ECONOMIC INFORMATION

 

Advertisement

Population* : April 1, 2000 Census – 18,976,821

July 1, 2004 Estimate – 19,227,088

Population growth*: April 1, 2000-July 1, 2004 – 1.32%

Population density (people per sq. km)*: 136.3

Total personal income (2003)**: $696,530.6m

Per capita personal income (2003)** : $25,502

Total gross state product (2003)** : $822bn

Gross state product per capita (2002)** : $41,395

Source: *Census Bureau; **: Bureau of Economic Analysis

 

EXPORT & INTERNATIONAL INVESTMENT

 

  • The flow of international trade through New York's air and sea ports was over $316bn in 2003, or 16% of the total volume in the US.

 

  • New York City’s port district, with export and import volume of $219.7bn in 2003, ranks second in the nation.

 

  • New York companies export merchandise and services to over 200 countries, and the state’s global activity contributes significantly to US national trade performance. Leading export country markets include Canada, the UK and Japan.

 

  • For 2003, merchandise exports of $39bn ranked New York State the third-largest exporting state in the nation. The state’s exports accounted for 5.4% of US total exports of $724bn.

 

  • New York State's top five merchandise export industry sectors in 2003, in rank order, represent many industries of strategic importance to New York:

- Miscellaneous manufacturing (including jewellery industries) $6.4bn - Computer and electronic products $6.3bn

- Transportation equipment $4.5bn

- Chemicals $4.3bn

- Machinery (except electrical) $4.1bn

  • US affiliates of foreign companies employed 394,700 workers in 2002 ranking New York second nationwide. The dollar value of international investment (property, plant and equipment) by foreign affiliates in the state was $63bn in 2002.

Source: US Department of Commerce

ECONOMIC DEVELOPMENT

New York State ranked:

  • second in the nation in attracting new and expanded corporate facilities (Site Selection magazine, March 2004). In 2003, New York attracted 552 expansion projects;

 

  • second in the nation as state with the best business climate (Site Selection magazine, November 2004);

 

  • first in gross state product per employee at $73,419 (2000) and stands 32% above the national average (Federal Bureau of Economic Analysis);

 

  • first in proceeds of IPO, per 1000 firms, at $42.8894 (2002) (Thomson Financial Securities Data, accessed May 14, 2003);

 

  • second among states that are home to the most IPOs (Inc. magazine, July 2004);

 

  • first in commercial real estate sales at $6.7bn (2002) (Real Estate Alert’s Deal Database;)

 

  • second in number of Fortune 500 company headquarters with 51 firms (2003 – Fortune, Fortune 500 Annual), April 5, 2004.

 

HIGH TECHNOLOGY

 

  • New York leads the nation in the total number of scientists elected to theNational Academy of Sciences with nine members, the highest total elected since 2000 (National Academy of Sciences Announcement, April 2004).

 

  • New York is the national leader in photonics manufacturing employment at13,500 (2002) (AeA’s Cyberstates 2003: A State-by-State Overview of theHigh-Technology Industry).

 

  • Governor George E Pataki was named one of the top 10 leaders in the nationin developing nanotechnology as a tool for economic growth (The Forbes/WolfeNanotech Report, (2003)).

 

  • New York is home to three of the nine companies or universities that madethe most important breakthroughs in nanotechnology in 2003, more than any other state (The Forbes/Wolfe Nanotech Report (December, 2003)).

 

  • New York, in a tie with California, leads the nation in the number of academicpatents issued and their economic importance (2003) (study published in MIT’s Technology Review).

 

  • New York State is third in the nation in the number of high-tech establishmentswith 20,400 (2001), high-tech employment at 329,749 (2002), and high-tech payroll at $24bn (2001) (AeA’s Cyberstates 2003: A State-by-State Overview of the High-Technology Industry).

 

 

 

IPA

 

Name: Empire State Development (ESD)

Web address: www.nylovesbiz.com

ESD is co-headquartered in New York City and Albany and has regional offices throughout the state. It also has foreign offices in the UK, Japan, Canada, Mexico, Israel, South Africa, Brazil, and Chile.