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Economic Summary of New York

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The GDP for New York was $1,205 billion in 2012. The Real GDP growth rate was 1.3%.[1]. New York had an estimated population of 19.570 million[2]. The GDP per capita was $53,067 in 2012[3].

Counties

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There are 62 counties in New York[4]. Below are the top ten localities ranked by population 2010

Rank Locality Population 2010
1 Kings 2,504,700
2 Queens 2,230,722
3 New York 1,585,873
4 Suffolk 1,493,350
5 Bronx 1,385,108
6 Nassau 1,339,532
7 Westchester 949,113
8 Erie 919,040
9 Monroe 744,344
10 Richmond 468,730

Cities

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Top 10 cities in New York by estimated city proper population in 2010[5]

Rank City Locality Population 2010
1 New York 8,175,133
2 Buffalo 261,310
3 Rochester 210,565
4 Yonkers 195,976
5 Syracuse 145,170
6 Albany 97,856
7 New Rochelle 77,062
8 Cheektowaga 75,178
9 Mount Vernon 67,292
10 Schenectady 66,135

Industries

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New York industries by GDP 2012[6]

Industry GDP $ billions 2012 % of total GDP
Finance and insurance 194.4 16.12%
Real estate, renting and leasing 164.90 13.67%
Government 126.2 10.46%
Professional, scientific and technical services 111.5 9.24%
Healthcare and social assistance 90. 7.52%
Information 86.6 7.18%
Retail trade 63.5 5.23%
Wholesale trade 62.8 5.21%
Accommodation and food services 36.42 3.02%
Manufacturing non-durable goods 32.4 2.68%
Administrative and waste management services 30.0 2.56%
Manufacturing durable goods 30.7 2.54%
Other private services 26.1 2.16%
Management of companies and enterprises 25.8 2.14%
Educational services 22.6 1.87%
Transportation and warehousing 22.5 1.86%
Utilities 21.2 1.75%
Arts, entertainment and recreation 16.9 1.41%
Agriculture, forestry, fishing and hunting 2.58 0.21%
Mining 0.77 0.06%
Total 1,205 100%

Employment

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New York employment by industry in June 2013[7]

Industry Employment thousands June 2013 Percent of total employment
Education & health services 1,792 20.16%
Trade, transportation and utilities 1,532 17.24%
Government 1,443 16.24%
Professional & business services 1,203 13.54%
Leisure & hospitality 827 9.31%
Financial activities 684 7.70%
Manufacturing 442 4.97%
Other services 384 4.32%
Construction 318 3.57%
Information 255 2.86%
Mining and logging 5.0 0.06%
Total 8,887 100%

Corporations

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Top 10 New York based corporations by revenue in 2012[8]

Rank Corporation Revenue $ millions 2012 Net income $ millions 2012 Assets $ billion 2012 Debt Ratio 2012 Headquarters Employees 2012[9] Market cap 3/29/12 $ billions Industry
1 Verizon Communications 110,875 2,404 230 84% New York 193,900 107 Telecom
2 J.P. Morgan Chase & Co. 110,838 18,976 2,265 92% New York 260,157 174 Finance
3 International Business Machines 106,916 15,855 116 83% Armonk 433,362 241 Tech
4 Citigroup 102,939 11,067 1,873 91% New York 266,000 107 Finance
5 INTL FCStone 75,497 37.3 3 89% New York 904 0.40 Finance
6 American International Group 71,730 17,798 555 81% New York 57,000 57 Insurance
7 MetLife 70,641 6.981 799 93% New York 67,000 39 Insurance
8 Pfizer 67,932 10,009 188 56% New York 103,700 169 Pharmaceutical
9 PepsiCo 66,504 6,443 72 72% Purchase 297,000 103 Food
10 Morgan Stanley 39,376 4,110 749 92% New York 61,899 39 Finance

Government Finances

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In 2011, the state government of New York had total revenue of $205.55 billion. Total expenditures were 184.01 billion.[10]

The total debt outstanding in 2011 was 134.93 billion[11] (11.20% of GDP[12]).

The total cash and security holdings in 2011 was $317.21 billion[13].

Revenue by Source $ millions Percent of revenue
Intergovernmental revenue from Federal Government 53,713 26.13%
Insurance trust revenue 48,714 23.70%
Individual income tax 36,209 17.62%
Insurance trust expenditure 24,803 12.07%
Sales and gross receipts 22,367 10.88%
Charges and miscellaneous general revenue 20,696 10.07%
Utility revenue 7,991 3.89%
Intergovernmental revenue from local governments 6,486 3.16%
Other taxes 4,083 1.99%
Corporate income tax 4,016 1.95%
Motor vehicle license 1,269 0.62%
Liquor store revenue 0 0%
Property taxes 0 0%
Total 205,546 100%
Expenditure $ millions Percent of expenditure
Intergovernmental expenditure 59,698 29.04%
Public welfare 39,522 14.36%
Veterans' services 15,469 7.53%
Utility expenditure 13,128 6.39%
Education 12,839 6.25%
Hospitals 6,114 2.97%
Highways 4,865 2.37%
Interest on general debt 4,116 2.00%
Other and unallocable 4,014 1.95%
Correction 2,918 1.42%
Judicial and legal 2,873 1.40%
Health 2,780 1.35%
Financial administration 2,057 1.00%
Police protection 819 0.40%
Protective inspection and regulation 632 0.31%
Natural resources 491 0.24%
Housing and community development 469 0.23%
Employment security administration 394 0.19%
Other governmental administration 355 0.17%
General public buildings 230 0.11%
Parks and recreation 155 0.08%
Solid waste management 114 0.06%
Air transport 82 0.04%
Libraries 46 0.02%
Sea and inland port facilities 26 0.01%
Sewerage 0 0%
Liquor store expenditure 0 0%
Parking facilities 0 0%
Miscellaneous commercial activities 0 0%
Fire protection 0 0%
Total 184,009 100%

Financial Institutions

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Top ten banks by assets in New York[14]

Rank Bank Assets $ billions 3/31/13 Net income $ millions 2012 Headquarters Employees 2012
1 J.P. Morgan Chase & Co. 2,389 2,404[15] New York 260,157[16]
2 Citigroup 2,176 11,067[17] New York 266,000[18]
3 Goldman Sachs 959 7,292[19] New York 33,300[20]
4 Morgan Stanley 801 4,110[21] New York 61,899[22]
5 Bank of New York Mellon 355 2,427[23] New York 29,500[24]
6 HSBC North America 305 New York
7 American Express 156 4,482[25] New York 62,500[26]
8 M&T Bank 82 1,029[27] Buffalo 13,640[28]
9 Deutsche Bank USA 75 New York
10 Utrecht-America Holdings 48 New York

References

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  1. ^ http://www.bea.gov/newsreleases/regional/gdp_state/gsp_newsrelease.htm
  2. ^ http://www.census.gov/popest/data/state/totals/2012/index.html
  3. ^ http://bber.unm.edu/econ/st-gdp5.htm
  4. ^ http://www.newyork-demographics.com/
  5. ^ http://www.newyork-demographics.com/cities_by_population
  6. ^ http://www.bea.gov/newsreleases/regional/gdp_state/gsp_newsrelease.htm
  7. ^ http://www.bls.gov/eag/home.htm
  8. ^ http://money.cnn.com/magazines/fortune/fortune500/2012/states/NY.html
  9. ^ http://money.cnn.com/magazines/fortune/global500/2012/full_list/401_500.html
  10. ^ http://www.census.gov/govs/local/
  11. ^ http://www.census.gov/govs/local/
  12. ^ http://www.bea.gov/newsreleases/regional/gdp_state/gsp_newsrelease.htm
  13. ^ http://www.census.gov/govs/local/
  14. ^ http://www.ffiec.gov/nicpubweb/nicweb/Top50Form.aspx
  15. ^ http://money.cnn.com/magazines/fortune/fortune500/2012/states/NY.html
  16. ^ http://money.cnn.com/magazines/fortune/global500/2012/full_list/
  17. ^ http://money.cnn.com/magazines/fortune/fortune500/2012/states/NY.html
  18. ^ http://money.cnn.com/magazines/fortune/global500/2012/full_list/
  19. ^ http://www.goldmansachs.com/investor-relations/financials/current/10k/2012-10-K.pdf
  20. ^ http://money.cnn.com/magazines/fortune/global500/2012/full_list/
  21. ^ http://money.cnn.com/magazines/fortune/fortune500/2012/states/NY.html
  22. ^ http://money.cnn.com/magazines/fortune/global500/2012/full_list/
  23. ^ http://www.bnymellon.com/investorrelations/annualreport/2012/finann2012.pdf
  24. ^ http://www.bnymellon.com/investorrelations/annualreport/2012/2012annual.pdf
  25. ^ http://investing.businessweek.com/research/stocks/financials/financials.asp?ticker=AXP
  26. ^ http://money.cnn.com/magazines/fortune/global500/2012/full_list/
  27. ^ http://files.shareholder.com/downloads/MTB/2622101175x0x641856/F5A93DFF-668E-41E1-BD78-338B8C3BDAFC/2012_MTB_Annual_Report.pdf
  28. ^ http://files.shareholder.com/downloads/MTB/2622101175x0x641856/F5A93DFF-668E-41E1-BD78-338B8C3BDAFC/2012_MTB_Annual_Report.pdf

External links

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https://meta.wikimedia.org/wiki/Global_Economic_Map