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 Economy of New York

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PostSubject: Economy of New York    Thu Jan 13, 2011 7:32 pm


Economy of New York



The New York Stock Exchange, the largest stock exchange in the world



Midtown Manhattan in New York City, the largest central business district in the United States


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New York's gross state product in 2007 was $1.1 trillion, ranking third in size behind the larger states of California and Texas.[37] 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.[38]
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.
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.

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