New York State's economic growth slows in 2013 to lowest in 4 years
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New York State's economy grew more slowly in 2013, expanding at the smallest rate in four years, according to federal statistics released Wednesday.
The Bureau of Economic Analysis reported the state's gross domestic product increased 0.7 percent last year. It had climbed 1.7 percent in 2012, 1.2 percent in 2011 and 2.7 percent in 2010.
The recovery from the Great Recession in New York, as in many states, has been prolonged and uneven. GDP -- the sum of all goods and services produced in the state -- totaled $1.23 trillion in 2013.
New York performed below the nation's 1.8 percent growth rate in 2013, which also was markedly slower than the previous year. In 2012 the U.S. economy expanded at a rate of 2.5 percent.
New York ranked 46th among the 50 states and District of Columbia in terms of GDP growth last year. New York also lagged every state in the Northeast, where Vermont had the strongest economy with a 1.9 percent gain.
Still, New York's economy grew, while that of Alaska and Washington, D.C., contracted.
Asked about the GDP figures on Wednesday, Gov. Andrew M. Cuomo said he wasn't completely satisfied with the pace of economic growth but noted 440,000 private-sector jobs have been created in New York since the recession ended in June 2009, the second-largest number in the country. He also said the jobless rate in depressed upstate dropped the most in history in 2013, year over year.
"So all the arrows are pointing up in the state of New York," Cuomo said after an event at SUNY Old Westbury. "We're still working our way through the recession. . . . Is the economy doing what we would like it to be doing? No, and that's true all across the country. But have we made dramatic progress -- the answer is yes," he said.
The bureau identified information businesses as growing the most among the economic sectors in New York, while nondurable goods manufacturers were strongest in the nation as a whole. The government sector shrank the most in both the state and nation, the bureau found.
The GDP figures are preliminary and will be revised.
Wednesday's report was in contrast to earlier figures from Cuomo administration economists that showed the state's economy grew 1.6 percent in 2013. They also predicted a 1.7 percent increase for this year.