New York State’s economy, like that of the nation, has taken a roller coaster ride since the start of the 21st century. The national recession of 2001 and its aftermath hit the Empire State with job losses proportionally larger than those in most states. Following more than five years of steady recovery from the 2001 downturn, New York was again hit hard by the Great Recession – losing more than 300,000 jobs in 2008 and 2009.
More than a decade ago, New York became the fourth state in the nation to extend in-state college tuition rates to undocumented immigrant students. Today, approximately 8,300 such students attend public institutions of higher education throughout New York.
In 1966, New York State voters approved an amendment to the New York State Constitution to authorize creation of the modern State Lottery. The Lottery now is an important contributor to State revenues, generating more than $3 billion last fiscal year.
The New York State Common Retirement Fund has a powerful, far-reaching impact on the economy of New York State.
Farms are an essential and diverse part of New York State’s economy, contributing significantly to employment, incomes and tax revenues across the Empire State.
Six years after the end of the Great Recession, economic growth continues across the United States and in New York. The State has enjoyed four consecutive calendar years of comparatively steady job gains after suffering a recessionary decline in 2009 and only slight growth in 2010.
New York offers a wide variety of sporting opportunities for the almost two million men and women who hunt, fish and trap in the State. More than 90 percent of New Yorkers who engage in these activities participate in fishing or in both hunting and fishing, while 9 percent participate in hunting exclusively.
Small businesses play a big role in the New York State economy.
An economic recession, as the old saying goes, is when your neighbor becomes unemployed—and a depression is when it happens to you. A similar logic applies to economic recoveries: whatever the experts may say about the national outlook, most of us are especially concerned about good jobs and good wages in our own communities.
President John F. Kennedy described the United States of America as “a nation of immigrants.” The contributions of these individuals have been vitally important to the economy, society and culture of New York State, and of our entire nation.
