New York City, with its center in Manhattan, is the world's leading center of banking, finance,[9] and communication. Many of the world's largest corporations are headquartered in Manhattan. The borough contained over 500 million square feet (46.5 million m2) of office space in 2015,[10] making it the largest office market in the United States.[11]Midtown Manhattan, with nearly 400 million square feet (37.2 million m2) that same year,[10] is the largest central business district in the world.[12] New York City is distinctive for its high concentrations of advanced service sector firms in the law, accountancy, banking, and management consultancy fields. It is the top global center for the advertising industry, which is metonymously called "Madison Avenue". Silicon Alley, metonymous for New York's broad-spectrum high technology sphere, continues to expand.
Finance, health care and life sciences,[13]high technology and biotechnology, real estate, and insurance all form the basis of New York City's economy. The city is also the nation's most important center for mass media, journalism, and publishing. Also, it is the country's preeminent arts center. Creative industries such as digital media, advertising, fashion, design, and architecture account for a growing share of employment. New York City possesses strong competitive advantages in these industries.[14] Despite declining, manufacturing remains consequential. The Port of New York and New Jersey is a major economic engine, handling a maritimecargo volume in the ten months through October 2022 of over 8.2million TEUs, benefitting post-Panamax from the expansion of the Panama Canal, and accelerating ahead of California seaports in monthly cargo volumes.[15][16]
GDP
In 2023, GDP of New York City was around $1.286 trillion of which $939 billion or 73% was Manhattan.[5]
Many Fortune 500 corporations are headquartered in New York City,[20] as are a large number of multinational corporations. One out of ten private sector jobs in the city is with a foreign company.[21] New York City has been ranked first among cities across the globe in attracting capital, business, and tourists.[22][23] This ability to attract foreign investment helped New York City top the FDi Magazine American Cities of the Future ranking for 2013.[24] In 2017, there were 205,592 employer firms in New York City, of which 131,584 of these firms were shown to be owned by men, and 45,114 were shown to be owned by women. Of those firms, 64,514 were owned by minorities, and 125,877 were shown to be owned by non-minorities. Veterans owned 5,506 of those firms.
Other important economic sectors include medical research and technology, non-profit institutions, and universities. Manufacturing accounts for a significant but declining share of employment. Food processing is a US$5billion industry that employs more than 19,000 residents.
Chocolate is New York City's leading specialty-food export, with over US$200million worth of exports annually.[27] Entrepreneurs were forming a "Chocolate District" in Brooklyn as of 2014[update],[28] while Godiva, one of the world's largest chocolatiers, continues to be headquartered in Manhattan.[29]
New York City's most important economic sector lies in its role as the headquarters for the U.S. financial industry, metonymously known as "Wall Street". The city's securities industry, accounting for 181,300 jobs in 2018, continues to form the largest segment of the city's financial sector and an important economic engine, accounting for about 5% of the city's private sector jobs in 2018, 6% (US$3.7 billion) of city tax revenue, 17% (US$13.2 billion) of state tax revenue, and a fifth of the city's total wages. Employees in the securities industry earned an average salary (including bonuses) of $398,600 in 2018. 60% of these employees live in the city, 32% are immigrants, 51% hold only a bachelor's degree, and 39% hold an advanced degree. This high earning industry contributes significantly to the general economy of New York City, with 1 in 10 jobs being associated with the industry, and an estimated three jobs created per one job created in the securities industry.[32] Many large financial companies are headquartered in New York City, and the city is also home to a burgeoning number of financial startup companies.
The biotechnology sector is also growing in New York City, driven by the city's strength in academic scientific research and public and commercial financial support. On December 19, 2011, then Mayor Michael R. Bloomberg announced his choice of Cornell University and Technion-Israel Institute of Technology to build a US$2 billion graduate school of applied sciences called Cornell Tech on Roosevelt Island with the goal of transforming New York City into the world's premier technology capital.[48][49] By mid-2014, Accelerator, a biotech investment firm, had raised more than US$30million from investors, including Eli Lilly and Company, Pfizer, and Johnson & Johnson, for initial funding to create biotechnology startups at the Alexandria Center for Life Science, which encompasses more than 700,000 square feet (65,000m2) on East 29th Street and promotes collaboration among scientists and entrepreneurs at the center and with nearby academic, medical, and research institutions. The New York City Economic Development Corporation's Early Stage Life Sciences Funding Initiative and venture capital partners, including Celgene, General Electric Ventures, and Eli Lilly, committed a minimum of US$100million to help launch 15 to 20 ventures in life sciences and biotechnology.[50]
Health care
Research and medical services drive New York's healthcare industry. The city has the most post-graduate life sciences degrees awarded annually in the United States, 60,000 licensed physicians, and 127 Nobel laureates with roots in local institutions. New York receives the second-highest amount of annual funding from the National Institutes of Health among all U.S. cities, after Boston.
Health care industry employs approximately 565,000 people in New York City, according to the U.S. Census, making it the city's 2nd largest employer, after government. In New York, the 565,000 people work at more than 70 hospitals, and the city's 20 public hospitals serve 1.5 million inpatients yearly.
From the mid-19th century until the 1920s, New York's diamond trade was centered on Maiden Lane near Wall Street. As rents increased in the 1920s, diamond businesses relocated to 47th Street. The area's significance grew during World War II as refugee diamond merchants fled to New York. Post-WWII, Jewish merchants from Antwerp, Tel Aviv, and New York dominated the industry.[51] Hebrew and Yiddish were as common as English amongst the merchants.[51] Despite changes in demographics, the district's business practices have remained traditional. The New York Times described 47th Street as “a 17th-century industry in a 21st-century city.”[52] The district has survived Times Square's decline in the 1970s and 1980s and more recent gentrification, remaining a hub of cramped retail space and manufacturing amidst high Manhattan rents. Today, the area is characterized by a diverse mix of elderly, ultra-Orthodox Jews, South and Central Asians, and merchants from around the world conducting business openly on the sidewalk, reminiscent of an old world bazaar.[51] The Smithsonian magazine remarked the importance of family and community ties due to high levels of trust required in the diamond trade. The magazine further remarked how even in New York, trade was reputation based and businesses family oriented in order to maintain trust.[51]
Real estate
Real estate is a major force in the city's economy, as the total value of all New York City property was assessed at US$1.072 trillion for the 2017 fiscal year, an increase of 10.6% from the previous year with 89% of the increase coming from market effects.[53] The Time Warner Center is the property with the highest-listed market value in the city, at US$1.1billion in 2006.[53] New York City is home to some of the nation's—and the world's—most valuable real estate. 450 Park Avenue was sold on July 2, 2007, for US$510million, about $1,589 per square foot ($17,104/m2), breaking the barely month-old record for an American office building of $1,476 per square foot ($15,887/m2) set in the June 2007 sale of 660 Madison Avenue.[54] According to Forbes, in 2014, Manhattan was home to six of the top ten ZIP Codes in the United States by median housing price.[55]Fifth Avenue in Midtown Manhattan commands the highest retail rents in the world, at US$3,000 per square foot ($32,000/m2) in 2017.[56] In 2019, the most expensive home sale ever in the United States achieved completion in Manhattan, at a selling price of US$238 million, for a 24,000 square feet (2,200m2)penthouse apartment overlooking Central Park.[57]
Manufacturing
Manufacturing accounts for a significant share of employment. Garments, chemicals, metal products, processed foods, and furniture are some of the principal products.[58] The food-processing industry is the most stable major manufacturing sector in the city.[27] Food making is a $5 billion industry that employs more than 19,000 residents, many of them immigrants who speak little English. Chocolate is New York City's leading specialty-food export, with $234 million worth of exports each year.[27]
There are over 233,000 manufacturing jobs in more than 10,000 New York City industrial businesses , with the highest concentration of industrial employment in Manhattan. This includes manufacturing, warehousing, utilities, and transportation. Manufacturing jobs average $41,000 annually (NYS DOL, 2nd Qtr 2005), about $10,000 more than comparable jobs in retail or restaurants. The manufacturing sector has the highest percentage of first-generation immigrants making up 64% of the workforce (NYC Dept. City Planning) and African Americans comprising 78% of the production workforce (2004 American Community Survey).
These are small businesses, with an average size of 21 employees (NYS DOL, 2nd Qtr 2005). Examples of goods manufactured in the city include Broadway costumes, custom-made cabinets, croissants for hotels, and wooden crates for shipping fine art. These items are labor-intensive and require collaboration between the end-user and the manufacturer. In recent years, as real estate and globalization pressures have increased, the remaining manufacturers have become more design-oriented and single customer-focused. To boot, production methods have become cleaner and more technology-driven.
Despite the adaptability of New York manufacturers, there remain looming challenges to the sector's survival. A 2003 city-sponsored survey of the industrial sector identified three major local challenges to retaining businesses: 1) high cost of real estate; 2) high costs of doing business; and, 3) uncertainty about land use policy.
A 12,900-square-foot (1,200m2) biodiesel plant run by Tri-State Biodiesel, LLC began construction in the Bronx in 2010. The facility processes used cooking oil collected by TSB from over 2000[59] New York restaurants with methanol and a catalyst to create biodiesel fuel. More than 1million US gallons (3,800m3) of waste oil could be collected in Brooklyn every year according to a 2004 Cornell study. The fuel produces 78 percent less carbon-dioxide emissions than standard diesel.
Garments
The city's apparel and garment industry was historically centered on the Garment District in Manhattan.[60] The garment industry has been significant in labor history, with Jewish, Italian, and Hispanic, and (more recently) Chinese immigrants successively laboring in the industry.[61] Key events have been the formation of the International Ladies' Garment Workers' Union in 1900 and the formation of Amalgamated Clothing Workers Union in 1914; the New York shirtwaist strike of 1909; and the Triangle Shirtwaist Factory fire in 1911, in which 146 perished.[61] The industry peaked around 1950, when more than 323,000 workers were employed in the industry in New York.[60] In 2015, fewer than 23,000 New York City residents were employed in the manufacture of garments, accessories, and finished textiles, although efforts to revive the industry were underway.[60] As of 2009, there were slightly fewer than 1,600 garment manufacturing businesses in the city, of which about a quarter were located in or around the Garment District, which has about 830,000 square feet (77,000m2) of manufacturing space.[60] Growth of the city's manufacturing industry has occurred in Brooklyn Army Terminal at Sunset Park, Brooklyn.[60]
Trade
The City of New York is unique among American cities for its large number of foreign corporations. One out of every ten private sector jobs in the city is with a foreign company. Often this makes the perspective of New York's business community internationalist and at odds with Washington's foreign policy, trade policy, and visa policy.[62]
Since 2000, China has been New York's leading growth market for exports. The New York Metropolitan Region is home to more than half of the 32 largest Chinese companies with offices in the United States. These companies represent a broad array of industries including shipping, steel, energy and manufacturing firms, and services. Many have chosen to open headquarters in New York in anticipation of eventual listing on the respective New York stock exchanges and entering U.S. capital markets.[63] New York City currently hosts seven Chinese daily newspapers, two Chinese language television stations, and the largest Chinese neighborhood in the United States. New York area airports provide 12 daily flights to Hong Kong and five to Beijing, the most flights out of the eastern half of the United States.[63]
International shipping has always been a major part of the city's economy because of New York's natural harbor, but with the advent of containerization most cargo shipping has moved from the Brooklyn waterfront across the harbor to the Port Newark-Elizabeth Marine Terminal in New Jersey. Some cargo shipping remains; for example, Brooklyn still handles the majority of cocoa bean imports to the United States.[64]
New York is an important center for American mass media, journalism, and publishing. The city is the top media market in the United States, with 7% of the country's television-viewing households. Three of the Big Four music recording companies have their headquarters in the city. More than 200 newspapers and 350 consumer magazines have an office in the city. The book publishing industry alone employs 25,000 people. For these and other reasons, New York is often called "the media capital of the world".
New York is a prominent location for the American entertainment industry, with many films, television series, books, and other media being set there.[65] New York City is the second largest center for filmmaking and television production in the United States, producing about 200 feature films annually, employing 130,000 individuals; the filmed entertainment industry has been growing in New York, contributing nearly US$9 billion to the New York City economy alone as of 2015,[66] and by volume, New York is the world leader in independent film production[67] – one-third of all American independent films are produced in New York City.[68] The Association of Independent Commercial Producers is also based in New York.[69] In the first five months of 2014 alone, location filming for television pilots in New York City exceeded the record production levels for all of 2013,[70] with New York surpassing Los Angeles as the top North American city for the same distinction during the 2013/2014 cycle.[71]
Fortune 500 companies headquartered in New York state that earned revenues of more than $15 billion in 2015. All but two are based in New York City; IBM and PepsiCo are based in Westchester County, New York, just north of New York City.
Notes: (a), (b): Armonk and Purchase are in Westchester County, New York, outside and to the north of New York City Ranked by revenues in the fiscal year that ended before February 1, 2016. The world rank is based on the Fortune Global 500's revenues for the fiscal year that ended before April 1, 2015.
The economy of Cambodia currently follows an open market system and has seen rapid economic progress in the last decade. Cambodia had a gross domestic product (GDP) of $28.54 billion in 2022. Per capita income, although rapidly increasing, is low compared with most neighboring countries. Cambodia's two largest industries are textiles and tourism, while agricultural activities remain the main source of income for many Cambodians living in rural areas. The service sector is heavily concentrated on trading activities and catering-related services. Recently, Cambodia has reported that oil and natural gas reserves have been found off-shore.
The economy of Kazakhstan is the largest in Central Asia in both absolute and per capita terms. As of 2023, Kazakhstan attracted more than US$370 billion of foreign investments since becoming an independent republic after the dissolution of the former Soviet Union.
The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. In 2024, the Philippine economy is estimated to be at ₱26.55 trillion, making it the world's 32nd largest by nominal GDP and 13th largest in Asia according to the International Monetary Fund.
The economy of Taiwan is a highly developed free-market economy. It is the 8th largest in Asia and 20th-largest in the world by purchasing power parity, allowing Taiwan to be included in the advanced economies group by the International Monetary Fund. Taiwan is notable for its rapid economic development from an agriculture-based society to an industrialised, high-income country. This economic growth has been described as the Taiwan Miracle. It is gauged in the high-income economies group by the World Bank. Taiwan is one of the most technologically advanced computer microchip and high-tech electronics industries makers in the world.
The economy of the United Kingdom is a highly developed social market economy. It is the sixth-largest national economy in the world measured by nominal gross domestic product (GDP), tenth-largest by purchasing power parity (PPP), and twentieth by nominal GDP per capita, constituting 3.1% of nominal world GDP. The United Kingdom constituted 2.17% of world GDP by purchasing power parity (PPP) in 2024 estimates.
The economy of Vietnam is a developing mixed socialist-oriented market economy. It is the 33rd-largest economy in the world by nominal gross domestic product (GDP) and the 26th-largest economy in the world by purchasing power parity (PPP). It is a lower-middle income country with a low cost of living. Vietnam is a member of the Asia-Pacific Economic Cooperation, the Association of Southeast Asian Nations and the World Trade Organization.
The economy of Bangladesh is a major developing mixed economy. As the second-largest economy in South Asia, Bangladesh's economy is the 35th largest in the world in nominal terms, and 25th largest by purchasing power parity. Bangladesh is seen by various financial institutions as one of the Next Eleven. It has been transitioning from being a frontier market into an emerging market. Bangladesh is a member of the South Asian Free Trade Area and the World Trade Organization. In fiscal year 2021–2022, Bangladesh registered a GDP growth rate of 7.2% after the global pandemic. Bangladesh is one of the fastest growing economies in the world.
The economy of England is the largest economy of the four countries of the United Kingdom. England's economy is one of the largest and most dynamic in the world, with an average GDP per capita of £37,852 in 2022.
The Garment District, also known as the Garment Center, the Fashion District, or the Fashion Center, is a neighborhood located in the borough of Manhattan in New York City. Historically known for its role in the production and manufacturing of clothing, the neighborhood derives its name from its dense concentration of fashion-related uses. The neighborhood, less than 1 square mile, is generally considered to lie between Fifth Avenue and Ninth Avenue, from 34th to 42nd Streets.
The economy of Toronto is the largest contributor to the Canadian economy, at 20% of the national GDP, and an important economic hub of the world. Toronto is a commercial, distribution, financial and industrial centre. It is Canada's banking and stock exchange centre and is the country's primary wholesale and distribution point. Ontario's wealth of raw materials and hydroelectric power have made Toronto a primary centre of industry. The metropolitan area of Greater Toronto produces more than half of Canada's manufactured goods. The economy of Toronto has had a GDP growth rate of 2.4 percent annually since 2009, outpacing the national average. Toronto's population was 3.025 million people as of 2022, while the population of the Toronto census metropolitan area was 6.47 million during the same year.
Bengaluru, the capital city of the South Indian state of Karnataka, India. The economy of Bengaluru contributes over 43.65% to the economy of the State of Karnataka, accounting for 98% of the Software Exports of the State.
The economy ofHouston is based primarily on the energy industry, particularly oil. However, health care, biomedical research, and aerospace also constitute large sectors. In 2021, the gross domestic product (GDP) of the Houston–The Woodlands–Sugar Land metropolitan statistical area (MSA) was 537 U.S. dollars billion, the fourth-largest of any metro area in the United States. The Houston metropolitan area comprises the largest concentration of petrochemical manufacturing in the world, including for synthetic rubber, insecticides, and fertilizers. It is the world's leading center for oilfield equipment construction, with the city of Houston home to more than 3,000 energy-related businesses, including many of the top oil and gas exploration and production firms and petroleum pipeline operators. As of 2011, 23 companies on the Fortune 500 list have their headquarters in, or around, Houston.
The economy of London is dominated by service industries, particularly financial services and associated professional services, which have strong links with the economy in other parts of the United Kingdom (UK) and internationally. In addition to being the capital city of the United Kingdom, London is one of the world's leading financial centres for international business and commerce and is one of the "command centres" for the global economy.
The economy of the State of New York is reflected in its gross state product in 2024 of $2.284 trillion, ranking third in size behind the larger states of California and Texas. If New York State were an independent nation, it would rank as the 10th largest economy in the world by nominal GDP. However, in 2019, the multi-state, New York City-centered metropolitan statistical area produced a gross metropolitan product (GMP) of $US2.0 trillion, ranking first nationally by a wide margin and would also rank as the 10th largest GDP in the world.
The economy of Ohio nominally would be the 20th largest global economy according to The World Bank as of 2022. The state had a GDP of $822.67 billion in 2022, which is 3.23% of the United States total, ranking 7th in the nation behind Pennsylvania and ahead of Georgia. In 2013, Ohio was ranked in the top ten states for best business climate by Site Selection magazine, based on a business-activity database. The state was edged out only by Texas and Nebraska for the 2013 Governor's Cup award from the magazine, based on business growth and economic development.
The economy of the People's Republic of China is a developing mixed socialist market economy, incorporating industrial policies and strategic five-year plans. China is the world's second largest economy by nominal GDP and since 2017 has been the world's largest economy when measured by purchasing power parity (PPP). China accounted for 19% of the global economy in 2022 in PPP terms, and around 18% in nominal terms in 2022. The economy consists of state-owned enterprises (SOEs) and mixed-ownership enterprises, as well as a large domestic private sector which contribute approximately 60% of the GDP, 80% of urban employment and 90% of new jobs, the system also consist of a high degree of openness to foreign businesses. According to the annual data of major economic indicators released by the National Bureau of Statistics since 1952, China's GDP grew by an average of 6.17% per year in the 26 years from 1953 to 1978. China implemented economic reform in 1978, and from 1979 to 2023, the country's GDP growth rate grew by an average of 8.93% per year in the 45 years since its implementing economic reform. According to preliminary data released by the authorities, China's GDP in 2023 was CN¥126.06 trillion with a real GDP increase of at least 5.2% from 2022.
According to a report by The Economist, Iran has been ranked 39th for producing $23 billion of industrial products in 2008. From 2008 to 2009 Iran has leaped to 28th place from 69th place in annual industrial production growth rate.
Philadelphia is the center of economic activity in both Pennsylvania and the four-state Delaware Valley metropolitan region of the United States. Philadelphia's close geographical and transportation connections to other large metropolitan economies along the Eastern Seaboard of the United States have been cited as offering a significant competitive advantage for business creation and entrepreneurship. Five Fortune 500 companies are headquartered in the city. As of 2021, the Philadelphia metropolitan area was estimated to produce a gross metropolitan product (GMP) of US$479 billion, an increase from the $445 billion calculated by the Bureau of Economic Analysis for 2017, representing the ninth largest U.S. metropolitan economy. Philadelphia was rated by the GaWC as a 'Beta' city in its 2016 ranking of world cities.
Clothing industry or garment industry summarizes the types of trade and industry along the production and value chain of clothing and garments, starting with the textile industry, embellishment using embroidery, via the fashion industry to apparel retailers up to trade with second-hand clothes and textile recycling. The producing sectors build upon a wealth of clothing technology some of which, like the loom, the cotton gin, and the sewing machine heralded industrialization not only of the previous textile manufacturing practices. Clothing industries are also known as allied industries, fashion industries, garment industries, or soft goods industries.
The economy of Indianapolis is centered on the City of Indianapolis and Marion County within the context of the larger Indianapolis metropolitan area. The Indianapolis–Carmel–Anderson, IN MSA, had a gross domestic product (GDP) of $134 billion in 2015. The top five industries were: finance, insurance, real estate, rental, and leasing ($30.7B), manufacturing ($30.1B), professional and business services ($14.3B), educational services, health care, and social assistance ($10.8B), and wholesale trade ($8.1B). Government, if it had been a private industry, would have ranked fifth, generating $10.2 billion.
↑ Laura Bratton (September 28, 2023). "Sorry, London — New York Is Still the Financial Capital of the World". The Messenger. Archived from the original on October 11, 2023. Retrieved September 28, 2024. The GDP of the New York City metropolitan area is larger than the country of South Korea...New York City was ranked as the most competitive city in the financial industry for the fifth straight year.
↑ Currid, Elizabeth (2006). "New York as a Global Creative Hub: A Competitive Analysis of Four Theories on World Cities". Economic Development Quarterly. 20 (4): 330–350. doi:10.1177/0891242406292708. S2CID154428747.
↑ DiNapoli, Thomas P. (New York State Comptroller); Bleiwas, Kenneth B. (New York State Deputy Comptroller) (October 2019). "The Securities Industry in New York City"(PDF). Retrieved September 8, 2020.
↑ Quirk, James. "Bergen offices have plenty of space". Archived from the original on December 22, 2007., The Record (Bergen County), July 5, 2007. Accessed July 5, 2007. "On Monday, a 26-year-old, 33-story office building at 450 Park Ave. sold for a stunning $1,589 per square foot, or about ,10million. The price is believed to be the most ever paid for a U.S. office building on a per-square-foot basis. That broke the previous record—set four weeks earlier—when 660 Madison Ave. sold for $1,476 a square foot."
1 2 "New York and China: Building a Global Partnership." The Partnership for New York City, April 2006. "Archived copy"(PDF). Archived from the original(PDF) on 2006-09-07. Retrieved 2006-08-15.{{cite web}}: CS1 maint: archived copy as title (link)
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