New York - Economy

Economy

New York's gross state product in 2010 was $1.16 trillion, ranking third in size behind the larger states of California and Texas. If New York were an independent nation, it would rank as the 16th largest economy in the world behind Turkey. Its 2007 per capita personal income was $46,364, placing it sixth in the nation behind Maryland, and eighth in the world behind Ireland. New York's agricultural outputs are dairy products, cattle and other livestock, vegetables, nursery stock, and apples. Its industrial outputs are printing and publishing, scientific instruments, electric equipment, machinery, chemical products, and tourism.

A recent review by the Center on Budget and Policy Priorities found 13 states, including several of the nation's largest, face budget shortfalls for FY2009. New York faces a deficit that could be as large as $4.3 billion.

New York exports a wide variety of goods such as foodstuffs, commodities, minerals, computers and electronics, cut diamonds, and automobile parts. In 2007, the state exported a total of $71.1 billion worth of goods, with the five largest foreign export markets being Canada ($15 billion), United Kingdom ($6 billion), Switzerland ($5.9 billion), Israel ($4.9 billion), and Hong Kong ($3.4 billion). New York's largest imports are oil, gold, aluminum, natural gas, electricity, rough diamonds, and lumber.

The state also has a large manufacturing sector that includes printing and the production of garments, furs, railroad equipment and bus line vehicles. Many of these industries are concentrated in upstate regions. Albany and the Hudson Valley are major centers of nanotechnology and microchip manufacturing, while the Rochester area is important in photographic equipment and imaging.

New York is a major agricultural producer, ranking among the top five states for agricultural products such as dairy, apples, cherries, cabbage, potatoes, onions, maple syrup and many others. The state is the largest producer of cabbage in the U.S. The state has about a quarter of its land in farms and produced US$3.4 billion in agricultural products in 2001. The south shore of Lake Ontario provides the right mix of soils and microclimate for many apple, cherry, plum, pear and peach orchards. Apples are also grown in the Hudson Valley and near Lake Champlain.

New York is the nation's third-largest grape-producing state, behind California, and second-largest wine producer by volume. The south shore of Lake Erie and the southern Finger Lakes hillsides have many vineyards. In addition, the North Fork of Long Island developed vineyards, production and visitors' facilities in the last three decades of the 20th century. In 2004, New York's wine and grape industry brought US$6 billion into the state economy.

The state has 30,000 acres (120 km2) of vineyards, 212 wineries, and produced 200 million bottles of wine in 2004. A moderately sized saltwater commercial fishery is located along the Atlantic side of Long Island. The principal catches by value are clams, lobsters, squid, and flounder. These areas of the economy have been increasing as environmental protection has led to an increase in ocean wildlife.

As of January 2010, the state's unemployment rate was 8.8%.

Canada is a very important economic partner for the state. 21% of the state's total worldwide exports went to Canada in 2007. Tourism from the north is also a large part of the economy. Canadians spent US$487 million in 2004 while visiting the state.

New York City is the leading center of banking, finance and communication in the United States and is the location of the New York Stock Exchange, the largest stock exchange in the world by dollar volume. Many of the world's largest corporations are based in the city.