Fall Of The Empire State: New York’s Economy is Sputtering

The New York Post reports:

New York had one of the slowest-growing economies in the nation in 2016, according to a federal study released Thursday.

The Empire State ranked 38th out of 50 states, with inflation-adjusted gross domestic product growth of just 0.8 percent, about half the nationwide average of 1.5 percent, according to the US Commerce Department’s Bureau of Economic Analysis.

New York was even a cellar dweller compared to 10 other surrounding Northeastern states. Only Delaware ranked lower — 41st — with 0.3 percent growth.

The trend line was troubling for the Empire State.

In the fourth quarter of 2016, it ranked 46th with just 0.4 percent growth, about one-fifth of the national 1.9 percent GDP rate.

“The numbers speak for themselves. The report doesn’t paint a dynamic picture of the New York state economy compared to other states,” said E.J. McMahon of the Empire Center for Public Policy.

Read more at the New York Post

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