New York Economic Snapshot

Hannah King-Guffey
December 15, 2017

New York is known for its success in business, with Wall Street as the capital of stock exchange. New York is 3rd in the
country for the highest per capita personal income. While the rate of unemployment is decreasing the cost of living is
increasing. New York has the 3rd greatest contribution to the United States GDP. New York has a decreasing population
and the 6th highest race diversity rate in the United States.

(Department of Labor New York State)

Unemployment
10.00%
9.00%
8.00%
7.00%
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

New York United States

New York’s unemployment has fluctuated pretty consistently with the United States unemployment rates and has been decreasing
since 2012.
 (World Population Review)

State population growth rate of 2017

2.00%
1.99%
1.78%
1.50%

1.00%
1.10%

0.50% 0.65%

0.00%
-0.01%
-0.54%
-0.50%

-1.00%
New York West Virginia California Utah Flordia North Carolina

Within the past year New York’s growth rate is ranked 43rd with -.01%.

(NYU Furman Center )

Race population in New York

2017

17.00%
1.00%

7.00%

15.00% 65.00%

White African America/Black Asian American Indian Hispanic or Latio

New York is the 6th highest diverse state in the United States.
 (United States Census)

Per capita personal income value

$60,000

$50,000

$40,000

$30,000

$20,000

$10,000

$0
New York California Utah North Carolina Mississippi Washington D.C

New York has the 6th highest per capita income in the United States.

(Census)

Average persons per household 2017

California 2.95

Hawaii 3.03

Utah 3.16

Washington D.C. 2.24

New York 2.63

0 0.5 1 1.5 2 2.5 3 3.5

New York is the 30 th largest state at 47,224 square miles. New York has the 4th highest amount of housing units in the country and has
one of the lowest average persons per households in the United States.
 (Census)

Average Price for Housing per person in 2017

$1,200

$1,000

$800
Cost

$600

$400

$200

$0
New York United States

New York has one of the highest cost of living in the United States.

(Bureau of Economic Analysis )

New York GDP 2016

8%
27%

32%
11%
9% 13%

Information Finance, Insurance,real estate, rental, and leasing

Professional and Business Services Educational services, health care, and social assistance

Government All Others

New York’s GDP was $1,500.1 billion and ranked 3rd in the United States. The largest percent of New York’s GDP is finance,
Insurance, real estate, rental, and leasing.
 (U.S Small Business Administation Office of Advocacy)

New York State's Small Businesses by Industry 2016

218091
250000
198449
200000

150000
58291
100000 45645 44576 29268
54500 42772 37871 2887727596 15055 10979
50000 25802
11281 9792 593 577
0
Retail Construction Food Real Manufacturing Arts, Agriculture, Wholesale Other
ServicesReal Estate,Rental, entertainment, Forestry, Trade
estate, rental, Leasing Recreation Fishing, and
and leasing hunting

1-449 Employees 1-19 Employees

A small business is classified as a company with less than 500 employees. The largest small business industry
in New York State is retail accounting for 13% of all small businesses in the 1-499 and 13.4% of all small
businesses with less than 200 employees.

(U.S small business Administration Office of Advocacy)

New York State's

Small Business Start up and Exit Rate
in 2006-2016
3.10%
Percent of start up/ exit rate

3.00%

2.90%

2.80%

2.70%

2.60%

2.50%
2006 2009 2012 2016
Year

Start-Up Rate Exit Rate

Since 2006 both the start-up and exit rate of New York State’s small businesses has fallen. Though after the fall
from 2006-2009 the start-up rate has risen while the exit rate has continued to fall meaning more small
businesses have been started and less of them have shut down.
 (NAM)
New York Manufacturing 2016
Manufacturing Employment 451,200
Total Manufacturing Output $74.62 Billion
Percent Share of total Gross State Product 5.18%

New York Manufacturing Output 2010-2016

$78
Manucating output in Billions of Dollars

$76
$74
$72
$70
$68
$66
$64
$62
$60
2010 2011 2012 2013 2014 2015 2016
Year

After a fall of output in 2010, New York’s Manufacturing output has continued to increase yearly.
 (NAM)

TOP 10 MANUFACTURING SECTORS IN 2014

$15,787
$ OF MANUFACTURED PRODUCTS IN MILLIONS

$10,818

$10,100

$5,607

$5,047

$3,625

$2,654

$1,962

$1,897

$1,885
MANUFACTINGURING SECTORS

Chemical Products had the strongest manufacturing sector of all sectors in 2014.
 (United States Census Bureau)

Building Permits issues in 2016

170
Number of Building Permits in Thosands
150 166

130

110
116
90 102

70

50

30
34
10 4.781 1.771

-10 New York Flordia Montana Texas Vermont California

State

Although New York State has the 4th highest population in the United States it has a much smaller amount of
issued building permits.

(Baruch College)

CPI New York vs. United States 2001-2016

300
CPI Annual Averages

250
200
150
100
50
0
2001 2004 2007 2010 2013 2016
Year

New York United States

Since the base year of 1982-1984 CPI inflation in New York State has increased over 200% today. Because the
cost of living is higher in New York the CPI has increased more than it has in the United States overall.
Works Cited
Baruch College. NYC Data. 2016. November 2017.
<http://www.baruch.cuny.edu/nycdata/consumer_prices/cpi.htm>.
Bureau of Economic Analysis . BEA. 26 September 2017. November 2017.
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Census. United States Census Bureau. 2017. December 2017.
<https://www.census.gov/quickfacts/geo/chart/NY/HSD310216#viewtop>>.
—. United States Census Bureau . 2017. 7 December 2017.
<https://www.census.gov/quickfacts/geo/chart/NY/HSD310216#viewtop>.
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<https://www.labor.ny.gov/stats/laus.asp>.
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Reports/State-Manufacturing-Data/State-Manufacturing-Data/April-2017/Manufacturing-Facts---New-
York/>.
—. New York Manufacturing Facts. March 2017. December 2017. <http://www.nam.org/Data-and-
Reports/State-Manufacturing-Data/State-Manufacturing-Data/April-2017/Manufacturing-Facts---New-
York/>.
NYU Furman Center . 2017. 3 November 2017.
<http://furmancenter.org/files/sotc/The_Changing_Racial_and_Ethnic_Makeup_of_New_York_City_N
eighborhoods_11.pdf>.
U.S Small Business Administation Office of Advocacy. New York Small Business Economic Profile . 2016.
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U.S Small Business Administration Office of Advocacy . New York Small Business Economic Profile . 2016.
November 2017. <https://www.sba.gov/sites/default/files/advocacy/New_York.pdf>.
U.S small business Administration Office of Advocacy. New York Small Business Economic Profile. 2016.
November 2017. <https://www.sba.gov/sites/default/files/advocacy/New_York.pdf>.
United States Census Bureau. Building Permits by State. December 2016. November 2017.
<https://www.census.gov/construction/bps/txt/t2yu201612.txt>.
United States Census. Census. 2017. 3 November 2017.
<https://www.census.gov/quickfacts/fact/table/NY/INC910216>.
World Population Review. World Population. January 2017. 5 December 2017.
<http://worldpopulationreview.com/states/>.