Economy

Until the 1970's New York was economically the leading state in the Union. It has since been equaled or surpassed in certain respects by several other states, most notably California. Nevertheless, New York remains economically strong. In the number of persons employed and in income generated by all economic activities it ranks among the leaders. Probably no state surpasses New York in the variety of goods produced. Many of the nation's largest firms have their headquarters in New York; most are located in or near New York City.

Many thousands of New Yorkers are employed in wholesale and retail businesses. The sales volume of the state's wholesale trade far exceeds that of any other state, amounting to roughly one-eighth of the nation's total. Construction and transportation also employ large numbers of workers and contribute heavily to the state's economy. New York's ports, particularly New York City's, handle a large part of the nation's general cargo shipping.

New York is the nation's financial center. Clustered in New York City, especially on or near Wall Street, are major stock exchanges and many of the nation's largest commercial banks. The total assets of New York's commercial banks are far greater than those of the banks of any other state.

Tourism contributes substantially to the economy of New York. Among the chief tourist features are the cultural and entertainment attractions of New York City; Niagara Falls; and the Catskill and Adirondack mountains with their summer and winter resorts. Conventions, held mainly in New York City, are also economically important.

New York ranks among the nation's top five manufacturing states. Major activities, according to value added by manufacture, are printing and publishing and the making of precision instruments, electrical and electronic equipment, machinery, chemicals, clothing, and foods and beverages. In printed and published materials and in the production of instruments, clothing, and leather and leather products, New York leads all other states.

The New York City area is by far the most important manufacturing center in the state. Elsewhere in New York, manufacturing is centered mainly in the cities of the Hudson and Mohawk valleys and along Lakes Erie and Ontario. Among these cities are Buffalo, Rochester, Syracuse, Albany, and Schenectady. Binghamton, in the Appalachian Plateau region, is also a significant manufacturing city.

Printing and publishing and apparel manufacturing are heavily concentrated in the New York City area. In addition it is a prime producer of electrical machinery, foods, fabricated metals, and chemicals, especially Pharmaceuticals. Buffalo is a center of heavy industry, producing iron and steel, fabricated metal products, transportation equipment, machinery, and chemicals. Flour milling is also a major economic activity in Buffalo. Rochester is best known for the production of photographic equipment and supplies, copying and business machines, and optical goods. Syracuse concentrates on the production of electrical equipment. Electrical equipment for industrial use is a specialty of Schenectady.

New York's farm acreage has been declining for many years, and farms occupy only about one-fourth of the state. Most of the decline in acreage has come through the abandonment of poorer farmland.

Livestock and livestock products provide roughly 70 to 75 per cent of all farm income in New York. Dairying is the mainstay, accounting for about half of all farm income. In number of milk cows and dairy farms and in annual production of milk and cheese, New York generally ranks among the top two or three states in the nation. The chief dairying areas are in the Hudson, St. Lawrence, and Mohawk valleys. Cattle rank second as a source of farm income. Eggs are also important.

Hay and corn are New York's chief crops by value and acreage planted. Both are used primarily on the farms for the feeding of livestock. Fruit is of great significance. In the production of apples and grapes New York normally ranks second or third among the states. Most of the grapes come from vineyards in the vicinity of the Finger Lakes and Lake Erie and are used for making wine. Also important is the production of greenhouse and nursery products, potatoes, and several vegetables grown for commercial canning and freezing.

Commercial fishing is carried on in the bays and offshore waters around Long Island and in Lakes Erie and Ontario. Much of the marine catch consists of shellfish from Long Island Sound.

Somewhat more than half of New York is classified as forest land. Trees include many species of hardwoods and softwoods. Lumber and wood production, however, is relatively meager, partly because much of the forested area, particularly in the Adiron dacks and in the Catskills, is set aside as preserves where commercial lumbering is prohibited.

New York usually ranks among the lower half of the states in the value of its annual mineral production. Stone, salt, sand and gravel, and zinc are among the principal minerals produced.

New York has excellent transportation systems. The main highway routes are the Interstate highways and other federal primary roads. The most heavily traveled of the Interstate routes is the New York State Thruway (I-87 and I-90), which extends from New York City through Albany and Buffalo to the Ohio border. A complex network of expressways serves the New York City area.

More than a score of railways serve the state. Most of the trackage is operated by Conrail. Amtrak provides high-speed service between New York City and several other easterns cities, including Boston and Washington, D.C. Railways and subways play an important role in transporting commuters in the New York City area.

Kennedy International and La Guardia airports, in New York City, are the chief centers of air transportation in the state. Kennedy International is one of the world's largest and busiest air terminals, handling many of the nation's international flights. La Guardia handles only domestic flights. Also serving the New York City area is Newark International Airport, in New Jersey. Commercial air service is also available in the larger cities elsewhere in the state.

Water transportation is highly developed in New York. Ocean shipping is conducted primarily at port facilities in New York City, which are operated, in conjunction with adjacent facilities in New Jersey, by the Port Authority of New York and New Jersey. In addition, Lake Erie and Lake Ontario ports have direct access to St Lawrence Seaway shipping. New York is also served by the New York State Barge Canal, the main branch of which follows roughly the route of the old Erie Canal.