NEW YORK ECONOMIC REPORT: CONSUMER, BUSINESS & FINANCIAL DATA
New York is a state with a strong and diversified economy, with a number of major industries and businesses. The state has a well-educated workforce and is home to a number of Fortune 500 companies. New York’s GDP is $1.9 trillion, and the median household income is $73,235. The unemployment rate is 5.8%, and the major industries include finance, professional and business services, healthcare, manufacturing, and retail trade.
There are over 3.9 million businesses in New York, employing over 19.2 million people. Small businesses play a vital role in the state’s economy, accounting for over half of the private sector employment. New York is committed to supporting small businesses and helping them thrive.
The state offers a number of resources and programs to support small businesses, including the New York State Small Business Development Center, the Start-Up NY program, and the Small Business Innovation Research (SBIR) program. The following is a breakdown of consumer and business data for the state.
New York Economic Report: Demographics
Population: 20,314,132 (July 1, 2022 estimate)
Age distribution:
- Under 18: 21.2%
- 18-64: 61.8%
- 65 and over: 17%
- Race and ethnicity:
- White: 61.9%
- Black or African American: 17.6%
- Hispanic or Latino: 19.8%
- Asian: 8.3%
- Other: 2.4%
Educational attainment:
- High school diploma or equivalent: 88.2%
- Bachelor’s degree or higher: 34.9%
New York Economic Report: Financials
Gross domestic product (GDP): $1.9 trillion (2022 estimate)
Median household income: $73,235 (2022 estimate)
Unemployment rate: 5.8% (August 2023)
Number of businesses: 3.9 million (2021)
Number of employees: 19.2 million (2021)
New York Economic Report: Small Business
Number of small businesses: 3.6 million (2021)
Number of employees at small businesses: 11.5 million (2021)
Percent of private sector employment at small businesses: 59.9% (2021)
Small business payroll: $701.2 billion (2021)
Small businesses play a vital role in New York’s economy, accounting for over half of the state’s private sector employment. Small businesses are also a major source of innovation and job growth. New York’s economy is strong and diversified, with a number of major industries and businesses. The state has a well-educated workforce and is home to a number of Fortune 500 companies.
The following is a breakdown of the number of businesses in New York, by industry, according to the New York State Department of Economic Development:
| Industry | Number of businesses |
| Professional, Scientific, and Technical Services | 562,850 |
| Real Estate and Rental and Leasing | 403,120 |
| Construction | 398,590 |
| Health Care and Social Assistance | 328,820 |
| Other Services (except Public Administration) | 315,250 |
| Administrative, Support, and Waste Management | 277,230 |
| Retail Trade | 269,570 |
| Transportation and Warehousing | 232,830 |
| Manufacturing | 226,900 |
| Wholesale Trade | 216,730 |
| Information | 72,590 |
| Agriculture, Forestry, Fishing and Hunting | 19,670 |
| Mining | 177 |
The most common industries in New York are professional, scientific, and technical services; real estate and rental and leasing; construction; and health care and social assistance. These industries together account for over half of all businesses in the state.
New York Economic Report: Planned Purchases
Housing: According to a recent survey by the New York State Association of Realtors, 15% of New York residents plan to buy a home in the next year. This is up from 12% last year.
Transportation: According to a recent survey by the New York State Department of Transportation, 10% of New York residents plan to buy a new car in the next year. This is down from 12% last year.
Education: According to a recent survey by the New York State Board of Education, 8% of New York residents plan to pay for college tuition for their children in the next year. This is up from 7% last year.
Healthcare: According to a recent survey by the New York State Health Insurance Exchange, 7% of New York residents plan to buy a new health insurance plan in the next year. This is down from 9% last year.
Home improvement: According to a recent survey by the National Association of Home Builders, 6% of New York residents plan to renovate their homes in the next year. This is up from 5% last year.
New York Economic Report: Summary
Overall, New York residents plan to spend more money on housing, education, and home improvement in the next year than they did last year. However, they plan to spend less money on transportation and healthcare.
Ultimately, New York represents strong opportunities for both B2B and B2C businesses who are focused on establishing themselves, or gaining marketshare. From a marketing perspective, the opportunity lies in understanding the behaviors and interests of target audiences, while utilizing data and technology that ensures the right messaging is sent, at the right time.
Sources:
New York Labor Market Information
