New York is the favorite city of the world's wealthy, as measured by where they want to put their families and their money, according to a new report. 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 economic growth was driven by an expanding labor market and modest wage growth. Data in this graph are copyrighted. 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. [20] The city's fashion industry provides approximately 180,000 employees with $11 billion in annual wages.[21]. 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. Series from Gross Domestic Product (GDP) by State. Manufacturing accounts for a significant but declining share of employment. Exports grew by 9.3 percent in Q2 2018 and added 1.12 pp to GDP growth. [13] New York City's unemployment rate fell to its record low of 4.0% in September 2018. U.S. Bureau of Economic Analysis, Release: 60% of these employees live in the city, 32% are immigrants, 51% hold only a bachelor's degree, and 39% hold an advanced degree. If you can make it in New York, you can make it anywhere, or so that old Frank Sinatra hit goes. [49] 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. The city is also the nation's most important center for mass media, journalism, and publishing. 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 … Read more Annual percent change of the real GDP in New York 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. Some cargo shipping remains; for example, Brooklyn still handles the majority of cocoa bean imports to the United States.[57]. This can not be undone. : Elected officials have created a Taxpayer Burden™, which is each taxpayer's share of state bills after its available assets have been tapped. 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. For these and other reasons, New York is often called "the media capital of the world". [42], 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. Several investment banks and investment managers headquartered in the city are important participants in other global financial centers. The Combined Statistical Area[5] produced a GMP of over US$1.55 trillion. Real dollar values expressed in chained dollars. [62] 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,[63] with New York surpassing Los Angeles as the top North American city for the same distinction during the 2013/2014 cycle.[64]. Source: The borough contained over 500 million square feet (46.5 million m2) of office space in 2015, [8] making it the largest office market in the United States. [56], 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. New York, New York detailed profile. 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". [10] New York City is distinctive for its high concentrations of advanced service sector firms in the law, accountancy, banking and management consultancy fields. Anchored by Wall Street in Lower Manhattan, New York City has been characterized as the world's premier financial center. 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. Ranked by revenues in the fiscal year that ended before February 1, 2016. GDP Please review the copyright information in the series notes before sharing. In 2015, Silicon Alley generated over US$7.3 billion in venture capital investment across a broad spectrum of high technology enterprises,[36] most based in Manhattan, with others in Brooklyn, Queens, and elsewhere in the region. In 2018, total wages in the State increased by 4.4 percent. 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". New York City's gross domestic product is expected to surpass Tokyo's by 2035. These companies represent a broad array of industries including shipping, steel, energy and manufacturing firms, and services. 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. 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,[37] New York's intellectual capital, and its extensive outdoor wireless connectivity. GDP. New York City Regional Economic Development Council . New York area, 2018-19. In 2017: New York State’s GDP was over $1.5 trillion, 8 percent of the U.S. total. The world rank is based on the Fortune Global 500's revenues for the fiscal year that ended before April 1, 2015. economy. New York GDP was $1,772,261,000,000 in 2019. New York City: 8.405.837: Bronx: 1.385.108: Brooklyn: 2.504.700: Manhattan: 1.585.873: Queens: 2.230.722: Staten Island: 468.730 ... City GDP in trillions of 2018 dollars New York 2.5 New Lab, The Brooklyn Navy Yard In 2011, the President of the Brooklyn Navy Yard invited David Belt to visit Brooklyn Navy Yard’s Building 128, a deserted, rotted-out, but beautiful iron skeleton of American's manufacturing past... Read Success Story. This statistic displays the development of New York's real GDP from 2000 to 2019. New York City had the highest growth rate of any region (2.9 percent) while the Mohawk Valley had the lowest (0.2 percent). This graph shows the New York metro area GDP up to 2018. Garments, chemicals, metal products, processed foods, and furniture are some of the principal products. 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. 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. New York GDP represents 8.27% of US GDP which made it the 3rd largest economy in the nation in 2019. 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. 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. Millions of Dollars, Not Seasonally Adjusted, Frequency:  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. [17][18] This ability to attract foreign investment helped New York City top the FDi Magazine American Cities of the Future ranking for 2013. 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. Annual. 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. 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. The book publishing industry alone employs 25,000 people. Real New York GDP, at $1,772.261 bn in 2019, is at the highest level recorded to date. [58] 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,[59] and by volume, New York is the world leader in independent film production[60] – one-third of all American independent films are produced in New York City. New York is a prominent location for the American entertainment industry, with many films, television series, books, and other media being set there. Strategic Plans/Reports. Finance, high technology, real estate, insurance, and health care all form the basis of New York City's economy. City Planning) and African Americans comprising 78% of the production workforce (2004 American Community Survey). Tourism is one of the few bright spots in New York City’s economy. In 2017, this trend ceased, and thethe s NYC [47] According to Forbes, in 2014, Manhattan was home to six of the top ten ZIP Codes in the United States by median housing price. 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. Also, it is the country's preeminent arts center. The U.S.", "What Is the World's Most Economically Powerful City? New York City 2018 Progress Report. [1][2][3][4] 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. London, however, is the most cosmopolitan world city in terms of property ownership; more than 51% of homes there worth more than £2m which is also $3.8m or roughly 3m euros sold in 2005 have gone to overseas buyers from Russia, the Middle East and elsewhere. The economy of New York City encompasses the largest municipal and regional economy in the United States. One out of every ten private sector jobs in the city is with a foreign company. The city is the top media market in the United States, with 7% of the country’s television-viewing households. 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. Employees in th… Real gross domestic product (GDP) increased in 2,484 counties, decreased in 612 counties, and was unchanged in 17 counties in 2019. [61] The Association of Independent Commercial Producers is also based in New York. One Federal Reserve Bank Plaza, It then plunged during the dark days of New York City’s fiscal crisis in the mid-70s, reaching a low point of 43 in 1977. 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. : New York is a Sinkhole State without enough assets to cover its debt. 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 … 18. [31]:31–32[32] New York also leads in hedge fund management; private equity; and the monetary volume of mergers and acquisitions. St. Louis, MO 63102, More 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. 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 the leading job hub for banking, finance, and communication in the U.S. New York is also a major manufacturing center and shipping … [53] The garment industry has been significant in labor history, with Jewish, Italian, and Hispanic, and (more recently) Chinese immigrants successively laboring in the industry. This year, the GDP of the New York metro area amounted to about 1.5 trillion U.S. dollars. Fortune 500 companies headquartered in New York state that earned revenues of more than $15 billion in 2015. A state’s Gross Domestic Product (GDP) is the value of production originating from all industries in the state, as defined by the U.S. Bureau of Economic Analysis. 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. [38] 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. Many of the world's largest media conglomerates are also based in the city. In 2019, the real GDP of New York grew by roughly 3.9 percent compared to the year before. 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