Economy

What is the gross domestic product (GDP) in ?

Updates published quarterly
About $1.8 trillion in 2024. Gross domestic product (GDP) measures the value of goods and services a country or state produces — it’s the sum of consumer spending, business investment, government spending, and net exports. It is often used to quantify the size of its economy. The $1.8 trillion is the “real GDP,” which is adjusted to account for inflation to make it easier to compare the size of an economy over time.

$1.8T

Real GDP (2024)

+2.4%

Change in real GDP (2023 to 2024)
Changes in spending and investment cause the GDP to fluctuate.
As of 2024, the real GDP was $1.8 trillion. This was 2.4% higher than in 2023. 2024’s GDP was the highest to-date.

Real GDP increased from 2023 to reach $1.8 trillion in 2024.

Real GDP in New York, adjusted for inflation (chained 2017 dollars)

The GDP can also be broken down and compared across industries — useful, as different industries experience different economic pressures.

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The finance and insurance industry contributed the most to New York’s GDP in 2024, generating a value of $326.4 billion. It was followed by professional and business services ($268.7B) and real estate, rental, and leasing ($255.9B).
The information industry grew the most, with a 2024 GDP that was 2.0 times the 2014 GDP.

In 2024, the finance and insurance industry contributed the most to GDP in New York.

Real gross domestic product by industry in New York, chained 2017 dollars

Another way to understand a population’s standard of living is by taking the GDP and dividing it by the total number of people in the population. This figure offers insight into the average economic output per individual. When the GDP per person goes up, it suggests that individuals are becoming wealthier and/or resources are being used more efficiently. This helps economists understand whether economic growth is outpacing population growth.
In 2024, GDP per person in New York was $92,341, up 1.8% from 2023.

In 2024, real GDP was equivalent to $92,341 per person.

Real gross domestic product per person in New York, chained 2017 dollars

GDP and the economic experience vary by location due to factors like cost of living, population density, workforce education, and the area’s main industries.
In 2024, New York’s real (that is, inflation-adjusted) GDP per person was 1st out of all 50 states. States with a similar standard of living include Massachusetts (2nd).

In 2024, New York ranked 1st in state GDP per person.

Real gross domestic product per person by state (2024)

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Methodology

USAFacts standardizes data, in areas such as time and demographics, to make it easier to understand and compare.

The analysis was generated with the help of AI and reviewed by USAFacts for accuracy.

Page sources

USAFacts endeavors to share the most up-to-date information available. We sourced the data on this page directly from government agencies; however, the intervals at which agencies publish updated data vary.

  • U.S. Bureau of Economic Analysis

    Interactive Access to Industry Economic Accounts Data and 2 others

    U.S. Bureau of Economic Analysis logo

  • United States Census Bureau

    Population Estimates Program

    United States Census Bureau logo