The State Falls Behind the Nation in Economic Growth for 2015
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 2015:
- New York State’s GDP was $1.44 trillion.
- the State ranked 32nd in the nation for economic growth, with real GDP growth of 1.4 percent. Oregon and California ranked first with real GDP growth of 4.1 percent.
- the financial activities sector comprised nearly 30 percent of the State’s real GDP. The natural resources and mining sector accounted for less than 1 percent.
Wages in the State Increase
- In 2015, wages in the State increased by 4.1 percent. Outside the finance and insurance sector, wages in all other industries grew by 4.4 percent.
- Personal income increased by 4.0 percent in 2015.
The State Added More Jobs as the Unemployment Rate Declined
- In 2015, the State added over 152,000 jobs, an increase of
- The unemployment rate declined from 6.3 percent in 2014 to 5.3 percent in 2015. In addition, the total labor force in the State grew, increasing by 84,000 workers.
- In 2015, the highest rate of employment growth was in the construction industry, with an increase of 5.1 percent. The largest number of jobs added was in the educational and health services sector, with an increase of over 41,000 jobs.
- In 2015, employment growth was uneven across the State. New York City had the highest rate of employment growth, an increase of 2.9 percent, while the Southern Tier experienced an employment decline of 0.2 percent.