:31–32 New York also leads in hedge fund management; private equity; and the monetary volume of mergers and acquisitions. 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 City’s economy is booming, with 702,200 jobs added between 2009 and 2017 — the longest economic expansion in more than 70 years, according to state comptroller Thomas DiNapoli. Real (inflation adjusted) GDP per Capita over time.  By mid-2014, Accelerator, a biotech investment firm, had raised more than US$30 million 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 (65,000 m2) on East 29th Street and promotes collaboration among scientists and entrepreneurs at the center and with nearby academic, medical, and research institutions. Fortune 500 companies headquartered in New York state that earned revenues of more than $15 billion in 2015. New York is by far the most important center for American mass media, journalism, and publishing. The city is also the nation's most important center for mass media, journalism, and publishing. Es liegt auf 40,42° nördlicher Breite und 74,00° westlicher Länge an der Ostküste der Vereinigten Staaten in der New York Bay und in unmittelbarer Nachbarschaft zu Jersey City. New York GDP was $1,772,261,000,000 in 2019. In 2012, the New York metropolitan area generated a gross metropolitan product (GMP) of over US$1.33 trillion with a population of 20.3 million people. 2018 Annual Report Assessment . New York's economy is so large, it would rank as the 15th or 16th largest economy in the world if it were its own country; the exact ranking depends on the source. 2017 Rank Metropolitan area 2018 2017 2016 2015 2014 2013 2012 1: New York-Newark-Jersey City, NY-NJ-PA (Metropolitan Statistical Area) 1,772,319 Real dollar values expressed in chained dollars. Despite the adaptability of New York manufacturers, there remain looming challenges to the sector’s survival. Many of the world's largest corporations are headquartered in Manhattan. New York City is a global hub of business and commerce, as a center for banking and finance, retailing, world trade, transportation, tourism, real estate, new media, traditional media, advertising, legal services, accountancy, insurance, theater, fashion, and the arts in the United States; while Silicon Alley, metonymous for New York's broad-spectrum high technology sphere, continues to expand. All occupations $32.11 $25.72 Lawyers 84.00 69.86 Dentists, general 82.04 85.70 Securities, commodities, and financial services sales agents 72.06 44.75 Registered nurses 44.85 37.24 Passenger vehicle drivers, except bus drivers, transit and intercity 20.21 15.97 Fast food and … Experts predicted that its GDP will continue to rise, which proved to be true as the latest data on GDP per capita per country suggests that Qatar is the richest country in the world in 2018. New York’s Population Has Grown, But More Slowly Than the Nation’s. New York City had the highest growth rate of any region (2.9 percent) while the Mohawk Valley had the lowest (0.2 percent). Lower Manhattan is home to the New York Stock Exchange, on Wall Street, and the NASDAQ, at 165 Broadway, representing the world's largest and second largest stock exchanges, respectively, when measured both by overall average daily trading volume and by total market capitalization of their listed companies. 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. The city is the top media market in the United States, with 7% of the country’s television-viewing households. Data in this graph are copyrighted. The banking sector, a key driver of the City’s economy, continued to perform strongly as a result of higher interest rates, lower corporate tax rates, and deregulation. High technology startup companies and employment are growing in New York City and the region, bolstered by the city's position in North America as the leading Internet hub and telecommunications center, including its vicinity to several transatlantic fiber optic trunk lines, New York's intellectual capital, and its extensive outdoor wireless connectivity. The City’s economic growth was driven by an expanding labor market and modest wage growth. , 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. 2015 New York City Progress Report.  Despite declining, manufacturing remains consequential. New York City hat sich von der Insel Manhattan aus ausgedehnt, die heute sein Zentrum ist und als spitze Felszunge zwischen Hudson und East River vorstößt.  Entrepreneurs were forming a "Chocolate District" in Brooklyn as of 2014[update], while Godiva, one of the world's largest chocolatiers, continues to be headquartered in Manhattan..  The city's fashion industry provides approximately 180,000 employees with $11 billion in annual wages.. Food processing is a US$5 billion industry that employs more than 19,000 residents.  This ability to attract foreign investment helped New York City top the FDi Magazine American Cities of the Future ranking for 2013. economy. It figured in the Anglo-Dutch War, where the Dutch won the city but eventually turned it over to the English as decreed via a treaty in 1647. The U.S.", "What Is the World's Most Economically Powerful City? , The biotechnology sector is also growing in New York City, based upon the city's strength in academic scientific research and public and commercial financial support. I bet there is no person that would be reluctant to live in one of the top 20 richest cities in the world in 2018 by GDP per capita.  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 (2,200 m2) penthouse apartment overlooking Central Park. Garments, chemicals, metal products, processed foods, and furniture are some of the principal products. New York GDP represents 8.27% of US GDP which made it the 3rd largest economy in the nation in 2019.  Verizon Communications, headquartered at 140 West Street in Lower Manhattan, was at the final stages in 2014 of completing a US$3 billion fiberoptic telecommunications upgrade throughout New York City. Also, it is the country's preeminent arts center. “New …  Midtown Manhattan, with nearly 400 million square feet (37.2 million m2) that same year, is the largest central business district in the world. Three of the Big Four music recording companies have their headquarters in the city. I. View File. Federal Reserve Bank of St. Louis; 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. In recent years, as real estate and globalization pressures have increased, the remaining manufacturers have become more design-oriented and single customer-focused. 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. https://fred.stlouisfed.org/series/NYNGSP, February 7, 2017. Top publicly traded companies in New York, CS1 maint: multiple names: authors list (. Luxembourg City (Luxembourg) Luxembourg has the 2 nd largest GDP per capita in the world and it appears that a lot of money flows into its capital, Luxembourg City … : Elected officials have created a Taxpayer Burden™, which is each taxpayer's share of state bills after its available assets have been tapped. Exports grew by 9.3 percent in Q2 2018 and added 1.12 pp to GDP growth.  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, with New York surpassing Los Angeles as the top North American city for the same distinction during the 2013/2014 cycle.. New York City ended 2018 with a bang, as they welcomed a record number of 65.2 million tourists, making it the ninth consecutive year that the city saw tourism growth.. Of the 65.2 million visitors, 51.6 million were domestic travelers and 13.5 million were international tourists with most international travelers visiting from the U.K., China, Canada, Brazil, and France. January 18, 2021. Categories > U.S. 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". More than 1 million US gallons (3,800 m3) of waste oil could be collected in Brooklyn every year according to a 2004 Cornell study. Source: U.S. BLS, Consumer Expenditure Survey. More than 200 newspapers and 350 consumer magazines have an office in the city. In Q2 2018, the City’s economy grew 2.7 percent for the second consecutive quarter. Series from Gross Domestic Product (GDP) by State. Finance, high technology, real estate, insurance, and health care all form the basis of New York City's economy. 450 Park Avenue was sold on July 2, 2007 for US$510 million, 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. , Silicon Alley, centered in Manhattan, has evolved into a metonym for the sphere encompassing the New York City metropolitan region's high technology industries involving the Internet, new media, telecommunications, digital media, software development, biotechnology, game design, financial technology ("FinTech"), and other fields within information technology that are supported by its entrepreneurship ecosystem and venture capital investments. 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.  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.  Growth of the city's manufacturing industry has occurred in Brooklyn Army Terminal at Sunset Park, Brooklyn. New York ranks ahead of Paris, where such sales account for 27%, Hong Kong 13%, and Sydney 9%.  The food-processing industry is the most stable major manufacturing sector in the city. 60% of these employees live in the city, 32% are immigrants, 51% hold only a bachelor's degree, and 39% hold an advanced degree. Change in GDP. The fuel produces 78 percent less carbon-dioxide emissions than standard diesel. As a comparison, both the U.S. and NYC metro area inflation rates were 2.0 percent and 1.8 percent, respectively in Q4 2019 on a year-over-year basis.  New York City is distinctive for its high concentrations of advanced service sector firms in the law, accountancy, banking and management consultancy fields. Examples of goods manufactured in the city include Broadway costumes, custom-made cabinets, croissants for hotels, and wooden crates for shipping fine art. In 2017: New York State’s GDP was over $1.5 trillion, 8 percent of the U.S. total. Source: This year’s New York State budget negotiations take shape against a worrisome backdrop. GDP: $1,210 billionArea: 1,213square kilometersPopulation: 8,244,910The Big Apple. New York achieved statehood in 1788, with the adoption of the U.S. Constitution, and New York City served as the new nation’s first capital.  Food making is a $5 billion industry that employs more than 19,000 residents, many of them immigrants who speak little English. Both are ranked first nationally by a wide margin and being roughly equivalent to the GDP of South Korea at less than half its population. a. A 12,900-square-foot (1,200 m2) biodiesel plant run by Tri-State Biodiesel, LLC began construction in the Bronx in 2010. From 2010 to 2017, the State’s population increased by 2.4 percent, compared to a national pace of 5.5 percent. U.S. Bureau of Economic Analysis, Release: Employees in th… 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. This includes manufacturing, warehousing, utilities, and transportation. retrieved from FRED, Wages in the State Increase . Some cargo shipping remains; for example, Brooklyn still handles the majority of cocoa bean imports to the United States.. In its 27th annual New York State budget briefing book, the Fiscal Policy Institute analyzes and comments on Governor Andrew Cuomo’s FY 2018 Executive Budget.. New York area, 2018-19. , Manufacturing accounts for a significant share of employment. , The City of New York is unique among American cities for its large number of foreign corporations. 25 August 2006, Industrial Revolution in the United States, New York City Economic Development Corporation, International Ladies' Garment Workers' Union, New York City Mayor's Office of Management and Budget, "Top 8 Cities by GDP: China vs. New York City ended 2018 with a bang, as they welcomed a record number of 65.2 million tourists, making it the ninth consecutive year that the city saw tourism growth.. Of the 65.2 million visitors, 51.6 million were domestic travelers and 13.5 million were international tourists with most international travelers visiting from the U.K., China, Canada, Brazil, and France. View File. The city's securitiesindustry, 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. Rankings. One out of ten private sector jobs in the city is with a foreign company. Are you sure you want to remove this series from the graph? , Many Fortune 500 corporations are headquartered in New York City, as are a large number of multinational corporations. Manufacturing accounts for a significant but declining share of employment. This statistic displays the development of New York's real GDP from 2000 to 2019. The New York metro area home price index increased 0.9 percent in Q4 2019 over the same period in 2018, while the U.S. 20-city composite index rose 2.5 percent. It is home to the New York Stock Exchange (NYSE) on Wall Street. It is reasonable to expect that export growth will reverse and decline in the next two quarters.2 Because New York City is a service oriented economy , the repercussions of tariffs on goods will be muted. Other important sectors include medical research and technology, non-profit institutions, and universities. Try our corporate solution for free! The Partnership for New York City, April 2006.  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 (77,000 m2) of manufacturing space. TTstudio/Shutterstock. Many of the world's largest media conglomerates are also based in the city. "New York and China: Building a Global Partnership."  It is home to the New York Stock Exchange (NYSE) and NASDAQ, the world's two largest stock exchanges by both market capitalization and trading activity. , As of 2013[update], the global advertising agencies of Omnicom Group and Interpublic Group, both based in Manhattan, had combined annual revenues of approximately US$21 billion, reflecting New York City's role as the top global center for the advertising industry, which is metonymously known as "Madison Avenue". Notes: The Port of New York and New Jersey is also a major economic engine, handling record cargo volume in 2017, over 6.7 million TEUs. Tourism is one of the few bright spots in New York City’s economy. The New York Metropolitan Region is home to more than half of the 32 largest Chinese companies with offices in the United States.  The city's economy accounts for most of the economic activity in both the states of New York and New Jersey.. New York, New York detailed profile. The net statewide population gain of more than 471,000 residents during that period primarily reflected an increase of nearly 448,000 in New York City Ranked by revenues in the fiscal year that ended before February 1, 2016. In 2018, New York, NY had a population of 8.4M people with a median age of 36.9 and a median household income of $63,799. If you can make it in New York, you can make it anywhere, or so that old Frank Sinatra hit goes. wind speeds 158-206 mph) tornado 31.2 miles away from the New York city center caused between $50,000 and $500,000 in damages.. On 8/8/2007, a category F2 (max. Between 2017 and 2018 the population of New York, NY declined from 8.62M to 8.4M, a -2.6% decrease and its median household income … New York City's gross domestic product is expected to surpass Tokyo's by 2035. City Planning) and African Americans comprising 78% of the production workforce (2004 American Community Survey).  New York City has been ranked first among cities across the globe in attracting capital, business, and tourists. These items are labor-intensive and require collaboration between the end-user and the manufacturer. The annual change in GDP of New York was 54.16% in 1998. New York is one of the most historically rich cities in the United States, particularly in the East Coast. New York City’s metropolitan area, which includes Newark and Jersey City, alone makes up $1.5 trillion of economic productivity.  New York City currently boasts seven Chinese daily newspapers, two Chinese language television stations, and the largest Chinese neighborhood in the United States. Geographische Lage. Gross Domestic Product (GDP) is a measure of the value of all goods and services produced in a region minus the value of the goods and services used up in production. Anchored by Wall Street in Lower Manhattan, New York City has been characterized as the world's premier financial center. In New York City, tourism has made impressive gains in recent years, particularly in the foreign visitor segment. While not large enough to propel the city’s economy, this long-term growth industry is critical to maintaining the local export base and providing jobs to low-skilled workers.  The Association of Independent Commercial Producers is also based in New York. One out of every ten private sector jobs in the city is with a foreign company. In 2018: New York State’s GDP was nearly $1.7 trillion, 8.2 percent of the U.S. total. ", "Table 1 GFCI 15 Ranks and Ratings – Page 7", "Revised Delineations of Metropolitan Statistical Areas, Micropolitan Statistical Areas, and Combined Statistical Areas, and Guidance on Uses of the Delineations of These Areas", "U.S. Metro Economies (note CSA 2012 GMP total includes sum of New York, Bridgeport, New Haven, Allentown, Trenton, Poughkeepsie, and Kingston MSA 2012 GMP values cited)", "The role of metro areas in the U.S. economy", "Top CBDs See Solid Growth in 2nd Quarter, US - Canada Performance Diverges", "Understanding The Manhattan Office Space Market", "Marketbeat United States CBD Office Report 2Q11", "Port of New York and New Jersey Sets New Cargo Volume Record for 2017", "State's Unemployment Rate Hits 4.1%, Reaches 30-Year Low – NYC Unemployment Rate Drops to 4.0%, a New All-Time Low", "Beijing Breaks Into Top Ten in Rankings by A.T. Kearney", "New York City Tops Global Competitiveness Rankings, Economist Report Says", "Mayor de Blasio announces $3M in grants for New York City's fashion industry", "Godiva Chocolatier Inc. Company Information", "The Securities Industry in New York City", https://markets.cboe.com/us/equities/market_share/, "Wall Street banks net record fees for pandemic fundraisings", "Sustaining New York's and the US' Global Financial Services Leadership", "NYCdata: Top 15 Holding Companies and Commercial Banks", "Startups move to co-shared offices amid high real estate prices", "SA 100 2013: The Coolest People In New York Tech", "Venture Investment – Regional Aggregate Data", "Telecommunications and Economic Development in New York City: A Plan for Action", "City opens nation's largest continuous Wi-Fi zone in Harlem", "Verizon will miss deadline to wire all of New York City with FiOS", "5 signs NYC's tech scene is growing up – NYC tech sector hits 300,000", "Even Without Amazon, Tech Could Keep Gaining Ground in New York", "Cornell Alumnus Is Behind $350 Million Gift to Build Science School in City", "Wanted: Biotech Startups in New York City: The Alexandria Center for Life Science Looks to Expand", "New York Dominates 2014 List of America's Most Expensive ZIP Codes", "Protecting and Growing New York City's Industrial Job Base", Tri-State Biodiesel :: Fuel of the Future... Today, "New York Tries to Revive Garment Industry, Outside the Garment District", "Its Heart Is Still 7th Avenue: Garment Union Keeps Piece of Past", "My Brooklyn; Still a Contender on the Waterfront", "Four Marvel TV Shows to Film in New York", "Mayor De Blasio Announces Increased Growth of New York City's Entertainment Industry Brings $8.7 billion into the Local Economy", "New York half-year location filming surpasses record for whole of 2013", "New York surpasses Los Angeles for TV drama pilot filming", New York (Manhattan, the Bronx, Staten Island), https://en.wikipedia.org/w/index.php?title=Economy_of_New_York_City&oldid=1000340882, Short description is different from Wikidata, Articles containing potentially dated statements from 2013, All articles containing potentially dated statements, Articles containing potentially dated statements from 2014, Creative Commons Attribution-ShareAlike License, This page was last edited on 14 January 2021, at 18:37. 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