Economy of New York City
This article is part of a series on the |
Economy of the United States |
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The economy of New York City encompasses the largest
New York City, anchored by
Finance,
Gross Domestic Product
In 2022, GDP of New York City was $1.2 trillion of which $886 billion or 3/4 was Manhattan.[14]
County | GDP |
---|---|
New York | $885.652 billion |
Kings | $125.867 billion |
Queens | $122.288 billion |
Bronx | $51.574 billion |
Richmond | $21.103 billion |
New York City | $1.206 trillion |
City economic overview
Top publicly traded companies in New York City (ranked by 2015 revenues) with City and U.S. ranks | |||||
NYC | corporation | US | |||
1 | Verizon Communications |
13 | |||
2 | JPMorgan Chase | 23 | |||
3 | Citigroup | 29 | |||
4 | MetLife | 40 | |||
5 | American International Group | 49 | |||
6 | Pfizer (pharmaceuticals) | 55 | |||
7 | New York Life | 61 | |||
8 | Goldman Sachs | 74 | |||
9 | Morgan Stanley | 78 | |||
10 | TIAA (Teachers Ins. & Annuity) |
82 | |||
11 | INTL FCStone |
83 | |||
12 | American Express | 85 | |||
Every firm's revenue exceeded $30 billion | |||||
Financial services firms in green | |||||
Full table at Economy of New York City | |||||
Source: Fortune 500[15] |
New York City is a
Many
As of 2013[update], the global
Other important economic sectors include
Chocolate is New York City's leading specialty-food export, with over US$200 million worth of exports annually.[25] Entrepreneurs were forming a "Chocolate District" in Brooklyn as of 2014[update],[26] while Godiva, one of the world's largest chocolatiers, continues to be headquartered in Manhattan.[27]
Wall Street
New York City's most important economic sector lies in its role as the headquarters for the
Tech and biotech
New York is a top-tier global high technology hub.
The biotechnology sector is also growing in New York City, driven by the city's strength in academic scientific
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
Real estate
Manufacturing
Manufacturing accounts for a significant share of employment. Garments, chemicals, metal products, processed foods, and furniture are some of the principal products.[54] The food-processing industry is the most stable major manufacturing sector in the city.[25] 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.[25]
There are over 233,000 manufacturing jobs in more than 10,000 New York City industrial businesses [1], 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 (1,200 m2) 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[55] New York restaurants with methanol and a catalyst to create biodiesel fuel. 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. The fuel produces 78 percent less carbon-dioxide emissions than standard diesel.
Garments
The city's apparel and
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.[58]
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.[59] 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.[59]
International
Media
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".
Many of the world's largest media conglomerates
Film
New York is a prominent location for the American
Top publicly traded companies in New York
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.
(sort) | |||||||
---|---|---|---|---|---|---|---|
NYC rank (2015) |
State rank (2015) |
US rank (2015) |
World rank (2014) |
Company | Revenues (billions) |
Employees (worldwide) |
Industry group |
1 | 1 | 13 | 41 | Verizon Communications |
$131.6 | 177,700 | Telecommunications |
2 | 2 | 23 | 61 | J.P. Morgan Chase & Co. | $101.0 | 234,598 | Commercial banks |
3 | 3 | 29 | 86 | Citigroup | $88.3 | 231,000 | Commercial banks |
(a) | 4 | 31 | 82 | IBM (Armonk, NY) | $82.5 | 411,798 | Information technology services |
4 | 5 | 40 | 121 | MetLife | $70.0 | 69,000 | Life and health insurance (stock) |
(b) | 6 | 44 | 141 | PepsiCo (Purchase, NY) | $63.1 | 283,000 | Food consumer products |
5 | 7 | 49 | 152 | American International Group | $58.3 | 66,400 | Property and casualty insurance (stock) |
6 | 8 | 55 | 211 | Pfizer | $48.9 | 97,900 | Pharmaceuticals |
7 | 9 | 61 | 297 | New York Life Insurance | $45.9 | 11,463 | Life and health insurance (mutual) |
8 | 10 | 74 | 278 | Goldman Sachs Group | $39.2 | 36,800 | Commercial banks [formerly securities] |
9 | 11 | 78 | 306 | Morgan Stanley | $37.9 | 56,218 | Commercial banks [formerly securities] |
10 | 12 | 82 | 349 | TIAA (Teachers Insurance and Annuity Association) |
$35.2 | 12,735 | Life and health insurance (mutual) |
11 | 13 | 83 | 352 | INTL FCStone |
$34.7 | 1,231 | Diversified financials |
12 | 14 | 85 | 325 | American Express | $34.4 | 54,800 | Diversified financials |
13 | 15 | 96 | 375 | Twentieth Century Fox |
$29.0 | 20,500 | Entertainment |
14 | 16 | 99 | 415 | Time Warner |
$28.1 | 24,800 | Entertainment |
15 | 17 | 105 | 438 | Travelers Companies | $26.8 | 30,800 | Property and casualty insurance (stock) |
16 | 18 | 106 | 398 | Philip Morris International | $26.8 | 80,200 | Tobacco |
17 | 19 | 116 | – | Time Warner Cable | $23.7 | 56,430 | Telecommunications |
18 | 20 | 126 | 495 | Alcoa | $22.5 | 60,000 | Metals |
19 | 21 | 168 | – | Bristol-Myers Squibb |
$16.6 | 25,000 | Pharmaceuticals |
20 | 22 | 174 | – | Colgate-Palmolive | $16.0 | 37,900 | Household and personal products |
21 | 23 | 179 | – | The Bank of New York Mellon |
$15.5 | 51,200 | Commercial banks |
22 | 24 | 184 | – | Icahn Enterprises | $15.3 | 73,807 | Diversified financials |
23 | 25 | 188 | – | Omnicom Group | $15.1 | 74,900 | Advertising, marketing |
Sources: Fortune 500 website, Fortune Global 500 website and Fortune, Volume 173, Number 8 (June 15, 2016) |
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.
See also
- Economy of Long Island
- Economy of New York State
- Economy of the United States
- New York City Mayor's Office of Management and Budget
References
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External links
- Media related to Economy of New York City at Wikimedia Commons