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Economy of New York (state)

This article is about the overall economy of New York State. For the economy of New York City, see Economy of New York City.

Economy of New York
New York City, the economic capital of New York (state)
Statistics
GDP$2.3 trillion (2024)[1]
GDP per capita
$117,332 (2024)[2]
Population below poverty line
13.6%[3]
0.5157 ± 0.0029 (2023)[4]
Labour force
9,645,984 (2023)[5]
Unemployment4.4% (August 2024)[6]
Public finances
Revenues$63.5 billion[7]
Expenses$54.6 billion[8]

The economy of the State of New York is reflected in its gross state product in 2024 of $2.284 trillion, ranking third in size behind the larger states of California and Texas. If New York State were an independent nation, it would rank as the 10th largest economy in the world by nominal GDP. However, in 2019, the multi-state, New York City-centered metropolitan statistical area produced a gross metropolitan product (GMP) of $US2.0 trillion, ranking first nationally by a wide margin and would also rank as the 10th largest GDP in the world.

  New York State unemployment rate, 1976–2021
  US unemployment rate
New York (state) counties by GDP (2021)

The state has a large manufacturing sector, which includes printing and publishing and the production of garments, furs, railroad rolling stock, and bus line vehicles. Some industries are concentrated in upstate locations also, such as ceramics and glass (the southern tier of counties), microchips and nanotechnology (Albany) and the Greater Capital District, and photographic equipment (Rochester). New York's agricultural outputs comprise dairy products, cattle and other livestock, vegetables, nursery stock, and apples. In April 2021, GlobalFoundries, a company specializing in the semiconductor industry, moved its headquarters from Silicon Valley, California to its most advanced semiconductor-chip manufacturing facility in Saratoga County near a section of the Adirondack Northway, in Malta, New York.[9]

  1. ^ "GDP by State". GDP by State | U.S. Bureau of Economic Analysis (BEA). Bureau of Economic Analysis. Retrieved April 10, 2022.
  2. ^ "New Vintage 2021 Population Estimates Available for the Nation, States and Puerto Rico". New Vintage 2021 Population Estimates Available for the Nation, States and Puerto Rico. United States Census Bureau. December 21, 2021. Retrieved April 10, 2022.
  3. ^ "State Rankings--Statistical Abstract of the United States--Persons Below Poverty Level". Archived from the original on August 17, 2011. Retrieved December 10, 2017.
  4. ^ "B19083|Gini Index of Income Inequality". United States Census Bureau. Retrieved October 5, 2024.
  5. ^ Civilian Labor Force in New York
  6. ^ "Unemployment Rates for States".
  7. ^ "Archived copy". Archived from the original on December 11, 2011. Retrieved December 10, 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  8. ^ "Archived copy". Archived from the original on August 23, 2011. Retrieved October 10, 2011.{{cite web}}: CS1 maint: archived copy as title (link)
  9. ^ "GLOBALFOUNDRIES Moves Corporate Headquarters to its Most Advanced Semiconductor Manufacturing Facility in New York | GlobalFoundries". globalfoundries.com. April 26, 2021. Retrieved May 19, 2021.

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