Economy of New York City


Economy of the United States

Before the arrival of the European colonist, the USA was a vast expanse land inhabited by Native Americans. Those colonies focused their economies in business ventures called "charter companies" that were financed by wealthy English businessmen and landowners. Those new companies allowed them to survive in a new environment and, eventually, they engaged in commerce with Europe by exploiting the natural resources of their new homeland.

The main exported goods were agricultural, such as tobacco, wheat, rye, barley, rice, and indigo plant. Other important exports were animal furs, products from fish and whales, and timber. Shipbuilding became a major industry in New England.

Nevertheless, right after the independence war in 1776, newly formed United States underwent a major social and economic change from agriculture to industry.

Thanks to the current Industrial Revolution, the country was introduced to the steam engine, the cotton gin, and other machines capable of increasing production with less human labour needed. Consequently, farming became much less intensive. Over the following century, the US changed from an agrarian-based nation to one focused in manufacturing, trade, and 3rd sector business.

Currently, the US holds a capitalist, mixed economy with the largest gross domestic product (GDP) in the world at $14.3 trillion, which it kept increasing in all 50 states and the District of Columbia in the first quarter of 2019.

Finance and insurance sectors, retail trade and health care and social assistance were the leading contributors to the increase in U.S. economic growth in the first quarter of 2019. Overall, 16 of 22 industry groups contributed to the 3.1 percent increase in real GDP in the first quarter. The leading businesses are wholesale and retail trade, with finance and insurance offering the biggest net income, and the country's primary trading partners are Canada, China, Mexico, Japan, and Germany.

Moreover, according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the country monthly international trade deficit decreased in July 2019 (from $55.5 billion in June to $54.0 billion in July), due to the increase of exports and decrease of imports.

Find out more about the compete US Economy History here

Economy of New York

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.

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). Regarding the Regional Science and Urban Economics the Manhattan island total property value was $1,74 trillion worth in 2014. Though real estate is astronomically expensive, the companies headquartered here match it in value and importance.

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 domestic product (GDP) of $1,717,712 million in 2017 which is the largest regional economy in the United States.

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; and the NASDAQ, also in New York City, which the world's second largest stock exchange.

Not to be forgotten, Manhattan is also a center 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", and "Spider-Man" all set in New York City.

This only adds to one of New York City's biggest money makers: tourism. About 63 million foreign and American tourists visited the city in 2018. 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 throughout the year. 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 13/02/2020

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