NY’s 2012 Economic Growth Ranked 37th in U.S.

ALBANY (AP) -

New York’s economy grew at a slower pace than the national rate in 2012, ranking 37th among all states, according to a U.S. Department of Commerce report released Thursday.

The state’s economic growth rate was 1.3 percent, compared with the national rate of 2.5 percent.

“For the second year in a row, we’re looking at a mediocre number for New York,” said E. J. McMahon of the fiscally conservative Manhattan Institute. “It’s consistent with other economic data showing that we have begun to slow down relative to the national economy. If the job data are any indication, upstate’s economy isn’t growing at all.”

California’s economy grew 3.5 percent, Texas by 4.8, and Massachusetts expanded by 2.2.