New York is one of the most developed cities in the world with its never-stopping attitude and life opportunities making it a common destination for many people.This does not just kickstart the economy of the city and the country, but also creates a lot of possibilities to grow and prosper. A city that first started with European settlement by the Dutch in 1624 along the Hudson River, it was one of the original 13 colonies of the British Empire.New York City started with the Dutch colony of New Amsterdam on the island of Manhattan. In 1664, the British took over and renamed it New York City, which went on to become one of the original 13 colonies. In 1788, with the adoption of the U.S. Constitution, New York received statehood and New York City became the new nation’s first capital. At Federal Hall of Wall Street, George Washington was sworn in as president right here in New York City in 1789. It was during the late 1800s and mid 20th century that there were a lot of immigrants flowing in at New York Harbour. Getting U.S. citizenship was possible and Ellis Island became the gateway for these immigrants. The famous Statue of Liberty was actually a gift from France and was put on Liberty Island in 1886. It is estimated that around 14 million immigrants came to the country through here until 1924.There is a lot of wilderness in New York state with the state a land area of 47,126 sq mi (122,057 sq km). In this wilderness, the state’s highest peaks and many resorts can be found in the Adirondack Mountains. There are around 3000 lakes and ponds and 30000 miles (48280.32 km) of rivers alone in the Adirondack Park. The state’s tallest peak and the ski areas in the state still attract a lot of tourists to the region. Now you may think how some tourist locations and record-holding areas contribute to the economy of the state, but it does, and the state economy due to tourism has also grown tenfold during recent years. New York State’s economy is equally contributed by financial services, professional services, health care, manufacturing, retail trade, and education.New York City is known for one thing when it comes to finances and the economy- the financial world of Wall Street. You must have heard about Wall Street from one place or the other as it has been shown in films, written about in books, and published in newspapers pretty much every day. New York’s economy with Wall Street can be dated back to the American Revolution. The world’s largest stock exchange, the New York Stock Exchange has a market capitalization of an excess of $20 trillion! New York’s economy revolves around the New York Stock Exchange when it was just started by 24 stockbrokers in 1792 at the south end of Manhattan.The economy of New York has grown so much that if it was an independent nation, the state would be the 10th largest economy in the world. The gross state product of the state in the year 2018 was $1.7 trillion which was third in size when compared to larger states like Texas and California. In 2019, New York State had a GMP of $2 trillion which was first in the nation and ninth in the whole world. The economic growth of the state is dictated by New York City and the surrounding New York metropolitan area. Manhattan is considered the leading center of finance, banking, and communication in the U.S. Long Island in New York was even one of the aviation centers in the United States.If you enjoyed this article, why not also read about Arizona economy facts and Puerto Rico economy facts here on Kidadl?New York ExportsA wide variety of goods are exported from the state of New York which helps in the growth of the economy.New York exports commodities, food, minerals, cut diamonds, manufactured goods, and automobile parts. In 2004, the countries to which they exported the most were Canada ($30.2 billion), the United Kingdom ($3.3 billion), Japan ($2.6 billion), Israel ($2.4 billion), and Switzerland ($1.8 billion). However, there are a few things that New York State doesn’t have and imports from other places. Some common imported items are oil, aluminum, gold, natural gas, rough diamonds, electricity, and lumber. Apart from export, tourism also adds to the economy of New York State. The state’s economy is led by financial services, retail trade, health care, and many others. Canada had a very good strategic relationship with New York as the country was a major exporter in 2004.New York TradeNew York exported $84.7 billion of goods made in the country to the world in 2018. Similar export numbers in 2016 created around 295,000 jobs in New York.The state of New York is the producer of cattle, apples, dairy, cabbages, potatoes, beets, onions, viticulture, maple syrup, and other stuff. Agricultural products of $3.4 billion were produced in the year 2001 alone. The south shore of Lake Ontario provides the perfect soil and climate for cherry, apple, pear, plum, and peach orchards. Apples are also grown near Lake Champlain and in the Hudson Valley which helps in trade. The south shore of Lake Erie has vineyards along with the hillsides of southern Finger Lakes. This region has apple orchards, one of New York’s leading crops.New York’s mining sector is found in three parts. Construction materials for the city and the emery mines in Westchester County, south of Peekskill are found. The latter is one of the two areas where the mineral is found in the U.S.The Erie Canal, which was made in 1825, opened eastern markets to Midwest farm products. The canal also helped grow New York City and create large cities in the country. It also contributed to immigration. New York Dairy farming is the biggest component of the New York agricultural economy.Manhattan alone contained more than 500 million sq ft (46.5 million sq m) of office space in the year 2015, which made it the largest office market in the country. There were around 400 million sq ft (37.2 million sq m) of office spaces in Midtown Manhattan, making it the biggest central business district on the planet.New York Unemployment RateNew York currently has an unemployment rate of 7.6%. Exports of various goods and services have created a lot of job opportunities in the country. However, there are a fraction of people that are not so lucky.September 30, 2021, unemployment at 7.1%, which is serious in comparison to 3.8% on August 31, 2019.New York Pay Scale And WagesNew York City is the most populous city in the New York State and the country.As part of the 2016-17 State Budget, a $15 minimum wage was enacted. The average base salary of a person in New York is around $80,000 per year.According to the New York Department of Labor, there are more employees working in the Health Care and Social Assistance industry than in any other.New York Economy Compared To Other CountriesNew York would be the 10th largest economy in the world if it was a country. In 2021, Forbes listed that Beijing, China had the most billionaires (100 people), followed by New York City, with 99 billionaires.The economy of the state is similar to that of Canada. There is more in common between them than just Niagara Falls on both sides and the border. Canada is also the largest importer from New York State. The Gross Domestic Product (GDP) of Texas is $1.78 trillion while the GDP of New York is $1.75 trillion.Here at Kidadl, we have carefully created lots of interesting family-friendly facts for everyone to enjoy! If you liked our suggestions for New York economy facts, then why not take a look at Colombian economy facts or Brazil economy facts.
New York is one of the most developed cities in the world with its never-stopping attitude and life opportunities making it a common destination for many people.
