Ready access to capital is a draw in the Empire State, but the high cost of business is a negative.
Economic Profile
Governor: Andrew Cuomo, Democrat
Population: 19,336,776
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GDP growth (Q1 2021): 6.6%
Unemployment rate (May 2021): 7.8%
Top corporate tax rate: 6.5%
Money Report
Top individual income tax rate: 8.82%
Gasoline tax: 42.70 cents/gallon
Bond rating (Moody's/S&P): Aa2, stable/AA+, stable
Major private employers: Consolidated Edison, JPMorgan Chase
Economic profile sources: U.S. Census Bureau, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, Federation of Tax Administrators, American Petroleum Institute (excluding 18.40 cent/gallon federal tax), Moody's Investor Service, S&P Global Market Intelligence
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