Economy of New York

New York has the third-largest state economy in the US, with a GDP of approximately $2.1 trillion. New York City alone — which accounts for about 60% of the state's economic output — is one of the world's great financial capitals.

Finance and Insurance are the dominant sector. Wall Street and the broader New York financial services industry generate approximately $70–80 billion in city and state tax revenue annually. Major institutions headquartered in New York include JPMorgan Chase, Goldman Sachs, Citigroup, Morgan Stanley, Bloomberg LP, and hundreds of hedge funds and private equity firms.

Media and Entertainment — New York is the media capital of the United States. Major broadcasters (NBC, CBS, ABC headquarters), publishers (virtually every major US book publisher), advertising agencies (Madison Avenue), and fashion houses are headquartered in New York City. The Broadway theater district generates over $1.8 billion in annual ticket sales.

Technology has grown substantially in the 2010s and 2020s. NYC's "Silicon Alley" is home to Google's largest office outside California, Amazon's HQ2 East (Long Island City), and a thriving startup ecosystem. Cornell Tech's campus on Roosevelt Island was built specifically to anchor a tech education and innovation hub.

Healthcare and Life Sciences — New York–Presbyterian, Mount Sinai, NYU Langone, and Memorial Sloan Kettering are among the most renowned medical centers in the world. The life sciences sector has grown substantially, supported by Columbia and Cornell research networks.

Tourism — New York City receives 60–65 million domestic and international visitors annually, generating over $70 billion in economic impact.

Agriculture (Upstate) — The dairy industry, apple orchards, wine production (Finger Lakes), and maple syrup are significant upstate agricultural sectors, though dwarfed by the urban economy.

New York's economy faces challenges: it is a high-tax state (top combined city and state income tax rate above 14%), with elevated cost of living, and has experienced net population and business outflows in recent years — particularly to Florida and Texas.