New York's Economy

New York State has one of the largest economies in the world. With a gross state product (GSP) of 1.1 trillion US Dollars, it ranks 13th when compared overall to other US states and countries. With a comparatively large private sector workforce and a diverse economy that produces goods and services ranging from film and sandstone to premier financial services and apples, New York is a prime commercial and natural location.

New York City contributes a significant portion to the state’s GSP. It is a leading financial center nationwide. Banking, insurance, and investment services along with major real estate, law firms, ad agencies and media titans dominate the city. New York City attracts investments not only domestically but from countries that include the UK, Germany, France, China and Japan.

New York State’s manufacturing industry includes printing, microchips and production of garments. Its natural borders on the Atlantic support a commercial fishing industry. New York valleys and lakes supplies ideal environments and soil for agricultural products such as grapes, apples, and cabbage. Major exports include computers and electronics, foodstuffs, and automobile parts. Imports include electricity, oil, natural gas, gold and aluminum. New York’s international border with Canada makes it a number one import/export partner.

The national economic downturn has had a significant impact on New York’s labor force and housing markets since 2007. March 2009 data shows a 7.8% private sector unemployment rate. The data also reveals home value increases in March 2009, an indicator of a potential turnaround. New York’s manufacturing sector has experienced declines during this current economic downturn due to uncertainty by consumers.