The economy of the State of New York is reflected in its gross state product in 2025 of $2.465 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 8th largest economy in the world by nominal GDP. However, in 2024, the multi-state, New York City-centered metropolitan statistical area produced a gross metropolitan product (GMP) over $US2.6 trillion, ranking first nationally by a wide margin and also ranked as the largest GDP in the world. By 2025, tourism had become New York's second-largest industry, after finance.

The state has a large manufacturing sector, which includes printing and publishing and the production of computers, consumer electronics, apparel, railroad rolling stock, and bus line vehicles. Some industries are concentrated in upstate locations also, such as ceramics and glass (the southern tier of counties), microchips and nanotechnology (Albany) and the Greater Capital District, and photographic equipment (Rochester). New York's agricultural outputs comprise dairy products, cattle and other livestock, vegetables, nursery stock, and apples. In April 2021, GlobalFoundries, a company specializing in the semiconductor industry, moved its headquarters from Silicon Valley, California to its most advanced semiconductor-chip manufacturing facility in Saratoga County near a section of the Adirondack Northway, in Malta, New York.

New York City

New York City, characterized as the world's principal fintech and financial center, and the surrounding New York metropolitan area dominate the economy of the state. Manhattan is the leading center of banking, finance, and communication in the United States and is the location of the New York Stock Exchange (NYSE) on Wall Street. Many of the world's largest corporations locate their home offices in Manhattan or in nearby Westchester, Nassau, and Suffolk counties. Manhattan contained over 500 million square feet (46.5 million m2) of office space in 2015, making it the largest office market in the United States, while Midtown Manhattan, with nearly 400 million square feet (37.2 million m2) in 2015, is the largest central business district in the world. New York is a top-tier global high technology hub.

Long Island

Long Island has played a prominent role in scientific research and in engineering. It is the home of the Brookhaven National Laboratory. Seven Nobel Prizes have been awarded for work conducted at Brookhaven lab.

Agriculture

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.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. 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.New 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.

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. 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."New York." Funk & Wagnalls New World Encyclopedia (2015): 1p. 1. Funk & Wagnalls New World Encyclopedia. Academic Search Complete. Web. 19 Feb. 2016. The state is the second largest producer of cabbage in the U.S. 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 peach orchards. 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.

Energy

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. 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.

Solar power

Wind power

Health care

The health care and social assistance sector accounted for the most non-farm employment in the state at 18.2%.

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 Fortunes Global 500 Sources:''' Fortune'', Volume 183, Number 3 (June/July 2023) and Volume 184, Number 1 (August/September 2023); Fortune website; 50pros.com

See also Economy of Long Island Economy of New York City Economy of the United States New York State Department of Financial Services New York State Department of Labor

References