New York market - Size
The economy of New York is diverse and strong, and it is a major contributor to the overall economy of the United States. Some key points about the economy of New York include:
- New York is the third-largest state in the United States by population, and its economy is the third-largest in the United States.
- The gross state product (GSP) of New York was estimated to be around $1.9 trillion in 2021, which accounts for about 9% of the total GSP of the United States.
- The state’s economy is known for its strong financial sector, which includes many major banks, investment firms, and other financial institutions. New York is often referred to as the financial capital of the world.
- New York is also home to many major industries, including media, technology, healthcare, and tourism. These industries contribute significantly to the strength of the New York economy.
- Some major cities in New York include New York City, Buffalo, and Rochester, which are centers of business and commerce and home to a range of industries.
The GDP of New York is driven by a range of industries, and the percentage of the state’s GDP contributed by each industry can vary from year to year.
New York Market - Contributors
According to data from the United States Bureau of Economic Analysis, the industries that contributed the most to the GDP of New York in 2020 were:
- Finance and insurance: 17.6%
- Professional, scientific, and technical services: 15.7%
- Real estate, rental, and leasing: 12.1%
- Manufacturing: 10.2%
- Health care and social assistance: 8.9%
Other major industries in New York include retail trade, educational services, and wholesale trade.
Employment generators – By industry
According to data from the Bureau of Labor Statistics (BLS),
the industries with the largest employment in New York as of May 2021 were:
- Trade, transportation, and utilities: 3,485,700
- Education and health services: 3,314,600
- Professional and business services: 2,688,300
- Government: 2,620,500
- Leisure and hospitality: 2,163,500
Other major industries in New York include manufacturing, financial activities, and construction. The BLS data also shows that the sectors with the fastest employment growth in New York from May 2020 to May 2021 were leisure and hospitality, professional and business services, and education and health services.
New York Market - IT Industry
The IT industry in New York is a significant contributor to the state’s economy, with many major companies and startups operating in the sector. Some key points about the IT industry in New York include:
- New York is home to a number of major tech hubs, including New York City, Albany, and Buffalo. These cities are home to a range of IT companies, as well as a large number of skilled professionals in the field.
- The IT industry in New York is diverse, with companies operating in a range of areas such as software development, data analytics, cybersecurity, and cloud computing.
- Some major IT companies with a significant presence in New York include IBM, Google, and Verizon.
- New York also has a strong startup ecosystem, with many small companies in the IT sector receiving funding and support from investors and accelerators.
- The IT industry in New York is expected to continue growing in the coming years, as the state’s strong economy and diverse talent pool attract more companies and entrepreneurs to the sector.
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