Economy ofNew York

New York City, the economic capital of New York (state) andthe world
Statistics
GDP	$2.322 trillion (2024)[1]
GDP per capita	$116,883 (2024)[2]
Population belowpoverty line	13.6%[3]
Gini coefficient	0.5157 ± 0.0029 (2023)[4]
Labour force	9,645,984 (2023)[5]
Unemployment	4.0% (Aug. 2025)[6]
Public finances
Revenues	$63.5 billion[7]
Expenses	$54.6 billion[8]

Theeconomy of the State of New York is reflected in itsgross state product in 2024 of $2.322 trillion, rankingthird in size behind the larger states ofCalifornia andTexas. IfNew York State were an independent nation, it would rank as the 8th largest economy in the world bynominal GDP. However, in 2024, the multi-state, New York City-centeredmetropolitan statistical area produced agross metropolitan product (GMP) over $US2.6 trillion, ranking first nationally by a wide margin and also ranked asthe largest GDP in the world. By 2025,tourism had become New York's second-largest industry, afterfinance.^[9]

The state has a largemanufacturing sector, which includes printing andpublishing and the production ofcomputers,consumer electronics,apparel, railroad rolling stock, and bus line vehicles. Some industries are concentrated in upstate locations also, such as ceramics and glass (thesouthern tier of counties), microchips andnanotechnology (Albany) and the GreaterCapital District, and photographic equipment (Rochester). New York's agricultural outputs comprisedairy products, cattle and other livestock, vegetables,nursery stock, and apples. In April 2021,GlobalFoundries, a company specializing in thesemiconductor industry, moved its headquarters fromSilicon Valley, California to its most advancedsemiconductor-chip manufacturing facility inSaratoga County near a section of theAdirondack Northway, inMalta, New York.^[10]

New York City, characterized as the world's principalfintech andfinancial center,^[12][15] and the surroundingNew York metropolitan area dominate the economy of the state.Manhattan is the leading center of banking, finance, andcommunication in the United States and is the location of theNew York Stock Exchange (NYSE) onWall Street. Many of theworld's largest corporations locate their home offices in Manhattan or in nearbyWestchester,Nassau, andSuffolk counties. Manhattan contained over 500 million square feet (46.5 million m²) of office space in 2015,^[16] making it the largest office market in the United States,^[17] whileMidtown Manhattan, with nearly 400 million square feet (37.2 million m²) in 2015,^[16] is the largestcentral business district in the world.^[18] New York is a top-tier global high technology hub.^[19]

Long Island has played a prominent role inscientific research and in engineering. It is the home of theBrookhaven National Laboratory. SevenNobel Prizes have been awarded for work conducted at Brookhaven lab.^[20]

TheErie Canal, completed in 1825, opened eastern U.S. markets to Midwest farm products. The canal also contributed to the growth of New York City, helped create large cities, and encouraged immigration to the state. Except in the mountain regions, the areas between cities are agriculturally rich. TheFinger Lakes region has orchards producing apples, which are one of New York's leading crops.^[21] The state is known for wines produced at vineyards in the Finger Lakes region and Long Island. The state also produces other crops, especially grapes, strawberries, cherries, pears, onions, and potatoes. New York is a major supplier of maple syrup and is the third leading producer of dairy goods in the United States.^[22]

According to theDepartment of Agriculture and Markets, New York's agricultural production returned more than $3.6 billion to the farm economy in 2005. 36,000 farms occupy 7.6 million acres or about 25 percent of the state's land area, to produce a variety of food products.^[22] Here are some of the items in which New York ranks high nationally:

New York is an agricultural leader and is one of the top five states for agricultural products, including dairy, cattle, apples,cabbages, potatoes, beets,viticulture, onions,maple syrup and many others.^[23] The state is the second largest producer of cabbage in the U.S.^[22] The state has about a quarter of its land in farms and produced $3.4 billion in agricultural products in 2001. The south shore of Lake Ontario provides the right mix ofsoils andmicroclimate for apple, cherry,plum, pear, andpeachorchards. Apples are also grown in the Hudson Valley and near Lake Champlain. The south shore of Lake Erie and the southernFinger Lakes hillsides have vineyards. New York is the nation's third-largest grape-producing state, after California and Washington.^[22]

In 2017, New York State consumed 156,370-gigawatthours (GWh) of electrical energy. Downstate regions (Hudson Valley, New York City, and Long Island) consumed 66% of that amount. Upstate regions produced 50% of that amount. The peak load in 2017 was 29,699 MW. The resource capability in 2017 was 42,839 MW.^[24][25] TheNYISO's market monitor described the average all-in wholesale electric price as a range (a single value was not provided) from $25 per MWh to $53 per MWh for 2017.^[26]

This section is an excerpt fromSolar power in New York.[edit]

This article needs to beupdated. Please help update this article to reflect recent events or newly available information.(September 2022)

New York has arenewable portfolio standard of 30% from renewable sources by 2015. In 2015 24% was renewable, 6% short of the goal. Wind is the predominant generating technology.^[27] In 2018, theNew York State Energy Research and Development Authority awarded long-term contracts to 22 utility-scale solar farms, totaling a combined capacity of 646 MW.^[28]

In 2012,LIPA adopted apower purchase agreement (limited to 50 MW), which will pay $0.22/kWh for solar generation for installations ranging from 50 kW to 20 MW. A $500 to $5000 application fee favors larger power plants represents roughly the first 10 days of generation for a 50 kW to 500 kW system, but less than 2 hours of generation for a 20 MW installation. The term of the agreement is 20 years, and systems must be interconnected to the grid at the 13.2 kV level. Unlike thefeed-in tariff programs in many other places, customers pay for their own electricity as if they were not generating any, making this actually a power purchase agreement, and not a feed-in tariff. LIPA owns theSRECs (which could be worth more than they are paying for the electricity).^[29][30] A bill to establish SRECs in New York failed to pass in 2012.^[31] 50 MW of solar power will meet the average needs of about 7,000 households, or less than 1% of the electricity supplied by LIPA. 5 MW is reserved for systems less than 150 kW, and 10 MW for systems from 150 to 500 kW. The remaining 35 MW is available to systems of all sizes. If fully subscribed in the first year, the average household will pay an estimated $0.44/month to pay for the program, which will generate an estimated 79.4 million kWh/year. Estimated costs are based on an average avoided cost rate of $0.075/kWh, although peak generation costs can exceed $0.22/kWh, eliminating any cost.^[32] LIPA's total generation capacity, in 2011, was 6,800 MW.^[33]

In 2023, theNew York State Energy Research and Development Authority approved 14 new large-scale solar projects, totaling more than 1 gigawatt of capacity.^[34]

According to theSolar Energy Industries Association (SEIA) in 2023, New York has a solar capacity of 5,560 MW, ranking third nationally in solar jobs with 11,512 positions. The state aims to expand its capacity by 8,923 MW over the next five years. Solar power in New York now supplies electricity to 980,034 homes, accounting for 5.01% of the state's total electricity. With a solar market valued at $11.7 billion and $1.9 billion invested in 2023, solar costs in New York have decreased by 47% in the last decade.^[35]

New York has the second largestcommunity solar program, with more than 1,700 MW installed providing savings to more than 400,000 customers.^[36]

New York's largest solar project, Morris Ridge Solar, came online in December 2024 with 229 MWdc/177 MWac.^[37]

• Economy of Long Island
• Economy of New York City
• Economy of the United States
• New York State Department of Financial Services
• New York State Department of Labor

• Economy of New York (state)

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