Overview of New York City

Economy of New York City

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The United States has a capitalist, mixed economy with the largest gross domestic product (GDP) in the world at $14.3 trillion. The leading businesses are wholesale and retail trade, with finance and insurance offering the biggest net income. The country's primary trading partners are Canada, China, Mexico, Japan, and Germany. The United States ranks third in the World Bank's Ease of Doing Business Index and first in the ease of hiring and firing workers.

New York City features a world class economy with every action in this market reverberating on the world stage. If New York state were an independent nation, it would rank as the 16th largest economy in the world behind Turkey. New York has a high concentration of advanced service sector firms in fields such as law, accountancy, banking and management consultancy. Financial, insurance, and real estate industries make up the backbone of New York's economy, but the city is also prominent in mass media, journalism, publishing, and art. The city has an estimated gross metropolitan product of $1,465,300 billion in 2010 which is the largest regional economy in the United States and second largest city economy in the world.

The ground the city sits on is even among the most valuable in the world. The property 450 Park Avenue was sold on July 2, 2007 for $510 million, about $1,589 per square foot ($17,104/m²). The total value of all New York City property was $802.4 billion in 2006. Though the real estate is astronomically expensive, the companies whose headquarters are here match it in value and importance. There are currently 44 Fortune 500 company headquarters within the city limits. Manhattan has about 353.7 million square feet (32,859,805 m²) of office space.

Lower Manhattan is the third largest central business district in the United States and home to the world's largest stock exchange, the New York Stock Exchange, on legendary Wall Street. The NASDAQ, also in New York City, is the world's second largest stock exchange. The Time Warner Center is the property with the highest-listed market value in the city, at $1.1 billion in 2006.

Not to be forgotten, Manhattan is also a Mecca for the television and film industry, ranking second largest in the country after Hollywood. Popular shows like "Sex in the City", "Saturday Night Live", "30 Rock", and "Seinfeld" are among the many shows set within the city. "Citizen Kane", "All about Eve", "Ghostbusters", "Sidewalks of New York", "Spider-Man", and "Sex in the City: The Movie" were all set in New York as well. This only adds to one of New York's biggest money maker: tourism. About 40 million foreign and American tourists visit the city each year. Attractions like the Empire State Building, Ellis Island, Broadway theatre productions, the Metropolitan Museum of Art, Central Park, Rockefeller Center, Times Square, and the Bronx Zoo are packed with visitors in the peak seasons. The most recognizable tourist attraction and a symbol for America is the majestic Statue of Liberty. No matter where you turn in New York, money is being made.

Update 2/01/2009

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