New York Economy

New York Economy

New York, with the famous New York Stock Exchange on Wall Street, is the world’s center of international business and trade and is one of the three headquarters for the world economy (along with London and Tokyo).

The city is a major center for finance, insurance, real estate, media, and the arts in the United States.

The New York metropolitan area had an estimated gross metropolitan product of $1.13 trillion in 2005, making it the largest regional economy in the United States, and according to IT Week, the second largest city economy in the world. According to Cinco Dias, New York controlled 40% of the world’s finances by the end of 2008, making it the world’s largest financial center.

Many large companies are headquartered in New York City, including 42 Fortune 500 companies. New York is also unique among American cities in the number of foreign companies. One in ten private sector jobs in the city is with a foreign company.

Manhattan had 32,860,000 sq m of office space in 2001.

Midtown Manhattan is the largest central business district in the United States. Lower Manhattan is the third largest central business district in the United States, and is home to the New York Stock Exchange, located on Wall Street, and the Nasdaq, which represent the first and second largest stock exchanges in the world respectively, when measured by the average daily trading volume and total market capitalization. Financial services account for over 35% of the city’s employment.

The real estate market is a major force in the city’s economy, as the total value of all real estate in the city was $802.4 billion in 2006. The publicly traded Time Warner Center building is the property with the largest market capitalization. city value of $1.1 billion in 2006. New York City has some of the most valuable real estate in America and the entire world.

The building at 450 Park Avenue sold on July 2, 2007 for $510 million, about $17,104 per square meter, breaking the record of just a few months old for an office building of $15,887 per square meter set in June 2007 at 660 Madison Avenue.

The city’s television and film industry is the second largest in the country after Hollywood. Creative industries such as new media, advertising, fashion, design and architecture with a growing share of employment give New York a strong competitive advantage in these industries.

High-tech industries such as biotechnology, software development, game design, and Internet services are also growing, favored by the city’s location where many transatlantic fiber optic trunk lines terminate. Other important sectors include medical research and technology, non-profit institutions and universities.

Manufacturing makes up a large but declining share of employment. Garments, chemicals, metal products, processed foods, and furniture are some of the main products. The food processing industry is the most stable major manufacturing sector in the city. Food manufacturing is a $5 billion industry that employs over 19,000 people. New York Chocolate earns $234 million in export revenue each year.

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