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US State economic profile
New York - Economic Profile
Statistics, economic information and rankings for the Empire State
In 2026, the state of New York has a population of 19,986,243, having grown an annualized 0.1% over the five years to 2026, which ranks it 44th out of all 50 US states by growth rate. New York's gross state product (GSP) in 2026 reached $1.9tn, with growth of 1.8% over the 5 years to 2026. Businesses in New York employed a total of 12,529,557 people in 2026, with average annual employment growth over the past five years of 2.2%. The top three sectors by total employment are Finance & Insurance, Real Estate & Rental & Leasing, Information, while the unemployment rate across the state in 2026 was 4.6%.
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State economic profile
New York Economic Overview
$1.9tn
Gross state product
19,986,243
Population
3,095,210
Businesses
What is New York's Gross Domestic Product (GDP)?
In 2026, New York's GDP reached $1.9tn, representing an increase of 1.8% from 2025. New York's GDP has grown at an annualized rate of 2.0% over the five years to 2026. Moreover, New York's trailing five-year GDP growth ranks it 30th 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
Learn about current trends affecting the most significant industries for New York's state economy, down to the county level. IBISWorld offers state industry research reports on over 30,000 industries across all 50 states in the US, including 641 industries in New York.
What are New York's Largest Industries by Revenue?
The largest industries by revenue in New York are Commercial Banking, Investment Banking & Securities Intermediation and Portfolio Management & Investment Advice, which generated $291.9b, $206.9b and $177.5b in 2026.
| Industry | 2026 revenue | |
|---|---|---|
| 1. | Commercial Banking | $291.9b |
| 2. | Investment Banking & Securities Intermediation | $206.9b |
| 3. | Portfolio Management & Investment Advice | $177.5b |
| 4. | Hospitals | $114.3b |
| 5. | Public Schools | $109.7b |
| 6. | Life Insurance & Annuities | $93.2b |
| 7. | Colleges & Universities | $91.2b |
| 8. | Private Equity, Hedge Funds & Investment Vehicles | $81.6b |
| 9. | Health & Medical Insurance | $78.0b |
| 10. | Property, Casualty & Direct Insurance | $77.6b |
State economic profile
Top Companies in New York
Learn about current trends affecting the top companies in New York. IBISWorld offers benchmarking data and tools on over 5,000 companies in the US.
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 280,000, 150,000 and 87,956 people in 2026.
| Company | 2026 employment | Share of employment | |
|---|---|---|---|
| 1. | City Of New York | 280,000 | 2.2% |
| 2. | New York City Department of Education | 150,000 | 1.2% |
| 3. | State University of New York | 87,956 | 0.7% |
| 4. | Metropolitan Transportation Authority | 70,000 | 0.6% |
| 5. | Amazon.Com | 50,000 | 0.4% |
| 6. | New York City Health and Hospitals Corporation | 45,000 | 0.4% |
| 7. | Walmart Inc. | 39,410 | 0.3% |
| 8. | Jpmorgan Chase & Co. | 24,000 | 0.2% |
| 9. | Wegmans Food Markets Inc. | 23,661 | 0.2% |
| 10. | Northwell Health | 14,500 | 0.1% |
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 & Insurance, Real Estate & Rental & Leasing and Information sectors contributed the most to New York's GDP in 2026, representing a combined 47.5% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state economy, in addition to how the state economy is evolving over time.
| Sector | GDP | Growth 2026 | Annualized growth 2021-26 |
|---|---|---|---|
| Finance & Insurance | 315,304,994,558 | -1.0% | -1.5% |
| Real Estate & Rental & Leasing | 272,088,412,733 | 2.5% | 2.5% |
| Information | 241,832,424,845 | 7.1% | 7.1% |
| Professional, Scientific & Technical Services | 196,546,725,054 | 3.8% | 3.8% |
| Healthcare & Social Assistance | 155,527,725,044 | 4.0% | 4.3% |
| Retail Trade | 86,432,639,702 | 3.6% | 3.2% |
| Manufacturing | 67,755,830,910 | -1.0% | -1.3% |
| Wholesale Trade | 59,399,798,869 | -2.2% | -2.2% |
| Administration, Business Support and Waste Management Services | 53,285,187,125 | 3.2% | 4.5% |
| Accommodation & Food Services | 52,048,696,050 | 4.4% | 4.3% |
| Transportation & Warehousing | 48,537,756,953 | 6.9% | 7.8% |
| Management of Companies and Enterprises | 40,948,985,111 | 3.7% | 4.0% |
| Construction | 37,020,545,943 | -5.0% | -5.7% |
| Educational Services | 37,004,573,250 | 1.7% | 2.2% |
| Arts, Entertainment & Recreation | 34,415,947,119 | 7.5% | 9.1% |
| Other Services (except Public Administration) | 25,517,233,373 | -3.2% | -2.7% |
| Utilities | 20,650,634,212 | -2.7% | -3.2% |
| Agriculture, Forestry, Fishing & Hunting | 2,480,498,044 | -4.1% | -3.6% |
| Mining | 765,371,285 | 1.6% | -0.5% |
What is New York's Employment by Sector?
The Healthcare & Social Assistance, Educational Services and Retail Trade sectors contributed the most to employment in New York in 2026, representing a combined 37.4% 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.
| Sector | Employment | Growth 2026 | Annualized growth 2021-26 |
|---|---|---|---|
| Healthcare & Social Assistance | 2,107,208 | 2.0% | 2.6% |
| Educational Services | 1,311,219 | 0.3% | 1.6% |
| Retail Trade | 1,270,521 | 1.4% | 2.4% |
| Professional, Scientific & Technical Services | 1,105,121 | 2.1% | 2.7% |
| Transportation & Warehousing | 944,490 | 4.5% | 5.3% |
| Administration, Business Support and Waste Management Services | 849,490 | 1.7% | 1.7% |
| Finance & Insurance | 845,060 | 0.8% | 2.4% |
| Accommodation & Food Services | 837,837 | 1.1% | 4.8% |
| Construction | 574,856 | 2.2% | 2.5% |
| Other Services (except Public Administration) | 537,497 | 1.2% | 3.1% |
| Real Estate & Rental & Leasing | 477,410 | 1.6% | 1.9% |
| Information | 440,320 | 2.8% | 3.8% |
| Manufacturing | 438,841 | 0.6% | 1.5% |
| Wholesale Trade | 368,171 | 0.7% | 1.3% |
| Arts, Entertainment & Recreation | 357,485 | 1.6% | 5.0% |
| Utilities | 50,171 | 1.4% | 1.5% |
| Agriculture, Forestry, Fishing & Hunting | 9,655 | 0.6% | 0.8% |
| Mining | 4,205 | 0.8% | 1.3% |
State economic profile
New York Employment Trends
12.5m
Employment
4.6%
Unemployment
What Employment Trends are Impacting New York?
The state of New York employs 12,529,557 people in 2026, which ranks it 3rd out of all 50 US states. Employment in New York has grown at an annualized rate of 2.7% over the five years to 2026, overperforming the national average of 1.7%. Major sectors by employment in New York include Healthcare & Social Assistance, Educational Services and Retail Trade, which employed 2,107,208, 1,311,219 and 1,270,521 people in 2026, respectively. New York's unemployment rate is 4.6% in 2026, which ranks it 31st out of all 50 US states. New York's unemployment rate has trended downwards at a rate of -7.1% over the five years to 2026, 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.
$259.7k
Per capita disposable income
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 2026 was $259.7k, compared to the US average of $156.5k, which places it 24th 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
$23,893.9tn
Nonresidential construction
$9.2tn
Residential construction
40,857
Building permits
What can construction trends tell you about a state’s economy?
In New York, non-residential construction was $23,893.9tn in 2026, which ranks it 2nd out of all 50 US states. Residential construction was $9.2tn in 2026, which places New York 29th out of all 50 US states. The number of building permits issued in New York in 2026 was 40,857, representing a -0.6% annualized growth rate between 2021 and 2026.
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 2,454,149, 2,152,504 and 1,575,412 people in 2026.
| Region | 2026 population | Annual growth 2021-26 | Share of population |
|---|---|---|---|
| Kings | 2.5m | -1.4% | 12.3% |
| Queens | 2.2m | -1.5% | 10.8% |
| New York | 1.6m | -0.5% | 7.9% |
| Suffolk | 1.5m | -0.2% | 7.6% |
| Nassau | 1.4m | -0.2% | 6.9% |
| Bronx | 1.3m | -2.1% | 6.4% |
| Westchester | 982.9k | -0.3% | 4.9% |
| Erie | 940.0k | -0.2% | 4.7% |
| Monroe | 740.4k | -0.4% | 3.7% |
| Richmond | 487.9k | -0.2% | 2.4% |
| Onondaga | 462.4k | -0.4% | 2.3% |
| Orange | 412.3k | 0.4% | 2.1% |
| Rockland | 343.1k | 0.2% | 1.7% |
| Albany | 318.2k | 0.2% | 1.6% |
| Dutchess | 296.7k | -0.1% | 1.5% |
| Saratoga | 240.6k | 0.3% | 1.2% |
| Oneida | 224.6k | -0.4% | 1.1% |
| Niagara | 206.7k | -0.4% | 1.0% |
| Broome | 193.3k | -0.5% | 1.0% |
| Ulster | 182.2k | N/A | 0.9% |
| Schenectady | 160.6k | 0.1% | 0.8% |
| Rensselaer | 158.0k | -0.3% | 0.8% |
| Chautauqua | 123.0k | -0.5% | 0.6% |
| Oswego | 118.3k | N/A | 0.6% |
| Jefferson | 112.6k | -0.6% | 0.6% |
State economic profile
New York Demographics
In New York, 42.3% of the population has a Bachelors or higher. The largest ethnic group in New York is White, accounting for 52.3% of the state's population.
Education level in New York
| Education level | Share (%) |
|---|---|
| Bachelors or higher | 42.3 |
| Other | 57.7 |
Race in New York
| Race | Share (%) |
|---|---|
| White | 52.3 |
| Hispanic | 20.7 |
| Black | 14.2 |
| Asian | 10.3 |
| Other | 2.5 |
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, with 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 641 New York industry reports.
Other states to explore
Compare New York’s economy with other states in the United States.
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