Best States for Business 2019

New York

gross state product

$1,737B

population

19.5M

median household income

$67,144

cost of doing business

2% below nat'l avg

college attainment

36%

net migration

-106,200 (year: 2018)

unemployment

3.9%

moody`s bond rating

Aa1

governor

Andrew Cuomo

As of December 2019

New York City dominates the economy of the state as the leading center of advertising, banking, finance, media and publishing in the U.S. If New York were a country, the state’s $1.7 trillion-dollar economy would be the 11th largest in the world just above Canada. The business climate of the state, however, is one of extremes. New York’s taxes, union workforce and red tape are among the highest in the country. On the plus side: the Empire state is an economic force comprised of an educated labor pool, huge VC investment,

significant cultural and recreation resources and the headquarters of 10% of the 1,000 largest companies in the U.S.

On forbes lists

#28

Best States for Business 2019

#29

In Business Costs

#34

In Labor Supply

#34

In Regulatory Environment

#18

In Economic Climate

#21

In Growth Prospects

#14

In Quality of Life

EmploymentHousingEducationQuality of Life

Job Growth

1% (year: 2018)

Projected Annual Job Growth

0.4%

Unemployment

3.9%

Median Household Income

$67,144

Household Income Growth

3.2%

Right to Work State

Union Workforce

22.3%

Sources: Moody's Analytics; U.S. Census; ATTOM Data Solutions; FBI; BLS; Forbes.
a. Index measures whether a family earning the median income can afford the median-priced home. A value of 120 indicates a typical household has 20% more income than needed for the typical home.

2019