Economy of New York City

The economy of New York City is the largest municipal and regional economy in the United States. In 2023, the New York City Metropolitan Area had a GMP of US$2.299 trillion. The city is a leading global center for finance, with Wall Street in Lower Manhattan home to the New York Stock Exchange and Nasdaq, the world's two largest stock exchanges.

New York City is also a major hub for many industries, including health care, life sciences, high technology, real estate, and the arts. The city has many large corporations based in Midtown Manhattan, which is the largest central business district in the world. Creative industries such as digital media, advertising, fashion, and design are growing quickly. The Port of New York and New Jersey is also very important for the city's economy.

GDP

In 2024, the GDP of New York City was about $1.354 trillion. Most of this, around $1.007 trillion, came from Manhattan.

City economic overview

New York City is a major center for business and trade around the world. It is known for its banking, finance, and many other industries like retailing, world trade, and tourism. The city is also important for technology and the arts.

Many big companies have their main offices in New York City, and the city is great at attracting money and visitors from other countries. The city has many jobs in advertising, fashion, and other fields, and it is also a place where many new ideas and businesses grow.

Wall Street

Main article: Wall Street

New York City plays a big role as a center for money and finance, often called "Wall Street." Many important companies that deal with money are based in the city. These companies help create jobs and bring in money for the city. People who work in these money-related jobs often earn good salaries.

Lower Manhattan is home to big places where people buy and sell pieces of companies, like the New York Stock Exchange and Nasdaq. These are some of the biggest places in the world for this kind of trading. The city is also important for helping companies borrow money and for other financial activities. Several well-known banks have their main offices in New York City.

Tech and biotech

Further information: Tech companies in New York City, Biotech companies in New York City, and Silicon Alley

New York City is a leading place for technology and science. The city has many companies that work with artificial intelligence, the Internet, new media, telecommunications, digital media, software development, biotechnology, game design, financial technology, and other tech fields. These companies get help from people who start new businesses and money from investors.

In recent years, many new tech companies have started in New York City. The city is a big center for the Internet and telecommunications, which helps these companies grow. In 2014, a big company called Verizon Communications finished updating its network across the city.

The biotechnology part of the tech world is also growing in New York City. The city has strong science research, and it helps new science-based companies get started. In 2011, a plan was announced to build a special school for science and technology on an island in the city. This helps scientists and business people work together to create new ideas and companies.

Health care

Research and medical services are very important in New York's healthcare industry. The city gives out the most advanced science degrees every year in the United States. It also has many doctors and famous scientists who studied there.

Health care jobs are very common in New York City. About 565,000 people work in this field, making it the second biggest job area after government jobs. These workers help care for patients in over 70 hospitals, including 20 public hospitals that see 1.5 million patients each year inpatients. The city also gets a lot of money for health research from the National Institutes of Health, more than most other U.S. cities except Boston.

Diamond district

Further information: Diamond District, Manhattan

From the mid-1800s to the 1920s, New York's diamond trade was centered on Maiden Lane near Wall Street. As rents rose, diamond businesses moved to 47th Street. The area's importance grew during World War II when diamond merchants fleeing danger came to New York. After the war, merchants from Antwerp, Tel Aviv, and New York, many of Jewish background, led the industry. The district has kept its traditional ways, even as the neighborhood around it changed. Today, 47th Street remains a busy place where people from many backgrounds buy and sell diamonds, keeping family and community ties strong.

Real estate

Real estate is very important in New York City's economy. In 2017, the total value of all properties in the city was $1.072 trillion. The Time Warner Center is one of the most valuable buildings in the city. In 2007, a building on Park Avenue was sold for $510 million, which was a record price at the time. In 2019, the most expensive home ever sold in the United States was a penthouse apartment in Manhattan, overlooking Central Park.

Manufacturing

Manufacturing plays an important role in New York City's jobs. The city makes things like clothes, chemicals, metal products, food, and furniture. Food processing is one of the most stable parts, creating jobs for thousands of people, including many immigrants. Chocolate is a special food that New York City exports a lot of each year.

There are many small manufacturing businesses in the city, with some in Manhattan making things like theater costumes, special cabinets, and food for hotels. These businesses face challenges like high costs and changes in how land is used. Some new types of manufacturing, like making fuel from used cooking oil, are also starting up.

Trade

New York City has many foreign companies, and one in ten private jobs in the city is with a foreign company. This makes New York's business community very focused on international matters, which can sometimes differ from policies in Washington.

Since 2000, China has been a big market for New York's exports. Many large Chinese companies have offices in the New York area, working in industries like shipping, steel, energy, and manufacturing. Some have opened headquarters in New York, hoping to list on the city's stock exchanges. New York City also has many Chinese newspapers, television stations, and the largest Chinese neighborhood in the United States. The city's airports offer many flights to Hong Kong and Beijing.

International shipping has always been important for New York because of its natural harbor. With the rise of containerization, most cargo shipping now happens at the Port Newark-Elizabeth Marine Terminal in New Jersey, though some still comes through Brooklyn, which handles most cocoa bean imports to the United States.

Media

Main article: Media in New York City

Further information: New Yorkers in journalism

New York is a key place for American mass media, journalism, and publishing. It is the biggest media market in the United States, home to 7% of all TV households. Many big music companies and over 200 newspapers have offices here. The city is often called "the media capital of the world".

New York is also important for the entertainment industry. Many movies, TV shows, and books are set there. It is the second largest place for making films and TV in the United States, creating about 200 feature films each year. The film industry helps the city's economy a lot.

Top publicly traded companies in New York

See also: List of companies based in New York City

Fortune 500 companies in New York state that made more than $15 billion in 2015 are mostly in the New York metropolitan area. Almost all of these big companies are in New York City itself, except for IBM and PepsiCo, which are in Westchester County, just north of the 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.