The economy of New York is one of the largest and most influential in the world. It is the center of finance and banking, media, fashion, research, technology, tourism, art, education and entertainment. The state has a gross domestic product (GDP) of $1.7 trillion in 2019 which makes it the third-largest state economy in the United States behind California and Texas.
New York City is the largest city in the United States and home to many major corporations including JPMorgan Chase & Co., Citigroup Inc., Goldman Sachs Group Inc., American Express Company and Morgan Stanley. These companies are responsible for a large portion of New York’s economic output as they are involved in banking and other financial services. The city’s financial industry employs approximately 500,000 people directly or indirectly through its various operations.
The manufacturing sector is also a major contributor to New York’s economy with several large companies such as IBM Corporation, General Electric Company and Corning Incorporated located in the state as well as many smaller firms that produce goods ranging from food products to medical devices. The agricultural sector also plays an important role in New York’s economy with dairy farming being one of its major industries due to its proximity to Canada which allows for access to cheap milk products from across the border.
Tourism is another major economic driver for New York State with over 65 million visitors spending over $63 billion each year on hotels, restaurants, attractions and other services related to tourism activities. This influx of tourism dollars helps to support local businesses throughout the state while providing jobs for thousands of people who work directly or indirectly within this sector.
In addition to these main industries there are also numerous small businesses that contribute greatly to New York’s economy such as restaurants, retail stores and other service providers which account for approximately 19% of all employment within the state. The development of new technologies has also had an impact on the state’s economy with companies such as Google investing heavily into research centers located in cities like Syracuse which has given rise to new jobs within this sector.
Overall, New York State has a robust and diverse economy that continues to grow each year thanks largely due its highly skilled workforce which enables it attract high-paying jobs from around the world while providing opportunity for local entrepreneurs who wish start their own business ventures within this vibrant economic environment.
Top 3 Counties in New York
According to countryaah.com, main counties in New York include:
1. Kings County: Kings County is located in the borough of Brooklyn in New York City and is the most populous county in the state. It is home to some of the most iconic neighborhoods like Williamsburg, Bushwick, and Park Slope. It has a population of over 2.6 million people and is one of the most diverse counties in New York with over 130 languages spoken by its residents. The county has a rich history that can be seen in its architecture, culture, and cuisine. Its economy is mainly based on finance, healthcare, education, and tourism. Some of its popular attractions include Prospect Park, Brooklyn Museum, Coney Island Amusement Park, Barclays Center Arena and more.
2. Queens County: Queens County is located just outside New York City and consists of the boroughs of Queens and Long Island City. It has a population of 2 million people making it the second-most populous county in New York State after Kings County. The economy here relies heavily on manufacturing, transportation, energy production as well as retail trade services including healthcare and education industries. Some popular tourist attractions include Flushing Meadows Corona Park, Jamaica Bay Wildlife Refuge, Unisphere at Flushing Meadows Corona Park as well as numerous museums such as MoMA PS1 Contemporary Art Center and Noguchi Museum among others.
3. Bronx County: Bronx County is located north of Manhattan island in New York City with a population of 1.5 million people making it the third most populous county in New York State after Kings County and Queens County respectively. The economy here mainly relies on retail trade services such as healthcare services including hospitals such as Montefiore Medical Center or Jacobi Medical Center; educational institutions such as Fordham University; transportation with Metro North Railroad providing access to Manhattan; manufacturing; energy production; finance; tourism; entertainment with Yankee Stadium being one of its major attractions along with other parks like Van Cortlandt Park or Bronx Zoo among others.