Economy of New York Essay Example | Topics and Well Written Essays - 750 words

Economy of New York - Essay Example The personal income per capita (how much the average worker earns per year) in 2005 was an average of $40,072. In 2007, the minimum wage rate in the New York state is $7.15, $2 more than the federal wage rate ($5.15). Within the US, New York state’s economy grew 3.3%, while the value for the US is 3.5%. Thus, this places the New York state in fifth position just after Maryland. New York is a very rich state with a growing economy: it would rank as the 16th largest economy in the world if it were to be considered as an independent nation. New Yorks most popular products are: 1) in agriculture, dairy products, livestock and vegetables; 2) in industry, printing and publishing, scientific instruments, electric equipment and machinery, chemical products; and 3) tourism. The largest export markets for the state’s products are Canada, the UK, Japan, Israel and Switzerland, which imported products for a value of 30.2, 3.3, 2.6, 2.4 and 1.8 billion dollars, respectively. In fact, Canada is a very important partner since it receives approximately 23% of the exports of the state1. Also, Canadian tourism is very beneficial economically for New York. Canadians are believed to spend $500 million every year during their visits to the state. New York’s most popular exports are: foodstuffs, commodities, diamonds and other minerals, manufactured goods and automobile parts. New Yorks largest imports are: oil, gold, aluminum, natural gas, electricity and lumber. Inflation, an index that compares prices with spending power, rose 3.1% at the end of February 2007with respect to the previous year. The Consumer Price Index, which is a measure of the price of a selection of items purchased by a typical consumer, increased 3.3% with respect to the same period (News–Bureau of Labor Statistics, 2007). Overall, this means that life in the state of New York is 3% more expensive in 2007 than in 2006. Similarly to the increases observed in house prices in