Economic growth in New York State slowed down significantly in 2013, ranking 46th out of 50 states as measured by the federal government’s latest real Gross Domestic Product (GDP) data.
The inflation-adjusted total value of goods and services produced in New York was up just 0.7 percent last year — less than half the national real GDP growth rate of 1.8 percent. The preliminary GDP number for 2013 is consistent with New York’s statewide job-creation numbers, which also have been well behind the national pace.
As shown in the following chart, New York was also below but closer to the national GDP growth rate in 2011 and 2012, after growing faster than average in 2010.
From state government’s revenue-centric standpoint, the most troubling indicator in the latest state GDP numbers was a decrease in output in New York’s finance and insurance sector, which pulled down overall economic growth by 0.13 percent. Nationally, by contrast, finance and insurance added 0.14 percent to real GDP last year. Durable goods manufacturing output in New York also declined slightly, even while increasing slightly in the nation as a whole.
On the positive side, the GDP numbers indicated stronger-than-average growth in New York’s information and professional and business services sectors. The government-subsidized health care and social services sector also grew more quickly than the national average.
P.S. — New York’s 2013 real GDP growth rate was the lowest since the recession year of 2008. And New York’s share of total U.S. GDP fell to 7.8 percent in 2013; it was 8.1 percent in 2010.
You may also like
At mid-year, NY still far below most states in pandemic jobs recovery
New York has added private-sector jobs in all but three of the 38 months since the COVID-19 outbreak of March 2020—but the Empire State remains below its pre-pandemic employment level and continues to trail the national recovery.
On a seasonally adju Read More
At end of ’22, NY still near bottom in pandemic recovery
The more time passes since the spring 2020 Covid-19 outbreak, the more New York stands out among all states for the weakness of its post-pandemic employment recovery.
As of December, seasonally adjusted private employment in New York was still nearly 2 Read More
As leaves turn, NY’s post-pandemic recovery still has very far to go
New York was the national epicenter of the pandemic, and Governor Cuomo's "New York State on PAUSE" business shutdowns and other restrictions led, in short order, to the loss of nearly 2 million jobs in the first full month after the infection began spreading in the New York City area. Read More
More NY job gains in August—but employment needs to rise a lot further
New York's jobs report for August looked relatively strong—but only by comparison, that is, with what was generally regarded as a disappointing national number. On a seasonally adjusted basis, New York gained 28,000 private-sector jobs last month—a growth rate of 0.4 percent, according to preliminary monthly estimates from the state Labor Department. Read More
NY Post-Pandemic Employment Tide Stopped Rising At Year’s End
New York's post-pandemic employment recovery came to a halt and moved into reverse in December, according to the state's for the final month of COVID-wracked 2020.
Private payroll employment in December was 966,000 jobs below the level of the previous Read More
Fewer Workers, Not More Jobs, Explains NY’s September Unemployment Rate Drop
New York State's unemployment rate has fallen sharply since the economically devastating pandemic lockdown last spring. But as state Comptroller Thomas DiNapoli points out in his latest economic report, the jobless rate doesn't tell the whole story. Read More
It’s Official: New York State’s Second Quarter Economic Crash Was the Worst on Record
Further evidence of the massive damage done to New York’s economy by the coronavirus pandemic shutdown has emerged in the latest gross domestic product (GDP) data from the federal Commerce Department's Bureau of Economic Affairs. Read More
Sluggish Reopening: NY’s Private Job Count Down 1.1 Million From Pre-Pandemic Level
Six months into the novel coronavirus pandemic, New York State's private-sector employment recovery was the slowest in the 48 contiguous states—and getting slower. Read More