New York Economy

Retail sales in New York rose 1.2 percent in November, and housing-related areas like furniture and building materials went up.

In Syracuse, New York they have the second-strongest housing market in the country. They explain this by the fact that they bucked the national trends by avoiding the massive price inflation during the previous years. As the saying goes, "the higher you go the harder you fall."

Central New York's housing values are not as strong though. Not a single city in the country will see housing prices rise, according to Forbes. They predict that the average home price will drop 15 percent and they will take at least another year to bounce back.

Part of the problem stems from the strain households are under from rising debt and falling income. They claim that money has to flow through the system; however the average American does not have the money to make it flow.

New York City has the largest regional economy in the United States and the second largest city economy in the world. It is one of the leading financial cities of the world and headquarters for leading global financial services. New York is also distinctive for its high concentrations of advanced service sector firms such as law, accountancy, banking and management.

The financial insurance and real estate industries form the basis of New York's economy. It is also the most important center for mass media, journalism and publishing. It is the preeminent arts center in the country. The New York Stock Exchange is the largest in the world. The NASDAQ has the most companies listed and the third largest in the world.

New York's metropolitan area had an estimated gross product in 2005 and the largest regional economy in the United States.