Despite Being The Financial Capitol of the World – New York Only Ranks as 12th Best State Economy
Business Insider recently ranked each of the 50 state economies from worst (sorry Mississippi) to best (North Dakota - surprised?). New York's economy ranked as the 12th best in the nation. Here's what Business Insider say about biz in the Empire State,
Fifty-four Fortune 500 companies have their headquarters in New York State, the most of any state. Of those, 48 call New York City home. With New York City as one of the great financial centers of the world, New Yorkers are three times as likely to be employed in the financial industry as Americans overall.
New York had the third-highest wages among the states, with a Q2 2014 average weekly wage of $1,146. The state's GDP per capita of $62,420 was the seventh highest in the country. However, New York housing prices rose only 1.55% between Q3 2013 and Q3 2014, the seventh-lowest rate in our ranking.
So why did North Dakota rank so highly? Fracking (I can hear the wincing from the Southern Tier). There's an energy boom happening in the northern plains. Energy production is also fueling the nation's second best economy, Texas.