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Archive for August, 2009

Economy of New York

Monday, August 3rd, 2009

In 2006, New York’s gross state product was over one trillion dollars, which ranks it third behind California and Texas.  New York would have the sixteenth largest economy in the world if it were its own independent nation.  Statistics show that the people of New York average out to making forty thousand dollars a year.  New York’s agricultural strengths and outputs are in dairy products, vegetables, nursery stock, cattle and other livestock and apples.  Its large industry outputs are in printing and publishing, electric equipment, scientific instruments, chemicals, machinery and tourism.

New York is a state that exports a wide variety of things like food items of all different sorts, minerals, computers, electronics, commodities, automobile parts and cut diamonds.  New York exported nearly seventy two billion dollars worth of goods in 2007.  Its five largest foreign export markets were with Canada, the United Kingdom, Switzerland, Israel and Hong Kong.  The largest imports to New York are oil, natural gas, gold, aluminum, rough diamonds, electricity and lumber.  Canada has been an important economic partner for some time.  Twenty one percent of the state’s worldwide exports were shipped to Canada in 2007.  New York also receives many tourists from our neighbors to the north in Canada.  It was calculated that Canadians spent almost five hundred million dollars in 2004.

New York City is New York’s leading center of banking, finance, and communications.  It is not only the state’s leader in these fields, but is also the top leader of America.  The New York Stock Exchange is also located in New York City and is the largest exchange of this type in the world.  Many of the world’s largest corporations are based in New York City.  New York also has a large manufacturing sector that thrives off printing and publishing, production of garments and furs, bus line vehicles and railroad equipment.  Many of these latter industries are concentrated in upstate New York.  Both Hudson Valley and Albany are centers of nanotechnology and microchip manufacturing.  All along the Hudson, there are a myriad of different manufacturing hubs.  New York is a leader in agricultural production, too.  It ranks in the top five states for agricultural production.