Plus, there are prosperous seaports and bustling small businesses in countless communities. But as Whitney Houston sang, “I decided long ago, never to walk in anyone’s shadow” and these leaders show New Yorkers never will.Įconomic development is underway across the state – from the green economy in New York City, the life sciences in the Hudson Valley and the semiconductor industry in Central New York to a new tech corridor that’s shattering the Rust Belt. Yet government and business leaders in the state are reimaging and rebuilding the economy. Yet New York’s economy still faces many challenges, from rising inflation and higher interest rates to the ongoing adjustment to the post-pandemic switch to a hybrid workforce. Times Square, an iconic business district, is bouncing back. Subway ridership in New York City is on the rebound, and airport activity has exceeded pre-pandemic levels.

The unemployment rate in the state is a healthy 4.2%. By some measures, New York’s economy is on the upswing.

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