New York and the Economy

New York is the third most populated state in the U.S. and because of that, it is one of the states that is going through a bad economic time. This is only one of the states that has been affected by the recession of our country. Before the recession that our country is going through, New York was the state that had one of the best economies. New York is known for its rich agriculture and its vineyards, which make the state famous for its wines. New York is the third leading U.S producer of dairy goods.

New York’s economy is suffering along with the rest of the country; the employment rate has gone down and the unemployment has gone up. Research shows that on October of 2008, the unemployment rate was 5.9 and it went up to 7.8 in March, 2009. There are more people unemployed and more people closing their businesses. New York tourism has contributed to the local economy due its art and culture, as well as the travel generated since the 9/11 tragedy. Television and film production also contributes to the economic growth of New York City. New York has retained some important industries and because of that, it has strengthened the position of financial and commercial leader. Without the tourism that New York has, their economy would be worse than it is now.

This is what the recession is doing to the economy. Right now, New York is one of the states that has the worst economy, but don’t forget that your state could be next.