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Economy of New York (state)

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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]

New York City

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Looking from the West Side toward the East Side of Midtown Manhattan in New York City, the largest central business district in the world. Manhattan is the epicenter of the world's principal metropolitan economy.[10]
Lower Manhattan, the home of Wall Street, anchors New York as the world's principal fintech and financial center.[11][12][13]
Main article: Economy of New York City

New York City, characterized as the world's principal fintech and financial center,[11][14][15][16] and the surrounding New York metropolitan area dominate the economy of the state. Manhattan is the leading center of banking, finance, and communication in the United States and is the location of the New York Stock Exchange (NYSE) on Wall Street. Many of the world's largest corporations locate their home offices in Manhattan or in nearby Westchester, Nassau, and Suffolk counties. Manhattan contained over 500 million square feet (46.5 million m2) of office space in 2015,[17] making it the largest office market in the United States,[18] while Midtown Manhattan, with nearly 400 million square feet (37.2 million m2) in 2015,[17] is the largest central business district in the world.[19] New York is a top-tier global high technology hub.[20]

Long Island

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Main article: Economy of Long Island

Long Island has played a prominent role in scientific research and in engineering. It is the home of the Brookhaven National Laboratory. Seven Nobel prizes have been awarded for work conducted at Brookhaven lab.[21]

Agriculture

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Main article: Agriculture in New York
Postcard showing the Great New York State Fair main entrance in the 1940s

The Erie Canal, completed in 1825, opened eastern U.S. markets to Midwest farm products. The canal also contributed to the growth of New York City, helped create large cities, and encouraged immigration to the state. Except in the mountain regions, the areas between cities are agriculturally rich. The Finger Lakes region has orchards producing apples, which are one of New York's leading crops.[22] The state is known for wines produced at vineyards in the Finger Lakes region and Long Island. The state also produces other crops, especially grapes, strawberries, cherries, pears, onions, and potatoes. New York is a major supplier of maple syrup and is the third leading producer of dairy goods in the United States.[23]

According to the Department of Agriculture and Markets, New York's agricultural production returned more than $3.6 billion to the farm economy in 2005. 36,000 farms occupy 7.6 million acres or about 25 percent of the state's land area, to produce a variety of food products.[23] Here are some of the items in which New York ranks high nationally:

New York is an agricultural leader and is one of the top five states for agricultural products, including dairy, cattle, apples, cabbages, potatoes, beets, viticulture, onions, maple syrup and many others.[24] The state is the second largest producer of cabbage in the U.S.[23] The state has about a quarter of its land in farms and produced $3.4 billion in agricultural products in 2001. The south shore of Lake Ontario provides the right mix of soils and microclimate for apple, cherry, plum, pear, and peach orchards. Apples are also grown in the Hudson Valley and near Lake Champlain. The south shore of Lake Erie and the southern Finger Lakes hillsides have vineyards. New York is the nation's third-largest grape-producing state, after California and Washington.[23]

Energy

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Further information: New York energy law

In 2017, New York State consumed 156,370-gigawatthours (GWh) of electrical energy. Downstate regions (Hudson Valley, New York City, and Long Island) consumed 66% of that amount. Upstate regions produced 50% of that amount. The peak load in 2017 was 29,699 MW. The resource capability in 2017 was 42,839 MW.[25][26] The NYISO's market monitor described the average all-in wholesale electric price as a range (a single value was not provided) from $25 per MWh to $53 per MWh for 2017.[27]

Solar power

[edit]
This section is an excerpt from Solar power in New York.[edit]
Installing rooftop solar panels in Poughkeepsie
New York has a renewable portfolio standard of 30% from renewable sources by 2015. In 2015 24% was renewable, 6% short of the goal. Wind is the predominant generating technology.[28] In 2018, the New York State Energy Research and Development Authority awarded long-term contracts to 22 utility-scale solar farms, totaling a combined capacity of 646 MW.[29]

In 2012, LIPA adopted a power purchase agreement (limited to 50 MW), which will pay $0.22/kWh for solar generation for installations ranging from 50 kW to 20 MW. A $500 to $5000 application fee favors larger power plants represents roughly the first 10 days of generation for a 50 kW to 500 kW system, but less than 2 hours of generation for a 20 MW installation. The term of the agreement is 20 years, and systems must be interconnected to the grid at the 13.2 kV level. Unlike the feed-in tariff programs in many other places, customers pay for their own electricity as if they were not generating any, making this actually a power purchase agreement, and not a feed-in tariff. LIPA owns the SRECs (which could be worth more than they are paying for the electricity).[30][31] A bill to establish SRECs in New York failed to pass in 2012.[32] 50 MW of solar power will meet the average needs of about 7,000 households, or less than 1% of the electricity supplied by LIPA. 5 MW is reserved for systems less than 150 kW, and 10 MW for systems from 150 to 500 kW. The remaining 35 MW is available to systems of all sizes. If fully subscribed in the first year, the average household will pay an estimated $0.44/month to pay for the program, which will generate an estimated 79.4 million kWh/year. Estimated costs are based on an average avoided cost rate of $0.075/kWh, although peak generation costs can exceed $0.22/kWh, eliminating any cost.[33] LIPA's total generation capacity, in 2011, was 6,800 MW.[34]

In 2023, the New York State Energy Research and Development Authority approved 14 new large-scale solar projects, totaling more than 1 gigawatt of capacity.[35]

According to the Solar Energy Industries Association (SEIA) in 2023, New York has a solar capacity of 5,560 MW, ranking third nationally in solar jobs with 11,512 positions. The state aims to expand its capacity by 8,923 MW over the next five years. Solar power in New York now supplies electricity to 980,034 homes, accounting for 5.01% of the state's total electricity. With a solar market valued at $11.7 billion and $1.9 billion invested in 2023, solar costs in New York have decreased by 47% in the last decade.[36]

Wind power

[edit]
This section is an excerpt from Wind power in New York.[edit]
New York has 2,192 MW of installed wind power capacity as of 2022.[37] Most of New York's wind power is located in upstate New York as onshore wind farms. New York has set a goal of developing 9,000 MW of offshore installed wind power capacity by 2035 that will power an estimated 6 million homes. As of October 2022, New York has five offshore wind farms in development with approximately 4,300 MW installed capacity.[38]

Largest Fortune 500 companies in New York (2022)

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NY State rank US Rank World Rank * Company City Employees Revenue (in millions, USD) Industry rank in its US industry
1 23 53 JPMorgan Chase New York 293,723 $154,792 Commercial Banks 1st
2 26 64 Verizon Communications New York 117,100 $136,835 Telecommunications 1st
3 36 99 Citigroup New York 238,104 $101,078 Commercial Banks 3rd
4 38 102 Pfizer New York 83,000 $100,330 Pharmaceuticals 1st
5 46 135 PepsiCo Purchase 315,000 $86,392 Food Consumer Products 1st
6 54 183 MetLife New York 45,000 $69,898 Insurance: Life, Health (Stock) 1st
7 55 185 Goldman Sachs Group New York 48,500 $68,711 Commercial Banks 5th
8 59 198 StoneX Group New York 3,615 $66,036 Diversified Financials 3rd
9 61 200 Morgan Stanley New York 82,427 $65,936 Commercial Banks 6th
10 65 224 International Business Machines Armonk 303,100 $60,530 Information Technology Services 1st
11 71 238 New York Life Insurance New York 15,050 $58,445 Insurance: Life, Health (Mutual) 1st
12 76 248 American International Group New York 26,200 $56,437 Insurance: Property and Casualty (Stock) 2nd
13 77 253 American Express New York 77,300 $55,625 Diversified Financials 4th
14 95 312 Bristol-Myers Squibb New York 34,300 $46,159 Pharmaceuticals 5th
15 103 366 TIAA New York 16,070 $40,911 Insurance: Life, Health (Mutual) 2nd
16 112 409 Travelers New York 32,175 $36,884 Insurance: Property and Casualty (Stock) 6th
17 118 449 Warner Bros. Discovery New York 37,500 $33,817 Entertainment 1st
18 134 492 Paramount Global New York 27,400 $31,331 Entertainment 4th
19 158 * Macy's New York 94,570 $25,305 General Merchandisers 4th
20 177 * Mastercard Purchase 29,900 $22,237 Financial Data Services 3rd
21 193 * Marsh & McLennan New York 85,000 $20,720 Diversified Financials 5th
22 201 * Bank of New York Mellon New York 51,700 $19,991 Commercial Banks 11th
23 225 * Kyndryl Holdings New York 90,000 $18,317 Information Technology Services 4th
24 228 * Colgate-Palmolive New York 33,800 $17,967 Household and Personal Products 3rd
25 229 * BlackRock New York 19,800 $17,873 Securities 2nd
26 230 * Estée Lauder New York 53,865 $17,737 Household and Personal Products 4th
27 264 * Consolidated Edison New York 14,319 $15,670 Utilities: Gas and Electric 10th
28 281 * Guardian Life Ins. Co. of America New York 8,025 $14,653 Insurance: Life, Health (Mutual) 5th
29 290 * Omnicom Group New York 74,200 $14,289 Advertising, Marketing 1st
30 292 * Corning Corning 57,500 $14,189 Electronics, Electrical Equip. 3rd
31 297 * Loews New York 12,050 $14,044 Insurance: Property and Casualty (Stock) 9th
32 298 * Equitable Holdings New York 10,250 $14,017 Insurance: Life, Health (Stock) 8th
33 300 * Fox New York 10,600 $13,974 Entertainment 6th
34 325 * Henry Schein Melville 22,000 $12,647 Wholesalers: Health Care 4th
35 332 * International Flavors & Fragrances New York 24,600 $12,440 Chemicals 10th
36 339 * Regeneron Pharmaceuticals Tarrytown 11,851 $12,173 Pharmaceuticals 11th
37 356 * Apollo Global Management New York 4,258 $11,627 Securities 4th
38 358 * Hess New York 1,623 $11,570 Mining, Crude-Oil Production 12th
39 366 * S&P Global New York 39,950 $11,181 Financial Data Services 7th
40 371 * Interpublic Group New York 58,400 $10,928 Advertising, Marketing 2nd
41 381 * News Corp. New York 25,500 $10,385 Publishing, Printing 1st
42 397 * Altice USA Long Island City 11,000 $9,648 Telecommunications 7th
43 417 * JetBlue Airways Long Island City 18,785 $9,158 Airlines 6th
44 422 * PVH New York 25,000 $9,024 Apparel 3rd
45 430 * Constellation Brands Victor 10,000 $8,821 Beverages 4th
46 432 * Foot Locker New York 31,040 $8,759 Specialty Retailers: Apparel 4th
47 439 * M&T Bank Buffalo 22,509 $8,604 Commercial Banks 12th
48 444 * Blackstone New York 4,695 $8,518 Diversified Financials 11th
49 475 * ABM Industries New York 127,000 $7,807 Diversified Outsourcing Services 4th
50 496 * KKR New York 4,150 $7,273 Securities 9th
* = not among Fortune's Global 500
Sources: Fortune, Volume 183, Number 3 (June/July 2023) and Volume 184, Number 1 (August/September 2023); Fortune website; 50pros.com

See also

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References

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  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.
  10. ^ Iman Ghosh (September 24, 2020). "This 3D map shows the U.S. cities with the highest economic output". World Economic Forum. Retrieved March 5, 2023. The New York metro area dwarfs all other cities for economic output by a large margin.
  11. ^ a b "The Global Financial Centres Index 36". Long Finance. September 24, 2024. Retrieved September 28, 2024.
  12. ^ Jones, Huw. "New York widens lead over London in top finance centres index". Reuters. Retrieved September 28, 2024.
  13. ^ Laura Bratton (September 28, 2023). "Sorry, London — New York Is Still the Financial Capital of the World". The Messenger. Archived from the original on October 11, 2023. Retrieved September 28, 2024. The GDP of the New York City metropolitan area is larger than the country of South Korea...New York City was ranked as the most competitive city in the financial industry for the fifth straight year.
  14. ^ "Top 8 Cities by GDP: China vs. The U.S." Business Insider. July 31, 2011. Retrieved July 29, 2014.
  15. ^ "UBS may move US investment bank to NYC". e-Eighteen.com Ltd. June 10, 2011. Retrieved July 29, 2014.
  16. ^ Richard Florida (May 8, 2012). "What Is the World's Most Economically Powerful City?". The Atlantic Monthly Group. Retrieved July 29, 2014.
  17. ^ a b Andrew Nelson. "Top CBDs See Solid Growth in 2nd Quarter, US - Canada Performance Diverges" (PDF). Colliers International. Retrieved February 14, 2016.
  18. ^ "Understanding The Manhattan Office Space Market". Officespaceseeker.com. Archived from the original on July 13, 2014. Retrieved July 20, 2014.
  19. ^ "Marketbeat United States CBD Office Report 2Q11" (PDF). Cushman & Wakefield, Inc. Archived from the original (PDF) on May 8, 2013. Retrieved July 20, 2014.
  20. ^ Eisenpress, Cara (April 28, 2023). "New York is closer than ever to beating the Bay Area on tech". Crain Communications. Retrieved June 19, 2023.
  21. ^ "Nobel Prizes at BNL". Bnl.gov. Retrieved July 25, 2012.
  22. ^ Gelman, Amy. "PEOPLE & ECONOMY: America's Melting Pot." New York (0-8225-4057-6) (2002): 42-53. Book Collection: Nonfiction. Academic Search Complete. Web. 17 Feb. 2016.
  23. ^ a b c d New York Agriculture Statistic Services. New York Agricultural Statistics 2004-2005 Annual Bulletin. Albany, New York: State of New York Department of Agriculture and Markets, 2004. Web. 19 Feb. 2016.
  24. ^ "New York." Funk & Wagnalls New World Encyclopedia (2015): 1p. 1. Funk & Wagnalls New World Encyclopedia. Academic Search Complete. Web. 19 Feb. 2016.
  25. ^ "NYISO 2018 Gold Book (pdf)" (PDF). www.nyiso.com. p. 13. Archived from the original (PDF) on November 1, 2018. Retrieved November 26, 2018.
  26. ^ "2018 Power Trends" (PDF). www.nyiso.com. April 2018. pp. 11, 12, 14. Archived from the original (PDF) on November 30, 2018. Retrieved November 29, 2018.
  27. ^ Chen, Jie; LeeVanSchaick, Pallas; Naga, Raghu Palavadi; Patton, David B. (May 2018). "2017 State of the Market Report" (PDF). www.potomaceconomics.com. pp. ii, 3, A-2, A-6. Retrieved November 30, 2018.
  28. ^ Final Report of the NYS RPS Annual Performance Report through December 31, 2015
  29. ^ "Governor Cuomo Announces Formal Request for New York Exclusion from Federal Offshore Drilling Program". Governor Andrew M. Cuomo. March 9, 2018. Retrieved May 24, 2018.
  30. ^ LIPA FIT Archived 2012-10-20 at the Wayback Machine
  31. ^ New Jersey SRECs
  32. ^ NY SREC market put on hold
  33. ^ Feed-in tariff proposal
  34. ^ Questions as LIPA fails to use Edge program
  35. ^ "Governor Hochul Announces Nation's Largest-Ever State Investment in Renewable Energy is Moving Forward in New York | Governor Kathy Hochul". www.governor.ny.gov. Retrieved October 24, 2023.
  36. ^ "State Solar Spotlight New York" (PDF). Solar Energy Industries Association. December 2023.
  37. ^ "WINDExchange: Wind Energy in New York". windexchange.energy.gov. Retrieved October 30, 2022.
  38. ^ "2022 Solicitation". NYSERDA. Retrieved October 30, 2022.
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