The State Ranked High in the Nation for Economic Growth for 2014
A state’s Gross Domestic Product (GDP) is the value of production originating from all industries in the state, as defined by the U.S. Bureau of Economic Analysis. In 2014:
- New York State’s GDP was $1.4 trillion. On an inflation-adjusted basis from 2009, the State’s real GDP was $1.28 trillion.
- the State ranked 13th in the nation for economic growth with real GDP growth of 2.5 percent. North Dakota ranked first with real GDP growth of 6.3 percent.
- the financial activities sector comprised almost one-third of the State’s real GDP. The natural resources and mining sector accounted for less than 1 percent.
Wages in the State Increase
- In 2014, wages in the State increased by 5.1 percent. Outside the finance and insurance sector, wages in all other industries grew by 4.4 percent.
- While wages increased by 5.1 percent, personal income increased by only 3.7 percent due to slower growth in unearned income (such as dividends and interest).
The State Added More Jobs as Unemployment Rate Declined
- In 2014, the State added over 143,000 jobs, an increase of 1.6 percent.
- The unemployment rate declined from 7.7 percent in 2013 to 6.3 percent in 2014. However, the total labor force in the State also declined, decreasing by nearly 63,000 workers.
- In 2014, the highest rate of employment growth was in the construction industry, with an increase of 3.9 percent. The largest number of jobs added was in the educational and health services sector, with an increase of over 40,000 jobs.
- In 2014, employment growth was uneven across the State. New York City had the highest rate of employment growth, an increase of 3.3 percent, while the Southern Tier and the Mohawk Valley experienced employment declines.