Nine incredible facts about the New York economy
'01.12.2020'
Olga Derkach
What do we know about New York, why is it called the Big Apple? Or why is it considered the capital of the world? Edition Business Insider has collected 9 incredible facts about the state economy that few people know. The pandemic may have spoiled the economic situation in the region a little, but we believe that everything will definitely return to normal.
New York is a state with two very different sides.
One side is New York City and its five boroughs: an ultra-urban landscape on a pair of small islands, home to about half the state's population.
The other side is upstate New York, rural, agricultural, and less populous.
New York City is one of the richest cities in the world (although it also includes the poorest county in the state, the Bronx County). Meanwhile, upstate New York is experiencing a sluggish economy that is increasingly lagging behind that of its eponymous metropolis.
1. New York's economy is almost the same size as Canada's
New York State and Niagara Falls share a long border with Canada. But the state and its neighboring country have more in common than geography.
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Production in New York is almost the same as in Canada. If New York State were a country, it would have the 11th largest economy in the world, between Canada and South Korea.
2. New York City's gross domestic product is expected to exceed Tokyo's GDP by 2035
According to the New York State Comptroller's Office, the state's GDP in 2017 was more than $ 1,5 trillion.
But by 2035, the GDP of New York City alone, according to one estimate, will grow to $ 2,5 trillion. It is predicted to be ahead of Tokyo, the richest city in the world.
3. New York City has more billionaires than any other city in the world
By one criterion, New York is already the richest city in the world: it has more billionaires (103) than Hong Kong (93), San Francisco (74), Moscow (69) or London (62).
4. New York is only 1% of the total area of the United States, but produces 8% of the country's GDP
New York State occupies about 1% of the United States. However, in this small space, it manages to produce 8% of the country's GDP.
5. Every year New York City grows enough apples to give 10 apples to every US citizen
If you've ever lived in upstate New York, you know the region is famous for its apples and apple cider. New York is the second largest apple producing state after Washington.
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The state's 700 apple orchards produce 29,5 million bushels of apples per year (about 125 apples per bushel). That's enough to provide an apple a day for 10 people, or 102 apples for each of the 739 million people in the United States.
6. New York produces more yogurt than any other state
New York may be the second largest apple growing city, but all of its four main agricultural products - milk, corn, hay and cattle - are associated with dairy farming.
New York produces more cottage cheese, sour cream, and yogurt than any other state. Chobani, a popular Greek yogurt company, is headquartered in Norwich.
7. But the top product New York exports are diamonds
According to the US Census Bureau, New York's largest export commodity in dollar terms is not agricultural produce, but cut diamonds, which are worth about $ 15 billion a year.
Diamonds on the list are followed by paintings, jewelry, gold, rubies and sculptures. New York is undoubtedly the top source for luxury goods.
8. Buffalo and Syracuse are considered one of the most accessible cities in the United States
Manhattan may have one of the most expensive real estate in the country, but the two cities in upstate New York are some of the most affordable.
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According to US News & World Report, Buffalo residents, on average, spend only 21,1% of their salary on living expenses. Buffalo was ranked 11th on the US News & World Report list, while Syracuse was 22nd.
9.New York has more Dunkin outlets than Starbucks
Where would you like to have coffee? If you answered Dunkin, then you are on the same page with many New Yorkers. According to the 2016 Urban Future Center report, there are 596 Dunkin stores and a total of 317 Starbucks stores in the five boroughs. This represents more than 5% of all Dunkin stores in the world and about 7% of its stores in the United States.
