Why NY?

New York's gross state product in 2008 was $1.1 trillion, ranking third in size behind the states of California and Texas. Globally, New York State (NYS) ranks as the 11th largest economy in the world. Its 2008 per capita personal income was $48,076, ranking 6th in the United States. A 2008 estimate places New York as the third largest state in population after California and Texas, with an estimated population of 19,490,297 as of July 1, 2008.  Its size, economic power, and proximity too many of the world’s leading companies, makes New York State an attractive place to invest.

Major industries in NYS include clean technology, education, financial services, information and nanotechnology, and life sciences and biotechnology.  The following are just some of the reasons NYS is a prime place to invest in such industries:

• Upwards of 250 institutions of higher education, both public and private, whose direct economic impact exceeds $100 billion annually
• Ranks 2nd in the nation in total research and development investment
• Headquarters of 94 of the world’s Fortune 500 companies, the most of any state
• Goal of obtaining 45% percent of its energy from renewable resources by 2015
• Home of College of Nanoscale Science and Engineering (CNSE) at SUNY Albany, a $4.5 billion mexaplex which is the most advanced research complex of any university in the world
• In total NYS investment in nanotechnology has exceeded $13 billion

 

Click here for a comprehensive overview of New York State, including a detailed map and information on each economic development region.

Click here for the New York State Data Center, with up-to-date economic statistics.

Industry Clusters

Industry clusters are groups of related industries located in one or more regions of the state. Empire State Development (ESD) has identified 8 major industry clusters, including manufacturing clusters, services clusters, and a few that are hybrids of both.
 
ESD uses industry clusters as a framework for understanding the state and regional economies, and guiding economic development policy and initiatives. ESD and its partners have employed cluster-based analysis in the development of business marketing, export promotion, workforce policy development, regional economic planning, and other activities.
 
Below are links to profiles of New York State's industry clusters. Each profile provides a formal definition of the cluster, a summary of national and international market trends affecting the cluster, trends in New York cluster employment, and a summary of the cluster's presence in the state's economic development regions.