Economy of New York State

Economy. New York has a varied economy. Its excellent location, large population, and outstanding transportation facilities have helped make it a leader in business and industry. New York ranks among top U.S. states in many economic sectors, and provides nearly 8 per cent of the jobs in the country.
Service industries, taken together, account for about four-fifths of New York's gross state product—the total value of goods and services produced annually. Finance, insurance, and property form the single most important economic activity in the state. New York City, the nation's leading financial centre, is the home of most of the largest U.S. banks. The New York Stock Exchange is the nation's largest securities exchange.
Community, social, and personal services, the second-ranking service industry, employs more of the state’s workers than any other economic activity. It consist of a wide variety of businesses, including doctors’ offices and private hospitals, law firms, advertising agencies, and entertainment companies.
Wholesale and retail trade ranks as New York's third most valuable service industry. The wholesale trade of clothing, grain, groceries, jewellery, and petroleum important in the state. Many wholesale companies are based in New York City. The city's port handles much foreign trade. Major types of retail firms include car dealerships, food stores, and restaurants.
New York ranks second only to California among the nation’s leading manufacturing states. New York leads all other U.S. states in printing and publishing. New York City is the centre of the U.S. publishing industry.
The Rochester area produces most of the scientific instruments manufactured in the state. The production of photographic equipment is especially important there. The chief centres of the electrical equipment industry are Binghamton, Buffalo, New York City, Rochester, the Nassau-Suffolk metropolitan area, Schenectady, and Utica.
New York leads all states in the production of clothing and related products. New York City ranks as the nation's chief centre for the production of women's clothing and makes large amounts of men's clothing.
Livestock and livestock products provide about 70 per cent of New York's agricultural income. Milk is the leading product. Hay and maize are the state's leading crops. New York is a leading centre of fruit and vegetable production in the Eastern United States.
New York lies in the heart of the most thickly populated part of the nation. It is the chief gateway to the United States from other countries. It not only has an outstanding harbour but also an excellent system of inland waterways. All these factors have helped New York become a national leader in transportation. Bustling airports, major seaports, great bridges, and New York Citv's busy underground railway are other important transportation facilities.