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Economy of New York (state) facts for kids

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This page is about the overall economy of New York State. For the economy of New York City, see Economy of New York City.
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Economy of New York
Flag-map of New York.svg
Statistics
GDP $2.2 trillion (2023)
GDP per capita
 $111,868 (2023)
Population below poverty line
 13.6%
0.502
Labour force
 9,645,984 (2023)
Unemployment 4.1% (March 2023)
Public finances
Revenues $63.5 billion
Expenses $54.6 billion

New York State has a very strong economy. In 2023, the total value of all goods and services produced in the state, called its gross state product, was about $2.189 trillion. This makes New York's economy the third largest among all U.S. states, right after California and Texas. If New York State were its own country, its economy would be the 10th largest in the entire world!

The state has many different types of businesses. It's known for its large manufacturing sector. This includes making things like books and magazines, clothes, and parts for trains and buses. Some special industries are found in different parts of the state. For example, ceramics and glass are made in the southern counties. Microchips and nanotechnology (tiny technology) are big in the Albany area. Photographic equipment is a key industry in Rochester.

New York also has a strong farming industry. Farmers here produce dairy products, raise cattle, and grow many vegetables. They also grow plants for nurseries and lots of apples. In 2021, a major company called GlobalFoundries, which makes computer chips, moved its main office to Saratoga County in New York.

New York City's Economic Power

West side of Manhattan from Hudson Commons (95103p)
Looking from the West Side toward the East Side of Midtown Manhattan in New York City, the largest central business district in the world. Manhattan is the center of the world's main city economy.
Luchtfoto van Lower Manhattan
Lower Manhattan, where Wall Street is located, makes New York a top global financial center.

New York City and the areas around it are the biggest part of New York State's economy. New York City is known as the world's most important center for finance and technology in banking (called fintech). It's also a huge hub for communication.

Manhattan is home to the New York Stock Exchange (NYSE) on Wall Street, a famous place for buying and selling stocks. Many of the world's largest corporations have their main offices in Manhattan or nearby counties like Westchester and Long Island. Midtown Manhattan has the most office space of any central business district in the world. New York is also a leading global center for high technology.

Long Island's Role in Science

Long Island is very important for scientific research and engineering. It is home to the Brookhaven National Laboratory. This lab is so important that seven Nobel prizes have been given for scientific work done there!

Farming in New York

Nystatefair main-entrance
Postcard showing the Great New York State Fair main entrance in the 1940s

Farming is a big deal in New York State. The Erie Canal, built in 1825, helped farmers send their products to markets in the eastern U.S. It also helped New York City grow and encouraged people to move to the state.

Most areas between New York's cities are rich with farms. The Finger Lakes region is famous for its apple orchards. Apples are one of New York's top crops. The state is also well-known for its wines, made from grapes grown in the Finger Lakes and on Long Island. Other important crops include strawberries, cherries, pears, onions, and potatoes. New York is a major producer of maple syrup and is the third-largest producer of dairy products in the U.S.

New York is one of the top five states for many farm products. This includes dairy, cattle, apples, cabbages, potatoes, and onions. The state is the second-largest producer of cabbage in the U.S. About a quarter of New York's land is used for farming. The areas near Lake Ontario and Lake Erie are great for growing fruits like apples, cherries, and peaches. The Finger Lakes region also has many vineyards. New York is the third-largest grape-producing state in the country.

Energy in New York

New York State uses a lot of electricity. The southern parts of the state, including New York City and Long Island, use most of this energy. The northern parts of the state produce a lot of the energy. New York is working on using more clean energy sources.

Solar Power

New York is increasing its use of solar power. This means using energy from the sun to create electricity.

Wind Power

The state is also developing wind power. Large wind turbines capture energy from the wind to generate electricity.

Major Companies in New York (2022)

New York is home to many very large companies. These companies are listed among the "Fortune 500," which are the biggest companies in the United States by how much money they make. Many of these companies are in finance, technology, and entertainment.

NY State rank US Rank Company City Employees Revenue (in millions, USD) Industry
1 23 JPMorgan Chase New York 293,723 $154,792 Commercial Banks
2 26 Verizon Communications New York 117,100 $136,835 Telecommunications
3 36 Citigroup New York 238,104 $101,078 Commercial Banks
4 38 Pfizer New York 83,000 $100,330 Pharmaceuticals
5 46 PepsiCo Purchase 315,000 $86,392 Food Consumer Products
6 54 MetLife New York 45,000 $69,898 Insurance: Life, Health (Stock)
7 55 Goldman Sachs Group New York 48,500 $68,711 Commercial Banks
8 59 StoneX Group New York 3,615 $66,036 Diversified Financials
9 61 Morgan Stanley New York 82,427 $65,936 Commercial Banks
10 65 International Business Machines Armonk 303,100 $60,530 Information Technology Services
11 71 New York Life Insurance New York 15,050 $58,445 Insurance: Life, Health (Mutual)
12 76 American International Group New York 26,200 $56,437 Insurance: Property and Casualty (Stock)
13 77 American Express New York 77,300 $55,625 Diversified Financials
14 95 Bristol-Myers Squibb New York 34,300 $46,159 Pharmaceuticals
15 103 TIAA New York 16,070 $40,911 Insurance: Life, Health (Mutual)
16 112 Travelers New York 32,175 $36,884 Insurance: Property and Casualty (Stock)
17 118 Warner Bros. Discovery New York 37,500 $33,817 Entertainment
18 134 Paramount Global New York 27,400 $31,331 Entertainment
19 158 Macy's New York 94,570 $25,305 General Merchandisers
20 177 Mastercard Purchase 29,900 $22,237 Financial Data Services
21 193 Marsh & McLennan New York 85,000 $20,720 Diversified Financials
22 201 Bank of New York Mellon New York 51,700 $19,991 Commercial Banks
23 225 Kyndryl Holdings New York 90,000 $18,317 Information Technology Services
24 228 Colgate-Palmolive New York 33,800 $17,967 Household and Personal Products
25 229 BlackRock New York 19,800 $17,873 Securities
26 230 Estée Lauder New York 53,865 $17,737 Household and Personal Products
27 264 Consolidated Edison New York 14,319 $15,670 Utilities: Gas and Electric
28 281 Guardian Life Ins. Co. of America New York 8,025 $14,653 Insurance: Life, Health (Mutual)
29 290 Omnicom Group New York 74,200 $14,289 Advertising, Marketing
30 292 Corning Corning 57,500 $14,189 Electronics, Electrical Equip.
31 297 Loews New York 12,050 $14,044 Insurance: Property and Casualty (Stock)
32 298 Equitable Holdings New York 10,250 $14,017 Insurance: Life, Health (Stock)
33 300 Fox New York 10,600 $13,974 Entertainment
34 325 Henry Schein Melville 22,000 $12,647 Wholesalers: Health Care
35 332 International Flavors & Fragrances New York 24,600 $12,440 Chemicals
36 339 Regeneron Pharmaceuticals Tarrytown 11,851 $12,173 Pharmaceuticals
37 356 Apollo Global Management New York 4,258 $11,627 Securities
38 358 Hess New York 1,623 $11,570 Mining, Crude-Oil Production
39 366 S&P Global New York 39,950 $11,181 Financial Data Services
40 371 Interpublic Group New York 58,400 $10,928 Advertising, Marketing
41 381 News Corp. New York 25,500 $10,385 Publishing, Printing
42 397 Altice USA Long Island City 11,000 $9,648 Telecommunications
43 417 JetBlue Airways Long Island City 18,785 $9,158 Airlines
44 422 PVH New York 25,000 $9,024 Apparel
45 430 Constellation Brands Victor 10,000 $8,821 Beverages
46 432 Foot Locker New York 31,040 $8,759 Specialty Retailers: Apparel
47 439 M&T Bank Buffalo 22,509 $8,604 Commercial Banks
48 444 Blackstone New York 4,695 $8,518 Diversified Financials
49 475 ABM Industries New York 127,000 $7,807 Diversified Outsourcing Services
50 496 KKR New York 4,150 $7,273 Securities

Images for kids

  • New York vs US unemployment 1976-2021

         New York State unemployment rate, 1976–2021      US unemployment rate

  • New York (state) counties by GDP (2021)

    New York (state) counties by GDP (2021)

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