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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 3 rd 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 3 rd greatest contribution to the United States GDP. New York has a decreasing population and the 6 th highest race diversity rate in the United States.

(Department of Labor New York State)

10.00%

9.00%

8.00%

7.00%

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%

0.00%

Unemployment

7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% Unemployment 2007 2008 2009 2010 2011 2012 2013

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

5.00% 4.00% 3.00% 2.00% 1.00% 0.00% Unemployment 2007 2008 2009 2010 2011 2012 2013 2014 2015

New York

5.00% 4.00% 3.00% 2.00% 1.00% 0.00% Unemployment 2007 2008 2009 2010 2011 2012 2013 2014 2015

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%

1.50%

1.00%

0.50%

0.00%

-0.50%

-1.00%

1.99% 1.78% 1.10% 0.65% -0.01% -0.54% New York West Virginia California Utah Flordia North Carolina
1.99%
1.78%
1.10%
0.65%
-0.01%
-0.54%
New York
West Virginia
California
Utah
Flordia
North Carolina

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

(NYU Furman Center )

Race population in New York

Race population in New York White 2017 17.00% 1.00% 7.00% 65.00% 15.00% African America/Black Asian American

White

2017 17.00% 1.00% 7.00% 65.00% 15.00% African America/Black Asian American Indian
2017
17.00%
1.00%
7.00%
65.00%
15.00%
African America/Black
Asian
American Indian

Hispanic or Latio

New York is the 6 th 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
$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 6 th 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
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 4 th 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 $600 $400 $200 $0
Average Price for Housing per person in 2017
$1,200
$1,000
$800
$600
$400
$200
$0
New York
United States
Cost

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

(Bureau of Economic Analysis )

InformationProfessional and Business Services Government New York GDP 2016 8% 27% 32% 11% 9% 13%

Professional and Business ServicesInformation Government New York GDP 2016 8% 27% 32% 11% 9% 13% Finance, Insurance,real estate, rental,

GovernmentInformation Professional and Business Services New York GDP 2016 8% 27% 32% 11% 9% 13% Finance,

New York GDP 2016 8% 27% 32% 11% 9% 13%
New York GDP 2016
8%
27%
32%
11%
9%
13%

Finance, Insurance,real estate, rental, and leasingGovernment New York GDP 2016 8% 27% 32% 11% 9% 13% Educational services, health care, and

Educational services, health care, and social assistanceGovernment New York GDP 2016 8% 27% 32% 11% 9% 13% Finance, Insurance,real estate, rental, and

All Others11% 9% 13% Finance, Insurance,real estate, rental, and leasing Educational services, health care, and social assistance

New York’s GDP was $1,500.1 billion and ranked 3 rd 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 28877 15055 10979
250000
198449
200000
150000
58291
100000
45645
44576
29268
54500
42772
37871
28877
15055
10979
27596
25802
50000
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% 3.00%
New York State's
Small Business Start up and Exit Rate
in 2006- 2016
3.10%
3.00%
2.90%
2.80%
2.70%
2.60%
2.50%
2006
2009
2012
2016
Year
Start - Up Rate
Exit Rate
Percent of start up/ 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 $76 $74 $72 $70 $68 $66 $64 $62 $60 2010 2011 2012 2013 2014
$78
$76
$74
$72
$70
$68
$66
$64
$62
$60
2010
2011
2012
2013
2014
2015
2016
Year
Manucating output in Billions of Dollars

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

(NAM)

TOP 10 MANUFACTURING SECTORS IN 2014 $ OF MANUFACTURED PRODUCTS IN MILLIONS $15,787 $10,818 $10,100
TOP 10 MANUFACTURING SECTORS IN 2014
$ OF MANUFACTURED PRODUCTS IN MILLIONS
$15,787
$10,818
$10,100
$5,607
$5,047
$3,625
$2,654
$1,962
$1,897
$1,885
IN MILLIONS $15,787 $10,818 $10,100 $5,607 $5,047 $3,625 $2,654 $1,962 $1,897 $1,885 MANUFACTINGURING SECTORS
IN MILLIONS $15,787 $10,818 $10,100 $5,607 $5,047 $3,625 $2,654 $1,962 $1,897 $1,885 MANUFACTINGURING SECTORS

MANUFACTINGURING SECTORS

Chemical Products had the strongest manufacturing sector of all sectors in 2014.

(United States Census Bureau)

Building Permits issues in 2016

170

166 150 130 110 116 90 102 70 50 30 34 10 4.781 1.771 -10
166
150
130
110
116
90
102
70
50
30
34
10
4.781
1.771
-10
New York
Flordia
Montana
Texas
Vermont
California
Number of Building Permits in Thosands

State

Although New York State has the 4 th 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

250 200 150 100 50 CPI Annual Averages
250
200
150
100
50
CPI Annual Averages

0

2001

2004 2007 2010 Year New York United States
2004
2007
2010
Year
New York
United States

2013

2016

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. <https://www.bea.gov/regional/bearfacts/pdf.cfm?fips=36000&areatype=STATE& geotype=3>. 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>.

Department of Labor New York State. September 2017. 3 November 2017. <https://www.labor.ny.gov/stats/laus.asp>.

NAM. New York Manufacting Facts. March 2017. December 2017. <http://www.nam.org/Data - and -

Reports/State- Manufacturing- Data/State- Manufactu ring- 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 Furma n 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. Novemb er 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> . 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. N ovember 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/>.