Economy, jobs and prices in New York, United States: official figures
The economy of New York (gross domestic product) was worth $2.47 trillion in 2025 at current prices, 8.0% of the US total of $30.86 trillion; 3rd largest of 51. In current dollars it was up 5.9% on 2024.
How fast is the economy of New York growing?
After adjusting for inflation, real GDP in New York grew 2.5% in 2025, against 2.3% for the United States; 15th fastest-growing of 51.
Source: U.S. Bureau of Economic Analysis · saved copyWhat is the GDP per capita of New York?
Dividing 2025 GDP by the Census Bureau's population estimate gives $123,273 of output per resident, against $90,294 for the US economy divided by the population of the 50 states and DC; 2nd highest of 51.
Source: U.S. Bureau of Economic Analysis · saved copyIs the economy of New York growing or shrinking?
In the second quarter of 2026, real GDP in New York grew at an annual rate of 4.0% (United States: 2.2%); the fastest-growing of 51.
Source: U.S. Bureau of Economic Analysis · saved copyWhat are the main industries in New York?
In 2025 the largest private industry in New York's economy was finance and insurance (21.1% of GDP), followed by real estate, rental and leasing (14.3%) and professional, scientific and technical services (8.6%). Government accounted for 9.6% and manufacturing for 3.4%; the manufacturing share was 5th lowest of 51 (United States: 9.5%).
Source: U.S. Bureau of Economic Analysis · saved copyHow much do people in New York spend?
Consumer spending (personal consumption expenditures) in New York came to $69,658 per person in 2025 (United States: $61,062); 7th highest of 51.
Source: U.S. Bureau of Economic Analysis · saved copyIs New York expensive to live in?
Prices in New York were 7.9% above the national average in 2024, by BEA's regional price parity of 107.9 (US = 100), which covers goods, services and housing; 5th most expensive of 51.
Source: U.S. Bureau of Economic Analysis · saved copyWhat is the inflation rate in New York?
Prices in New York rose 2.7% in 2024, measured by BEA's implicit regional price deflator, against 2.6% nationally (PCE price index).
Source: U.S. Bureau of Economic Analysis · saved copyWhat is the per capita income in New York?
Personal income per person in New York was $91,504 in 2025, against $77,028 for the United States; 4th highest of 51. It was up 5.4% on 2024 and up 30.1% on 2020, before inflation.
Source: U.S. Bureau of Economic Analysis · saved copyWhat is the disposable income per person in New York?
After taxes, disposable personal income per person was $76,380 in 2025 (United States: $67,251); 9th highest of 51.
Source: U.S. Bureau of Economic Analysis · saved copyHow far does income go in New York?
Adjusted for local price levels, real personal income per person in New York was $64,153 in 2024 in 2017 dollars (United States: $59,195); 11th highest of 51.
Source: U.S. Bureau of Economic Analysis · saved copyWhat is the median household income in New York?
Median household income in New York was $85,820 in 2024 (margin of error ±$653), against $81,604 for the United States; 16th highest of 51 by the point estimate. It was up 1.6% on 2023 after adjusting for inflation (American Community Survey).
Source: U.S. Census Bureau · saved copyHow unequal are incomes in New York?
The Gini index of household income inequality in New York was 0.519 in 2024 (0 means equal incomes, 1 means one household has everything; United States: 0.481); 2nd most unequal of 51.
Source: U.S. Census Bureau · saved copyWhat is the unemployment rate in New York?
The unemployment rate in New York was 4.3% in September 2026 (seasonally adjusted, preliminary), down from 4.6% a year earlier; tied for 16th highest of 51. The rate for the 50 states and DC combined was 4.2%.
Source: U.S. Bureau of Labor Statistics · saved copyHow many people are unemployed in New York?
In September 2026, 431,771 people in New York were unemployed and 9,596,138 employed, out of a labor force of 10,027,909.
Source: U.S. Bureau of Labor Statistics · saved copyWhat was the unemployment rate in New York in 2025?
Over 2025 the unemployment rate in New York averaged 4.3% (an 11-month average: October 2025 was not collected during the federal shutdown), against 4.2% in 2024; tied for 16th highest of 51. The lowest annual rate since 1976 was 3.9% in 2019.
Source: U.S. Bureau of Labor Statistics · saved copyWhat is the average salary in New York?
Workers covered by unemployment insurance in New York were paid $99,941 on average in 2025 ($1,922 a week), up 5.1% on 2024; the US average was $78,720. That is 3rd highest of 51.
Source: U.S. Bureau of Labor Statistics · saved copyHow many jobs are there in New York?
Employers in New York had an average of 9,791,529 jobs on their payrolls in 2025 across 708,524 establishments, up 0.9% on 2024 (United States: up 0.5%).
Source: U.S. Bureau of Labor Statistics · saved copyWhat is the median wage in New York?
The median annual wage across all occupations in New York was $59,670 in May 2025 (mean $82,460); 7th highest of 51. One in ten workers earned less than $35,760 and one in ten more than $157,500.
Source: U.S. Bureau of Labor Statistics · saved copyWhat is the most common job in New York?
The most common occupation in New York in May 2025 was home health and personal care aides, with 663,140 workers and a median annual wage of $39,620.
Source: U.S. Bureau of Labor Statistics · saved copyWhat is the median household income in New York?
Median household income in New York was $85,768 in 2024, 16th highest among the 50 states and DC (U.S.: $81,604). In 2019 it was $72,038, so it has risen 19.1% before allowing for inflation.
Source: U.S. Census Bureau · saved copyWhat is the average rent in New York?
The median gross rent in New York, including utilities, was $1,634 a month in 2024, up 4.7% on 2023 ($1,561); 13th highest among the 50 states and DC (U.S.: $1,487).
Source: U.S. Census Bureau · saved copyWhat is the median home value in New York?
Homeowners in New York valued their homes at a median of $449,800 in 2024, up 7.0% on 2023 ($420,200); 13th highest among the 50 states and DC (U.S.: $360,600).
Source: U.S. Census Bureau · saved copyHow affordable are homes in New York?
The median home value in New York was 5.2 times the median household income in 2024 ($449,800 against $85,768); 13th highest ratio among the 50 states and DC (U.S.: 4.4).
Source: U.S. Census Bureau · saved copyIs rent affordable in New York?
A household on the median income in New York would spend 22.9% of its income on the median rent of $1,634 a month in 2024 (U.S.: 21.9%).
Source: U.S. Census Bureau · saved copyHow New York compares with other states
Gross domestic product, 2025 (current dollars) (2025)
New York ranks 3 of 51, highest first.
| Rank | Region | Gross domestic product, 2025 (current dollars) |
|---|---|---|
| 1 | California | $4.30 trillion |
| 2 | Texas | $2.93 trillion |
| 3 | New York | $2.47 trillion |
| 4 | Florida | $1.81 trillion |
| 5 | Illinois | $1.24 trillion |
| 6 | Pennsylvania | $1.06 trillion |
| 7 | Ohio | $976.9 billion |
GDP per resident, 2025 (BEA GDP / Census population) (2025)
New York ranks 2 of 51, highest first.
| Rank | Region | GDP per resident, 2025 (BEA GDP / Census population) |
|---|---|---|
| 1 | District of Columbia | $278,205 |
| 2 | New York | $123,273 |
| 3 | Delaware | $115,043 |
| 4 | Massachusetts | $113,724 |
| 5 | Washington | $111,518 |
| 6 | California | $109,196 |
| 7 | Connecticut | $103,727 |
Real GDP growth, 2025 (2025)
New York ranks 15 of 51, highest first.
| Rank | Region | Real GDP growth, 2025 |
|---|---|---|
| 12 | Rhode Island | 2.8% |
| 13 | Utah | 2.7% |
| 14 | Illinois | 2.6% |
| 15 | New York | 2.5% |
| 16 | Connecticut | 2.5% |
| 17 | Ohio | 2.4% |
| 18 | Virginia | 2.3% |
Real GDP growth, 2026:Q2 (annual rate) (2026:Q2)
New York ranks 1 of 51, highest first.
| Rank | Region | Real GDP growth, 2026:Q2 (annual rate) |
|---|---|---|
| 1 | New York | 4.0% |
| 2 | South Carolina | 3.5% |
| 3 | Delaware | 3.5% |
| 4 | Minnesota | 3.4% |
| 5 | Utah | 3.4% |
| 6 | Georgia | 3.1% |
| 7 | Florida | 3.0% |
Personal income per person, 2025 (2025)
New York ranks 4 of 51, highest first.
| Rank | Region | Personal income per person, 2025 |
|---|---|---|
| 1 | District of Columbia | $119,772 |
| 2 | Connecticut | $102,307 |
| 3 | Massachusetts | $98,700 |
| 4 | New York | $91,504 |
| 5 | Wyoming | $91,109 |
| 6 | California | $90,957 |
| 7 | New Jersey | $89,720 |
Real personal income per person, 2024 (adjusted for local prices, 2017 dollars) (2024)
New York ranks 11 of 51, highest first.
| Rank | Region | Real personal income per person, 2024 (adjusted for local prices, 2017 dollars) |
|---|---|---|
| 8 | Colorado | $65,223 |
| 9 | New Hampshire | $64,632 |
| 10 | Washington | $64,421 |
| 11 | New York | $64,153 |
| 12 | New Jersey | $63,142 |
| 13 | California | $63,028 |
| 14 | Minnesota | $62,039 |
Median household income, 2024 (ACS) (2024)
New York ranks 16 of 51, highest first.
| Rank | Region | Median household income, 2024 (ACS) |
|---|---|---|
| 13 | Virginia | $92,090 |
| 14 | Delaware | $87,534 |
| 15 | Minnesota | $87,117 |
| 16 | New York | $85,820 |
| 17 | Oregon | $85,220 |
| 18 | Rhode Island | $83,504 |
| 19 | Illinois | $83,211 |
Regional price parity, 2024 (US = 100) (2024)
New York ranks 5 of 51, highest first.
| Rank | Region | Regional price parity, 2024 (US = 100) |
|---|---|---|
| 2 | Hawaii | 110.0 |
| 3 | District of Columbia | 109.9 |
| 4 | New Jersey | 108.8 |
| 5 | New York | 107.9 |
| 6 | Washington | 107.0 |
| 7 | Massachusetts | 105.8 |
| 8 | Maryland | 105.0 |
Unemployment rate, September 2026 (seasonally adjusted) (September 2026)
New York ranks 16 of 51, highest first.
| Rank | Region | Unemployment rate, September 2026 (seasonally adjusted) |
|---|---|---|
| 13 | Minnesota | 4.5% |
| 14 | Texas | 4.4% |
| 15 | Florida | 4.4% |
| 16 | New York | 4.3% |
| 17 | Massachusetts | 4.3% |
| 18 | Alaska | 4.3% |
| 19 | New Jersey | 4.2% |
Unemployment rate, 2025 annual average (2025)
New York ranks 16 of 51, highest first.
| Rank | Region | Unemployment rate, 2025 annual average |
|---|---|---|
| 13 | Massachusetts | 4.5% |
| 14 | South Carolina | 4.5% |
| 15 | Rhode Island | 4.5% |
| 16 | New York | 4.3% |
| 17 | Pennsylvania | 4.3% |
| 18 | Arizona | 4.3% |
| 19 | Louisiana | 4.3% |
Labor force participation rate, September 2026 (September 2026)
New York ranks 32 of 51, highest first.
| Rank | Region | Labor force participation rate, September 2026 |
|---|---|---|
| 29 | California | 61.4% |
| 30 | Idaho | 61.4% |
| 31 | Montana | 61.4% |
| 32 | New York | 61.3% |
| 33 | Hawaii | 61.3% |
| 34 | Ohio | 61.2% |
| 35 | Georgia | 61.1% |
Average annual pay, 2025 (QCEW) (2025)
New York ranks 3 of 51, highest first.
| Rank | Region | Average annual pay, 2025 (QCEW) |
|---|---|---|
| 1 | District of Columbia | $128,901 |
| 2 | Massachusetts | $100,085 |
| 3 | New York | $99,941 |
| 4 | Washington | $99,675 |
| 5 | California | $96,963 |
| 6 | Connecticut | $90,982 |
| 7 | New Jersey | $86,247 |
Median annual wage, all occupations, May 2025 (OEWS) (May 2025)
New York ranks 7 of 51, highest first.
| Rank | Region | Median annual wage, all occupations, May 2025 (OEWS) |
|---|---|---|
| 4 | Alaska | $61,000 |
| 5 | Colorado | $59,800 |
| 6 | Connecticut | $59,690 |
| 7 | New York | $59,670 |
| 8 | Maryland | $59,510 |
| 9 | New Jersey | $58,570 |
| 10 | California | $58,240 |
Median household income (2024)
New York ranks 16 of 51, highest first. Census Bureau SAIPE model estimates
| Rank | Region | Median household income |
|---|---|---|
| 13 | Virginia | $92,116 |
| 14 | Delaware | $87,510 |
| 15 | Minnesota | $87,120 |
| 16 | New York | $85,768 |
| 17 | Oregon | $84,897 |
| 18 | Illinois | $83,327 |
| 19 | Rhode Island | $83,250 |
Median gross rent (monthly) (2024)
New York ranks 13 of 51, highest first. Renter-occupied units paying cash rent
| Rank | Region | Median gross rent (monthly) |
|---|---|---|
| 10 | Nevada | $1,709 |
| 11 | Arizona | $1,672 |
| 12 | Virginia | $1,646 |
| 13 | New York | $1,634 |
| 14 | Oregon | $1,597 |
| 15 | Utah | $1,593 |
| 16 | New Hampshire | $1,558 |
Median value of owner-occupied homes (2024)
New York ranks 13 of 51, highest first. Owner-reported value
| Rank | Region | Median value of owner-occupied homes |
|---|---|---|
| 10 | New Hampshire | $458,800 |
| 11 | Rhode Island | $455,700 |
| 12 | Nevada | $455,500 |
| 13 | New York | $449,800 |
| 14 | Idaho | $446,400 |
| 15 | Maryland | $436,300 |
| 16 | Arizona | $426,000 |
More on New York: overview · health · education and schools · poverty and living standards · government budget · the United States
Sources
- U.S. Census Bureau: Household Income in States and Metropolitan Areas: 2024 (ACSBR-025), Appendix Table 1: median household income and Gini index by state, 2023 and 2024 American Community Survey, read 23 October 2026 · saved copy (SHA-256 5de1b0d5ec46…)
- U.S. Bureau of Economic Analysis: SASUMMARY: State annual summary statistics: personal income, GDP, consumer spending, price indexes, and employment (updated 30 September 2026), read 23 October 2026 · saved copy (SHA-256 a3757d207c05…)
- U.S. Bureau of Economic Analysis: SAGDP: Annual GDP by state, 1997-2025 (table SAGDP2, GDP in current dollars by industry), read 23 October 2026 · saved copy (SHA-256 3d3c5bc7bd24…)
- U.S. Bureau of Economic Analysis: SQGDP: Quarterly GDP by state, 2005-2026 Q2 (table SQGDP11, percent change in real GDP at annual rate), read 23 October 2026 · saved copy (SHA-256 1649260cdceb…)
- U.S. Bureau of Labor Statistics: Local Area Unemployment Statistics: employment status of the civilian noninstitutional population, states, monthly, seasonally adjusted, read 23 October 2026 · saved copy (SHA-256 7bb6f18d4145…)
- U.S. Bureau of Labor Statistics: Local Area Unemployment Statistics: employment status of the civilian noninstitutional population, states, annual averages 1976-2025, read 23 October 2026 · saved copy (SHA-256 262aba7d00df…)
- U.S. Bureau of Labor Statistics: Occupational Employment and Wage Statistics, May 2025 state estimates (state_M2025_dl.xlsx), read 23 October 2026 · saved copy (SHA-256 74d5be0e1df8…)
- U.S. Bureau of Labor Statistics: Quarterly Census of Employment and Wages, 2025 annual averages, all industries (open data CSV slice), read 23 October 2026 · saved copy (SHA-256 5a5f89142aae…)
- U.S. Census Bureau: American Community Survey 2024 1-year estimates, table-based summary file: Median gross rent (B25064), read 23 October 2026 · saved copy (SHA-256 8624f9775add…)
- U.S. Census Bureau: American Community Survey 2024 1-year estimates, table-based summary file: Median value of owner-occupied homes (B25077), read 23 October 2026 · saved copy (SHA-256 27120d5d8a5f…)
- U.S. Census Bureau: Small Area Income and Poverty Estimates (SAIPE): 2024 poverty and median household income, states and counties, read 23 October 2026 · saved copy (SHA-256 cb52c47d75c1…)
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