NYS economic growth slowed in 2011

New York State's economy slowed considerably last year after torrid growth in 2010, according to federal statistics.

The U.S. Bureau of Economic Analysis reported Tuesday that the state's gross domestic product increased 1.1 percent in 2011. It had climbed 4.3 percent in 2010 as the recovery kicked into high gear.

GDP is the sum of all goods and services produced in the state, which totaled slightly more than $1 trillion last year. New York's performance was below the nation's 1.5 percent growth in 2011, though it ranked 27 among the 50 states and the District of Columbia.

Within the Northeast, New York trailed Connecticut (2 percent) and Massachusetts (2.2), and was about even with Pennsylvania (1.2). New Jersey's economy shrank 0.5 percent last year.

"The latest figures indicate that economic growth in New York was even slower than previously estimated," said state Comptroller Thomas DiNapoli, a Democrat from Great Neck Plaza. "Slower economic growth at the national and state levels, combined with the situation in Europe, raises concerns for 2012."

He said he was worried about state tax collections and preventing the 2012-13 state budget from falling into deficit.

Bureau officials said professional, scientific and technical services were "a leading contributor" to economic growth in New York State. Information services, including publishing and telecommunications, and finance and insurance, were also key drivers.

The list of industries that contracted in the state last year was led by real estate, government and utilities.

GDP for the metropolitan region for 2011 will be released later this year. In 2010, the economy in the 23-county area that includes Long Island, New York City and portions of New Jersey and Pennsylvania grew 4.7 percent to $1.3 trillion.

Bureau officials said Tuesday the 2011 state GDP was preliminary and would be revised in coming months. They also issued revisions of GDP for 2008 through 2010, which show New York State was hit hard by the 2007-09 recession.

The economy contracted 2.2 percent in 2008 and 2.4 percent in the following year. The country suffered less than New York in 2008 and more in 2009.