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.