall was awarded $67 million for 95 projects, of which 17 will directly benefit the city of Albany. 

"This new funding, coupled with Albany’s $10 million Downtown Revitalization Initiative award, will help facilitate the transformative redevelopment underway in New York’s Capital City," said Albany Mayor Kathy Sheehan in the statement.

Sheehan went on to thank Governor Cuomo for his investments through 2018's Round Eight Regional Council initiative. Capitalize Albany Corporation President Sarah Reginelli also took part in the thanks. 

"We look forward to assisting these projects as they move forward and begin to catalyze new opportunities, create jobs, and strengthen Albany’s economic vitality,” Reginelli said. 

Some of the projects for the city include: Times Union Center Capital improvements, Hudson River waterfront gateway improvements, and a Palace Theatre renovation and revitalization, according to the Capitalize Albany. State officials like the President of Empire State Development Howard Zemsky, insists 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.

But 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. Lieutenant Governor 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," Hochul said.

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 Governor 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.

And 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.