Which of the following best describes the impact of the Erie Canal on the economic development of New York in the 19th century?
A) It had minimal impact on New York's economy, as it was primarily used for recreational purposes.
B) The Erie Canal significantly boosted New York's economy by facilitating the transportation of goods and people, leading to the state's emergence as a commercial hub.
C) The construction of the Erie Canal led to severe financial losses for New York due to maintenance costs and low usage.
D) The Erie Canal caused a decline in New York's economy by diverting trade routes away from the state.