Economy of New York (state)
|
|
| Statistics | |
|---|---|
| GDP | $1.405 trillion (2014) |
|
GDP per capita
|
$48,821 |
|
Population below poverty line
|
13.6% |
| 0.502 | |
|
Labor force
|
9,629,500 |
| Unemployment | 5.2% |
| Public finances | |
| Revenues | $63,529.354 million |
| Expenses | $54,607 million |
The economy of the State of New York is reflected in its gross state product in 2015 of $1.44 trillion, ranking third in size behind the larger U.S. states of California and Texas. If New York State were an independent nation, it would rank as the 12th or 13th largest economy in the world, depending upon international currency fluctuations. However, in 2013, the multi-state, New York City-centered Metropolitan Statistical Area produced a gross metropolitan product (GMP) of nearly US$1.39 trillion, while in 2012, the corresponding Combined Statistical Area generated a GMP of over US$1.55 trillion, both ranking first nationally by a wide margin and behind the GDP of only twelve nations and eleven nations, respectively.
New York City 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 (NYSE) on Wall Street. Many of the world's largest corporations locate their home offices in Manhattan or in nearby Westchester County. Manhattan contained over 500 million square feet (46.5 million m2) of office space in 2015, making it the largest office market in the United States, while Midtown Manhattan, with nearly 400 million square feet (37.2 million m2) in 2015, is the largest central business district in the world. The state also 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 photographic equipment (Rochester). New York's agricultural outputs comprise dairy products, cattle and other livestock, vegetables, nursery stock, and apples.
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