STATE ECONOMIC PROFILE
New York Economic Overview
$1.8tn
GROSS STATE PRODUCT
Growth Rate 2019-24
State Growth Rank
1.3%
37
19,482,372
POPULATION
Growth Rate 2019-24
State Growth Rank
0.0%
44
2,886,170
BUSINESSES
Growth Rate 2019-24
State Growth Rank
2.6%
18
Overview of the New York Economy
In 2024, the state of New York has a population of 19,482,372, having grown an annualized 0.0% over the five years to 2024, which ranks it 44th out of all 50 US states by growth rate. New York's gross state product (GSP) in 2024 reached $1.8tn, with growth of 1.3% over the 5 years to 2024. Businesses in New York employed a total of 11,671,845 people in 2024, with average annual employment growth over the past five years of 0.0%. The top three sectors by total employment are Finance and Insurance, Real Estate and Rental and Leasing, Information, while the unemployment rate across the state in 2024 was 4.2%.
What is New York's Gross Domestic Product (GDP)?
In 2024, New York's GDP reached $1.8tn, representing an increase of 1.3% from 2023. New York's GDP has grown at an annualized rate of 2.9% over the five years to 2024. Moreover, New York's trailing five-year GDP growth ranks it 37th out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in New York's GDP, and compare them to the national average, using the chart below.
STATE ECONOMIC PROFILE
New York Industry Trends
What are New York's Largest Industries by Revenue?
The largest industries by revenue in New York are Commercial Banking, Portfolio Management & Investment Advice and Colleges & Universities, which generated $246.7b, $176.0b and $125.1b in 2024.
STATE ECONOMIC PROFILE
Top Companies in New York
Top 10 Companies Headquartered in New York by Employment
The largest companies by employment in New York are City Of New York, New York City Department of Education and State University of New York, which employed 332,511, 135,000 and 90,000 people in 2024.
STATE ECONOMIC PROFILE
New York Sector Statistics
In New York, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is New York's GDP by Sector?
The Finance and Insurance, Real Estate and Rental and Leasing and Information sectors contributed the most to New York's GDP in 2024, representing a combined 46.3% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state's economy, in addition to how the state economy is evolving over time.
What is New York's Employment by Sector?
The Healthcare and Social Assistance, Educational Services and Retail Trade sectors contributed the most to employment in New York in 2024, representing a combined 38.2% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
STATE ECONOMIC PROFILE
New York Employment Trends
11.7m
EMPLOYMENT
Growth Rate 2019-24
State Growth Rank
1.3%
32
4.2%
UNEMPLOYMENT
Growth Rate 2019-24
State Growth Rank
2.0%
22
What Employment Trends are Impacting New York?
The state of New York employs 11,671,845 people in 2024, which ranks it 4th out of all 50 US states. Employment in New York has grown at an annualized rate of 1.3% over the five years to 2024, overperforming the national average of 1.2%. Major sectors by employment in New York include Healthcare and Social Assistance, Educational Services and Retail Trade, which employed 1,967,620, 1,289,719 and 1,196,426 people in 2024, respectively. New York's unemployment rate is 4.2% in 2024, which ranks it 38th out of 50 states. New York's unemployment rate has trended upwards at a rate of 2.0% over the five years to 2024, overperforming the US economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in New York, and compare them to the US economy, using the chart below.
$196.7k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
State Growth Rank
3.1
49
What is New York's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. New York's DPI in 2024 was $196.7k, compared to the US average of $128.6k, which places it 49th out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in New York's per capita disposable income, and compare it to the US average, using the chart below.
STATE ECONOMIC PROFILE
New York Construction & Building Trends
$25,884.1tn
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
-4.5%
9
$5.4tn
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
-6.0%
2
30,495
BUILDING PERMITS
Growth Rate 2019-24
State Growth Rank
-7.0%
4
What can construction trends tell you about a state’s economy?
In New York, non-residential construction was $25,884.1tn in 2024, which ranks it 9th out of all US states. Residential construction was $5.4tn in 2024, which places New York 2nd in the United States. The number of building permits issued in New York in 2024 was 30,495, representing a -7.0% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in New York, and compare it to trends in the number issued in the United States as a whole, using the chart below.
STATE ECONOMIC PROFILE
New York Population Statistics
Which Counties in New York have the Largest Populations?
The counties with the highest populations in New York are Kings County, Queens County and New York County, which had populations of 2,502,779, 2,195,032 and 1,562,688 people in 2024.
STATE ECONOMIC PROFILE
New York Demographics
Education Level New York
Race in New York
New York State Industry Reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 651 New York Industry Reports.