How Slow Is New York State’s Economic Growth?

Studies have found that New York state's economy is so large that if it was its own country, it would rank in the top twenty economies in the world.

However, with so many residents continuing to leave New York for other states, there are going to be some economic consequences. According to a 2023 report from The Business Council of New York State, posted at WKBW, over three years alone, New York state saw $993 billion in assets move to other states.

According to the Business Council, these sectors are the "highest compensated industries in New York and the U.S.; with the average income in New York being $275,800 (without benefits).

Where Are New Yorkers Moving To?

According to the Census Bureau's 2022 numbers from ABC, Florida leads the nation for where New Yorkers are heading, with 91,201 former residents now calling the Sunshine State home.

See Also: Is New York One of the Healthiest or Unhealthiest States in the Country?

New Jersey was 2nd, with 75,103 New York residents moving there in 2022, Connecticut 3rd with 50,670, and Pennsylvania with:44,807. California rounded out the top five, with 31,255 former New Yorkers taking up residence on the West Coast.

New York's Current Economic Health? 

In order to determine how New York and other states are pulling the most weight in moving the U.S. economy forward, the website WalletHub compared the 50 states and the District of Columbia across 28 key indicators of economic performance and strength.

WalletHub's data set ranges from GDP growth and the unemployment rate to startup activity and the share of jobs in high-tech industries.

Overall, New York ranked 27th in the country, though in the economic health subcategory the state only ranked 42nd. According to Statista, New York's most productive industries includes "financial services, health care, professional services, retail trade, and manufacturing."

See Also: New York State's Wealthiest Areas Outside New York City, Long Island & Westchester

Washington state ranked 1st, and Mississippi dead last in WalletHub's latest study.