New York

Partners in financial services and manufacturing

In 2020, New York exported $2.9 billion worth of financial services to Canada, reflecting the close ties between New York City and Canadian banking hubs in Toronto and Montreal. Many of Canada’s leading financial institutions have significant operations in the Empire State, including Royal Bank of Canada, TD Bank, Scotiabank, Bank of Montreal, CIBC and Manulife (John Hancock Financial).

On the goods side of the trading relationship, Canada is the state’s top foreign market in 72 export categories. The breadth of the relationship owes a lot to integrated manufacturing supply chains. For example, Canada buys 84 percent of the state’s nearly half-billion-dollars worth of aluminum exports.

Canada is also a vital market for New York paper products, buying hundreds of millions of dollars a year of cardboard products, tissue paper and toilet paper. Canada, meanwhile, is a key source of energy for New York, providing electricity and natural gas. It is also a key source of aluminum alloys, processors and controllers, plastic sheets and zinc.

In 2018, Canadian-owned companies employed nearly 60,000 workers in the state.

What supporters are saying

“An open trade policy with our neighbors to the North and South is critical for employers to provide and maintain jobs for New Yorkers.”

The Business Council of New York, July 23, 2019

“Canada is not only our trade partner, but more importantly, Canadians are our neighbors and
our friends.”

Governor Kathy Hochul (D-NY), October 12, 2021

Spotlight on Canadian business

Home at 3 Times Square gets a makeover

Thomson Reuters’ New York City headquarters tower is undergoing a $25 million renovation. The work by the global media conglomerate and its partners includes a glass-walled, triple-height lobby, a new elevator system, plus conference and fitness centers. Thomson Reuters employs about 4,000 people at offices in NYC and Rochester, NY.

New York Life retirement plan acquisition expands insurer’s US presence

John Hancock Financial, Manulife’s U.S. division, vastly expanded its U.S. retirement plan assets with the 2014 acquisition of New York Life’s pension business. John Hancock now serves more than 2.5 million participants in 55,000 pension plans. The company has more than 6,700 employees in the U.S.

Expanding natural gas and water utilities

Algonquin, based in Oakville, ON, has acquired key assets in New York state in recent years through its subsidiary, Liberty Utilities Co. The acquisitions include Enbridge St. Lawrence Gas, which serves 16,000 customers via a 688-mile natural gas distribution network in Upstate New York. Algonquin also bought American Water’s New York operations, which provide water and wastewater services to 125,000 customers across Long Island and southeastern areas of the state. Algonquin provides regulated electricity, water and natural gas services to more than a million customers across North America. It also has a large portfolio of wind, solar, hydro and thermal power generation facilities.

New mixed-use community opens in Manhattan

Toronto-based Brookfield, one of the world’s largest alternative asset management companies, officially opened Manhattan West in 2021. The $5 billion mixed use development spans eight acres and six buildings. The project, located in the Hudson Yards district, is home to six-million sq. ft. of office space, luxury apartments, a 2.5-acre public plaza, a 164-room hotel plus a vast restaurant, retail and entertainment area. Among the office tenants are Amazon, JP Morgan Chase, Ernst & Young, R/GA and the NHL.

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