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Economy - overview:
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New York City dominates the economy of the state. It 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, Manhattan. The Bureau of Economic Analysis estimates that in 2005, the total gross state product was $963.5 billion, ranking 3rd behind California and Texas. If New York were a nation, it would rank as the 16th largest economy in the world, behind South Korea. The state economy grew 3.3%, slightly slower than the 3.5% growth rate for the US. It was the 25th fastest growing economy in the US in 2005. Its 2005 per capita personal income was $50,038,an increase of 5.9% from 2004, placing it 5th in the nation behind Massachusetts, and 8th in the world behind Ireland. New York's agricultural outputs are dairy products, cattle and other livestock, vegetables, nursery stock, and apples. Its industrial outputs are printing and publishing, scientific instruments, electric equipment, machinery, chemical products, and tourism. Many of the world's largest corporations locate their headquarter's home offices in Manhattan or in nearby Westchester County, New York. The state also has a large manufacturing sector which includes printing and the production of garments, furs, railroad rolling stock, and bus line vehicles. Some industries are concentrated in upstate locations also, such as ceramics (the southern tier of counties), microchips and nanotechnology(Albany), and photographic equipment (Rochester).
There is a moderately large saltwater commercial fishery located along the Atlantic side of Long Island. The principal catches by value are clams, lobsters, squid, and flounder. There used to be a large oyster fishery in New York waters as well, but at present, oysters comprise only a small portion of the total value of seafood harvested. Perhaps the best known aspect of the fishing sector is the famous Fulton Fish Market in New York City, which distributes not only the New York catch but imported seafood from all over the world. The Fulton Fish Market has been moved from Fulton Street in Manhattan to The Bronx.
New York's mining sector is concentrated in three areas. The first is near New York City. Primarily, this area specializes in construction materials for the many projects in the city, but it also contains the emery mines of Westchester County, one of two locations in the U.S. where that mineral is extracted. The second area is the Adirondack Mountains. This is an area of very specialized products, including talc, industrial garnets, and zinc. It should be noted that the Adirondacks are not part of the Appalachian system, despite their location, but are structurally part of the mineral-rich Canadian Shield. In the inland southwestern part of the state, in the Allegheny Plateau, is a region of drilled wells. The only major liquid output at present is salt in the form of brine; however, there are also small to moderate petroleum reserves in this area.
New York exports a wide variety of goods such as foodstuffs, commodities, minerals, manufactured goods, cut diamonds, and automobile parts. New York's top 5 export markets in 2004 were Canada ($30.2 billion), United Kingdom ($3.3 billion), Japan ($2.6 billion), Israel ($2.4 billion), and Switzerland ($1.8 billion). New York's largest imports are oil, gold, aluminum, natural gas, electricity, rough diamonds, and lumber. Canada has become a very important economic partner of New York. 23% of the state's total worldwide exports went to Canada in 2004. Tourism from the north is also a large part of the economy. Canadians spent US$487M in 2004 while visiting the state. This figure is predicted to increase due to the stronger Canadian dollar.
Dairy farm near Oxford, New York, July 2001.New York State is an agricultural leader, ranking within the top five states for agricultural products including dairy, apples, cherries, cabbages, potatoes, onions, maple syrup and many others. The state is the largest producer of cabbage in the U.S. The state has about a quarter of its land in farms and produced US$3.4 billion in agricultural products in 2001. The south shore of Lake Ontario provides the right mix of soils and microclimate for many 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 many vineyards. New York is the nation's third-largest grape-producing state, behind California, and second largest wine producer by volume. In 2004, New York's wine and grape industry brought US$6 billion into the state economy. The state has 30,000 acres (120 km²) of vineyards, 212 wineries, and produced 200 million bottles of wine in 2004.
New York was heavily glaciated in the ice age leaving much of the state with deep, fertile, though somewhat rocky soils. Row crops, including hay, corn, wheat, oats, barley, and soybeans, are grown. Particularly in the western part of the state, sweet corn, peas, carrots, squash, cucumbers and other vegetables are grown. The Hudson and Mohawk Valleys are known for pumpkins and blueberries. The glaciers also left numerous swampy areas, which have been drained for the rich humus soils called muckland which is mostly used for onions, potatoes, celery and other vegetables. Dairy farms are present throughout much of the state. Cheese is a major product, often produced by Amish or Mennonite farm cheeseries. New York is rich in nectar-producing plants and is a major honey-producing state. The honeybees are also used for pollination of fruits and vegetables. Most commercial beekeepers are migratory, taking their hives to southern states for the winter. Most cities have Farmers' markets which are well supplied by local farmers.
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