The economy of the State of New York is reflected in its gross state product in 2023 of $2.189 trillion, ranking third in size behind the larger states of California and Texas. If New York State were an independent nation, it would rank as the 10th largest economy in the world by nominal GDP. However, in 2019, the multi-state, New York City-centered metropolitan statistical area produced a gross metropolitan product (GMP) of $US2.0 trillion, ranking first nationally by a wide margin and would also rank as the 10th largest GDP in the world.
The Erie 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. The Finger 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 the Department 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 of soils and microclimate for apple, cherry, plum, pear and peachorchards. Apples are also grown in the Hudson Valley and near Lake Champlain. The south shore of Lake Erie and the southern Finger 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] The NYISO'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]
In 2012, LIPA adopted a Power 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 the feed-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 the SRECs (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]
According to the Solar 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 2,192 MW of installed wind power capacity as of 2022.[36] Most of New York's wind power is located in upstate New York as onshore wind farms. New York has set a goal of developing 9,000 MW of offshore installed wind power capacity by 2035 that will power an estimated 6 million homes. As of October 2022, New York has five offshore wind farms in development with approximately 4,300 MW installed capacity.[37]
Largest Fortune 500 companies in New York (2022)
NY State rank
US Rank
World Rank *
Company
City
Employees
Revenue (in millions, USD)
Industry
rank in its US industry
1
23
53
JPMorgan Chase
New York
293,723
$154,792
Commercial Banks
1st
2
26
64
Verizon Communications
New York
117,100
$136,835
Telecommunications
1st
3
36
99
Citigroup
New York
238,104
$101,078
Commercial Banks
3rd
4
38
102
Pfizer
New York
83,000
$100,330
Pharmaceuticals
1st
5
46
135
PepsiCo
Purchase
315,000
$86,392
Food Consumer Products
1st
6
54
183
MetLife
New York
45,000
$69,898
Insurance: Life, Health (Stock)
1st
7
55
185
Goldman Sachs Group
New York
48,500
$68,711
Commercial Banks
5th
8
59
198
StoneX Group
New York
3,615
$66,036
Diversified Financials
3rd
9
61
200
Morgan Stanley
New York
82,427
$65,936
Commercial Banks
6th
10
65
224
International Business Machines
Armonk
303,100
$60,530
Information Technology Services
1st
11
71
238
New York Life Insurance
New York
15,050
$58,445
Insurance: Life, Health (Mutual)
1st
12
76
248
American International Group
New York
26,200
$56,437
Insurance: Property and Casualty (Stock)
2nd
13
77
253
American Express
New York
77,300
$55,625
Diversified Financials
4th
14
95
312
Bristol-Myers Squibb
New York
34,300
$46,159
Pharmaceuticals
5th
15
103
366
TIAA
New York
16,070
$40,911
Insurance: Life, Health (Mutual)
2nd
16
112
409
Travelers
New York
32,175
$36,884
Insurance: Property and Casualty (Stock)
6th
17
118
449
Warner Bros. Discovery
New York
37,500
$33,817
Entertainment
1st
18
134
492
Paramount Global
New York
27,400
$31,331
Entertainment
4th
19
158
*
Macy's
New York
94,570
$25,305
General Merchandisers
4th
20
177
*
Mastercard
Purchase
29,900
$22,237
Financial Data Services
3rd
21
193
*
Marsh & McLennan
New York
85,000
$20,720
Diversified Financials
5th
22
201
*
Bank of New York Mellon
New York
51,700
$19,991
Commercial Banks
11th
23
225
*
Kyndryl Holdings
New York
90,000
$18,317
Information Technology Services
4th
24
228
*
Colgate-Palmolive
New York
33,800
$17,967
Household and Personal Products
3rd
25
229
*
BlackRock
New York
19,800
$17,873
Securities
2nd
26
230
*
Estée Lauder
New York
53,865
$17,737
Household and Personal Products
4th
27
264
*
Consolidated Edison
New York
14,319
$15,670
Utilities: Gas and Electric
10th
28
281
*
Guardian Life Ins. Co. of America
New York
8,025
$14,653
Insurance: Life, Health (Mutual)
5th
29
290
*
Omnicom Group
New York
74,200
$14,289
Advertising, Marketing
1st
30
292
*
Corning
Corning
57,500
$14,189
Electronics, Electrical Equip.
3rd
31
297
*
Loews
New York
12,050
$14,044
Insurance: Property and Casualty (Stock)
9th
32
298
*
Equitable Holdings
New York
10,250
$14,017
Insurance: Life, Health (Stock)
8th
33
300
*
Fox
New York
10,600
$13,974
Entertainment
6th
34
325
*
Henry Schein
Melville
22,000
$12,647
Wholesalers: Health Care
4th
35
332
*
International Flavors & Fragrances
New York
24,600
$12,440
Chemicals
10th
36
339
*
Regeneron Pharmaceuticals
Tarrytown
11,851
$12,173
Pharmaceuticals
11th
37
356
*
Apollo Global Management
New York
4,258
$11,627
Securities
4th
38
358
*
Hess
New York
1,623
$11,570
Mining, Crude-Oil Production
12th
39
366
*
S&P Global
New York
39,950
$11,181
Financial Data Services
7th
40
371
*
Interpublic Group
New York
58,400
$10,928
Advertising, Marketing
2nd
41
381
*
News Corp.
New York
25,500
$10,385
Publishing, Printing
1st
42
397
*
Altice USA
Long Island City
11,000
$9,648
Telecommunications
7th
43
417
*
JetBlue Airways
Long Island City
18,785
$9,158
Airlines
6th
44
422
*
PVH
New York
25,000
$9,024
Apparel
3rd
45
430
*
Constellation Brands
Victor
10,000
$8,821
Beverages
4th
46
432
*
Foot Locker
New York
31,040
$8,759
Specialty Retailers: Apparel
4th
47
439
*
M&T Bank
Buffalo
22,509
$8,604
Commercial Banks
12th
48
444
*
Blackstone
New York
4,695
$8,518
Diversified Financials
11th
49
475
*
ABM Industries
New York
127,000
$7,807
Diversified Outsourcing Services
4th
50
496
*
KKR
New York
4,150
$7,273
Securities
9th
* = not among Fortune's Global 500 Sources:Fortune, Volume 183, Number 3 (June/July 2023) and Volume 184, Number 1 (August/September 2023); Fortune website; 50pros.com
^Laura Bratton (September 28, 2023). "Sorry, London — New York Is Still the Financial Capital of the World". The Messenger. Archived from the original on October 11, 2023. Retrieved March 23, 2024. The GDP of the New York City metropolitan area is larger than the country of South Korea...New York City was ranked as the most competitive city in the financial industry for the fifth straight year.
^Gelman, Amy. "PEOPLE & ECONOMY: America's Melting Pot." New York (0-8225-4057-6) (2002): 42-53. Book Collection: Nonfiction. Academic Search Complete. Web. 17 Feb. 2016.
^ abcdNew York Agriculture Statistic Services. New York Agricultural Statistics 2004-2005 Annual Bulletin. Albany, New York: State of New York Department of Agriculture and Markets, 2004. Web. 19 Feb. 2016.
^"New York." Funk & Wagnalls New World Encyclopedia (2015): 1p. 1. Funk & Wagnalls New World Encyclopedia. Academic Search Complete. Web. 19 Feb. 2016.
^"2018 Power Trends"(PDF). www.nyiso.com. April 2018. pp. 11, 12, 14. Archived from the original(PDF) on November 30, 2018. Retrieved November 29, 2018.
^Chen, Jie; LeeVanSchaick, Pallas; Naga, Raghu Palavadi; Patton, David B. (May 2018). "2017 State of the Market Report"(PDF). www.potomaceconomics.com. pp. ii, 3, A-2, A-6. Retrieved November 30, 2018.