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New York's economy was built on manufacturing, transportation, and trade. As its manufacturing base has declined over the years, the service industry has become the keystone of New York's economy.
Most of New York's jobs are in the service sector, including professions in finance, trade, insurance, real estate, transportation, communications, and utilities, as well as community, social, and personal services. As a world financial center and home of the New York Stock Exchange, NASDAQ, popular tourist destinations, an international trade port, and an entertainment capital, it is no surprise the service industry, especially in New York City, dominates the economy.
Manufacturing, historically the largest industry in New York, still accounts for roughly one-fifth of the economy. Workers in New York's cities produce everything from books to clothing, from cameras to computers, and New York is the country's second largest manufacturer of goods, behind California. Many of the cities in New York have manufacturing specialties. Rochester is known for its photographic and optical equipment, and Buffalo is strong in heavy industry and milling flour. Syracuse manufactures metals, machinery, and paper, and Binghampton is the original home of the International Business Machine Corporation, or IBM. New York City produces more books, magazines, and printed materials than any other city in the nation.
Although agriculture and mining play a small role in the overall state economy, they do make a contribution. Dairy farming accounts for half of the farm income. Other important sources of income are poultry, eggs, beef, fruit vegetables, and field crops. Mining is not a major industry, but limestone, salt, natural gas, garnet, lead, and silver bring over a million dollars to the state economy each year.
New York is an attractive location for businesses with its trade and commerce infrastructure. Fifty-one Fortune 500 companies are headquartered in New York State, second only to California, and New York continues to succeed in attracting new businesses.
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