- New York is one of the most powerful states in the United States, with a gross domestic product comparable to Canada and South Korea.
- But there is a vast disparity between the economies of New York City and upstate New York.
- We compiled 11 incredible facts about New York's economy, from its massive wealth to its surprising No. 1 export.
- Visit MarketsInsider.com for more stories.
New York is a state with two very different sides.
There's New York City and its five boroughs: an ultra-urban landscape on a couple of small islands where about half the state's population lives.
Then there's upstate New York, much of which is rural, agricultural, and less densely populated.
New York City is one of the richest cities in the world (though it also contains the poorest county in the state, Bronx County). Meanwhile, upstate New York has a sluggish economy that has fallen ever further behind New York City's.
Statistics about New York's economy reflect this divide. Here are 11 mind-blowing facts about the economy of New York — both the city and the state.
New York's economy is almost the same size as Canada's.
New York state shares a long border and Niagara Falls with Canada. (Sorry, New York, Canadians got the better side of the falls.) But the state and its neighboring country have more in common than geography.
New York's economic output is almost as big as Canada's. Canada also receives most of New York's foreign exports. If New York were a country, it would have the 11th-biggest economy, falling between Canada and South Korea.
New York City's gross domestic product is expected to surpass Tokyo's by 2035.
According to the Office of the New York State Comptroller, the state's GDP in 2017 was over $1.5 trillion.
But by 2035, the GDP of New York City alone is expected to rise to $2.5 trillion, according to one estimate. The projection would place it ahead of Tokyo, the richest city in the world in 2015.
New York has more billionaires than any other city in the world.
By one measure, New York City is the richest in the world: It has more billionaires (103) than Hong Kong (93), San Francisco (74), Moscow (69), or London (62).
New York makes up just 1% of the total US area but produces 8% of the nation's GDP.
New York state takes up about 1% of the land mass of the United States. In that small space, however, it manages to contribute 8% of the whole country's GDP. That's called punching above your weight.
New York City unemployment hit its lowest rate ever in 2018.
While the national unemployment rate ticked up in mid-2018, New York City bucked the trend. In the final quarter of 2018, the city reported a milestone: the lowest unemployment rate in its history, 4%.
New York grows enough apples each year to give 11 apples to every US resident.
If you've spent any time in upstate New York, you know the state is famous for its apples and apple cider. New York is the second-biggest apple-producing state, after Washington.
The state's 700 apple orchards produce 29.5 million bushels of apples a year, with about 125 apples in each bushel. That's enough apples to provide an apple a day for 10,102,739 people, or give 11 apples to each of the 327 million people in the US.
New York produces more yogurt than any other state.
New York may be No. 2 in apples, but its top four top agricultural products — milk, corn for grain, hay, and cattle — are all related to dairy farming.
New York produced more cottage cheese, sour cream, and yogurt than any other state in 2016. It doesn't hurt that Chobani, the popular Greek-yogurt company, has its headquarters in Norwich.
But New York's No. 1 export is diamonds.
New York's biggest export by dollar value isn't an agricultural product, but cut diamonds, valued at more than $13 billion last year, according to the US Census Bureau.
Diamonds are followed on the list by paintings, jewelry, gold, rubies, and sculptures. New York is clearly a top source of luxury goods.
Read more:13 mind-blowing facts about Russia's economy
The most expensive home in the US is a penthouse in New York City.
When the hedge fund billionaire Ken Griffin bought the 24,000-square-foot penthouse at 220 Central Park South for $238 million earlier this year, he became the owner of the most expensive home in the US.
That astronomical figure is 180 times the average home price of $1.32 million in pricey Manhattan, according to Zillow.
Buffalo and Syracuse ranked among the most affordable cities in the US.
Manhattan may have some of the priciest real estate in the country, but two cities in upstate New York are among the most affordable.
According to US News & World Report, Buffalo residents use only 21.1% of their salaries to cover living expenses, on average. Zillow said the average home price in Buffalo is about $90,000.
Buffalo ranked 11th on the US News & World Report list, and Syracuse ranked 22nd.
There are more Dunkin' stores than Starbucks stores in New York City.
Where do you want to get your coffee?
If you answered Dunkin', you're on the same page as many New Yorkers. The city's five boroughs are home to 596 Dunkin' stores but just 317 Starbucks stores, a 2016 report by Center for the Urban Future found. That's more than 5% of all the Dunkin' stores in the world and about 7% of its stores in the US.
SEE ALSO:
