Tags: US State Facts | industries in new york | economy

Top 5 Industries in New York: Which Parts of the Economy Are Strongest?

Image: Top 5 Industries in New York: Which Parts of the Economy Are Strongest?
(njc.gov)

By    |   Tuesday, 14 Apr 2015 11:33 AM

When people think of industries in New York, they often think of Wall Street, Broadway and the transportation hubs that tie the Eastern Seaboard together. There is more to the state of New York than what can fit on a postcard from the Big Apple.

These top five industries in New York may surprise you:

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1. Financial Services


No surprise there. New York City's huge financial center makes financial services the largest industry in New York State when ranked by total payroll. High paying jobs in banking, stock trading and analysis dominate this sector.

In New York City, financial services represents 15 percent of the economy, second only to real estate, according to a report by the city government on sustaining New York's financial services leadership.

2. Health Care

The largest industry by employee count is the "Health Care and Social Assistance" industry, which includes the state's large hospitals, pharmaceutical companies and services for the elderly. According to the New York Department of Labor, demographic changes in the state drove significant job growth, although the average wage of health care jobs is below the all-industry average in the state.

3. Professional, Scientific and Technical Services


Where there are bankers and traders (and Wall Street of course), lawyers and accountants are sure to follow. These business-to-business companies, which also include tax and payroll services, architecture and advertising firms, have grown faster than the overall average in the state as the economy rebounded and other companies were able to use their services again.

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4. Retail Trade and Food Service

The business-to-consumer retail industry in New York is dominated by food and beverage. Restaurants employ almost 580,000 people in the state, from the mundane fast food to the highest-end gourmet eateries. Retail overall adds $230 billion to the state economy, according to the Retail Council of New York State. New York's retailers employ more than 873,000 workers in more than 73,000 establishments, the council reports.

5. Manufacturing

Despite the movement of manufacturing overseas, New York remains strong in certain categories of manufacturing, especially apparel. Computer and electronic products has been one of the stronger parts of the manufacturing industry in the state, with wages for these jobs averaging significantly higher than the state average.

However, the Department of Labor expects these jobs to continue to leave the state. Software engineering is one bright spot, with a 19 percent increase expected over the next several years, through 2016.

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When people think of industries in New York, they often think of Wall Street, Broadway and the transportation hubs that tie the Eastern Seaboard together. There is more to the state of New York than what can fit on a postcard from the Big Apple.
industries in new york, economy
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2015-33-14
Tuesday, 14 Apr 2015 11:33 AM
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