Manufacturing Still Matters in New York–A Lot

This week, the Manufacturing Research Institute  released a report indicating the manufacturing plays a major role in New York State’s export business:

The August 2011 study shows that while manufacturing accounts for 6% of the State’s GDP, manufacturing represents a staggering 80% of New York’s exports. The study also shows that New York ranks 3rd among all states in total manufacturing exports, only behind Texas and California.

The study shows that over the last ten years, New York has rapidly grown its exports to emerging markets such as Israel, Hong Kong, China and India, and that despite the recent recession, New York’s exports grew by 44% over the last decade. The growth sectors were quite expansive and include all parts of New York. The largest portion of growth is attributed to jewelry and diamond exports to emerging markets. Other export growth industries included machinery, chemicals, automobile engines, medical equipment, fuel oil and petroleum coke.

You can read the full report here.  The Council of Industry of Southeastern NY also has a useful “white paper” on manufacturing in New York here.

Tags: , , , , ,