Key Facts
- Per Capita Real GDP
- $49,038 Rank: 4/50 (2007)
- Population
- 19,490,300 Rank: 3/50 (2008)
- Per Capita Personal Income
- $42,392 Rank: 5/50 (2006)
- Unemployment Rate
- 5.00% Rank: 36/50 (2008)
- Business Tax Climate Index
- Rank: 48/50 (2008)
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New York: Introduction
Located in America’s northeast, New York borders Canada, two great lakes, five other American states and the Atlantic Ocean. The southeast corner of the state holds New York City, a leading hub of commerce and culture in the United States and throughout the world. The city also served as the main port of entry for immigrants during the late nineteenth and early twentieth centuries. Droves of immigrants passed through New York’s Ellis Island, drastically changing the demographic makeup of the entire country. Today more than 100 million Americans can claim at least one ancestor to have passed through the famed island.
As the leading banking and financial services center in the United States and arguably the world, New York City dominates the state’s economy. New York is home to more Fortune 500 companies than any other state and holds the New York Stock Exchange, the world’s largest stock exchange by dollar value. Coupled with the seven other smaller exchanges, some of the nation’s largest banks, trust companies, insurance companies, and brokerage houses, Wall Street exerts a profound influence on finances around the world. The borough of Manhattan is also the headquarters of the nation’s major television and radio networks, publishing houses and advertising agencies, making it the heart of mass media in America.
Outside of New York City, strong manufacturing, agricultural, and transportation sectors bolster the rest of the state. New York’s leading manufacturing industries include print and publishing, instrument manufacturing, and electronics. To help transport these goods both domestically and abroad, New York has developed an extensive system of ports, highways, railroads, canals, and airports. With a GDP of just over $1 trillion, New York has the third largest economy of all U.S. states, only behind California and Texas.
