Allo' Expat New York City - Connecting Expats in New York City
Main Homepage
Allo' Expat New York Logo


Subscribe to Allo' Expat Newsletter
 
Check our Rates
   Information Center New York
New York General Information
 
History of New York
New York Culture
New York Cuisine
New York Geography
New York Population
New York Government
New York Economy
New York Media
New York Transportations
New York Education
New York Security & Crime
New York Climate & Environment
New York Expatriates Handbook
New York and Foreign Government
New York General Listings
New York Useful Tips
New York Education & Medical
New York Travel & Tourism Info
New York Lifestyle & Leisure
New York Business Matters
  Sponsored Links


Check our Rates

New York Economy
 
 
 

New York's gross state product in 2006 was US$1.02 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 South Korea. Its 2005 per capita personal income was US$40,072, an increase of 4.2% from 2004, placing it fifth 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, manufactured goods, cut diamonds, and automobile parts. New York's five largest export markets in 2004 were Canada (US$30.2 billion), United Kingdom (US$3.3 billion), Japan (US$2.6 billion), Israel (US$2.4 billion), and Switzerland (US$1.8 billion). New York's largest imports are oil, gold, aluminum, natural gas, electricity, rough diamonds and lumber.

Canada is a very important economic partner for the state. 23% of the state's total worldwide exports went to Canada in 2004. 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.

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 centres 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 micro climate for many apple, cherry, plum, pear and peach orchards. Apples are also grown in the Hudson Valley and near Lake Champlain. The south shore of Lake Erie and the southern Finger Lakes hillsides have many vineyards. New York is the nation's third-largest grape-producing state, behind California, and second largest wine producer by volume. 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 have been increasing as environmental protection has led to an increase in ocean wildlife.

 

 
 


 



 


copyrights © AlloExpat.com
2015 | Policy