Number 11 of the original 13 colonies, New York is one of the most significant states in the country. It trails only behind Texas and California in total economic output. We all know much of this is thanks to New York City, but we’ve got the rest of the state to cover first.
New York state is often overlooked as an economic power, living in the shadows of New York City. It’s quite sad that many people think the capital of the state is NYC, but it also explains why people don’t know much else about the rest of the state.
Canada shares a border with New York, and when Canadians want to vacation in the US they come to New York. They also account for 1/4 of all of the state’s exports. Right across the border into New York is Buffalo, made famous for not a whole lot other than when it snows a lot in the north, the Weather Channel always goes to Buffalo. But the town does play home to a financial sector for regional banks as well as lots of government jobs. If you stay along the interstate heading east, you’ll pass all the major towns in the state including the actual capital, Albany.
Much of the state is rural. Thanks to glaciers carving up the dirt, the state has some great soil for agriculture. Cherries, apples, potatoes, onions, maple syrup, and dairy are among their biggest cash crops. It is the largest producer of cabbage, and certain areas are right for pears, plums and peaches. Grain products like corn, soy beans, wheat, and oats are also grown, along with peas, carrots, and cucumbers.
Mining is also an important contributor to the state’s economy. One area of mining is near NYC and basically supplies the stuff people need to build with in the city. In the mountainous areas, talc, garnets, and zinc are heavily mined. There are also some patchy areas where oil and natural gas can be found. This is not surprising since the first oil rush was started in neighboring Pennsylvania. Manufacturing also plays a role in the economy, but like most areas, it is dwindling. They do some nanotechnology in Albany, ceramics and photographic equipment and some contributions to the rail and bus industries elsewhere.
The state is among the most oddly shaped states, thanks to the phallic like protrusion from the mainland known as long island. Anyone with a map can tell this could have easily been a part of Connecticut or New Jersey, geographically speaking, as it’s basically all the beach access New York has. To get to Long Island you have to drive near or through New York City. Once you get there you will find a diverse economy, largely supported by the intense wealth that calls this place home. You’ve heard of the Hamptons, this is where they are. Thanks to very high property taxes, the government is able to suck away some of that wealth.
But of course, most people are interested in New York City. We learned in New Jersey and Connecticut that many commuters from those states go into the city for work, since they were so close by. So why is New York City such a hub of commerce?
NYC is second only to Tokyo in terms of the single largest hub for commerce in the world. In the early days Manhattan Island was a popular port for shipping goods out of the colonies and bringing goods in. Today that atmosphere is very much alive, but most of the commerce is happening on land. Along with London, NYC’s financial district is the center of the world of finance. It plays home to the New York Stock Exchange and NASDAQ. A number of Wall Street firms call New York home, including Goldman Sachs, JP Morgan Chase, Citi, Morgan Stanley, AIG, and Metlife. Just about every national financial services company at least keeps an office in New York, and thousands of smaller investment companies are based around the area as well.
But it’s not just about finance. Oh no. New York is also a media hub; and it’s as vital to the entertainment industry as Los Angeles. It’s the home of NBC, CBS, ABC, MTV, HBO, Viacom, Time Warner, News Corp (owner of FOX) and just about all of the major book publishing companies. Then you’ve got the big 4 major leagues located in NYC: NFL, NHL, MLB, and NBA. On top of that you have 3 of the big 4 accounting firms, Coach, J. Crew, Polo Ralph Lauren, Avon, Revlon, Estee Lauder, Bristol Meyers Squibb, Pfizer, Weight Watchers, Barnes and Noble, Verizon, and Donald Trump’s main company. This just to name a few.
On top of the name brand firms listed above, there are plenty of other companies that are huge that you’ve probably never heard of. Additionally, many international companies maintain offices in the city, and biotechnology is taking off as an emerging industry.
This is only scratching the surface of an economy that is perhaps the most powerful in all the world. It should be quite obvious why this state is called the Capital State; more money flows in an out of here than any other state in the country.
 By The Weakonomist |
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Said,
Long Island actually houses two of NYC’s five boroughs – Queens and Brooklyn. On a map it may seem like LI could be part of New Jersey or Connecticut but it’s actually very close between Manhattan and the Bronx.
On top of the industries you listed NYC is also home to many of the top advertising firms.
Interesting fact: the only New York football team that plays in NY is the Buffalo Bills. The Jets and Giants play in New Jersey.