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. Tourism is one of the few bright spots in New York City’s economy. [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. New York is often viewed as having a relatively strong economy, but the state’s success is largely due to New York City. [54] The industry peaked around 1950, when more than 323,000 workers were employed in the industry in New York. 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. 2017 Rank Metropolitan area 2018 2017 2016 2015 2014 2013 2012 1: New York-Newark-Jersey City, NY-NJ-PA (Metropolitan Statistical Area) 1,772,319 [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. [61] The Association of Independent Commercial Producers is also based in New York. This includes manufacturing, warehousing, utilities, and transportation. New York GDP represents 8.27% of US GDP which made it the 3rd largest economy in the nation in 2019. New York City is a global hub of business and commerce, as a center for banking and finance, retailing, world trade, transportation, tourism, real estate, new media, traditional media, advertising, legal services, accountancy, insurance, theater, fashion, and the arts in the United States; while Silicon Alley, metonymous for New York's broad-spectrum high technology sphere, continues to expand. On December 19, 2011, then Mayor Michael R. Bloomberg announced his choice of Cornell University and Technion-Israel Institute of Technology to build a US$2 billion graduate school of applied sciences called Cornell Tech on Roosevelt Island with the goal of transforming New York City into the world's premier technology capital. In 2019, the real GDP of New York grew by roughly 3.9 percent compared to the year before. Employees in th… The State ranked 25th in the nation for economic growth with a real GDP increase of 2.1 … economy. Geographische Lage. [43][44] By mid-2014, Accelerator, a biotech investment firm, had raised more than US$30 million from investors, including Eli Lilly and Company, Pfizer, and Johnson & Johnson, for initial funding to create biotechnology startups at the Alexandria Center for Life Science, which encompasses more than 700,000 square feet (65,000 m2) on East 29th Street and promotes collaboration among scientists and entrepreneurs at the center and with nearby academic, medical, and research institutions. Three of the Big Four music recording companies have their headquarters in the city. It is home to the New York Stock Exchange (NYSE) on Wall Street. 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". Are you sure you want to remove this series from the graph? Read more Annual percent change of the real GDP in New York from 2000 to 2019 [45], Research and medical services drive New York's healthcare industry. [19], As of 2013[update], the global advertising agencies of Omnicom Group and Interpublic Group, both based in Manhattan, had combined annual revenues of approximately US$21 billion, reflecting New York City's role as the top global center for the advertising industry, which is metonymously known as "Madison Avenue". Manufacturing accounts for a significant but declining share of employment. A 12,900-square-foot (1,200 m2) biodiesel plant run by Tri-State Biodiesel, LLC began construction in the Bronx in 2010. 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. Many of the world's largest corporations are headquartered in Manhattan. [22] Entrepreneurs were forming a "Chocolate District" in Brooklyn as of 2014[update],[23] while Godiva, one of the world's largest chocolatiers, continues to be headquartered in Manhattan.[24]. The annual change in GDP of New York was 54.16% in 1998. This year, the GDP of the New York metro area amounted to about 1.5 trillion U.S. dollars. New York receives the second-highest amount of annual funding from the National Institutes of Health among all U.S. cities, after Boston. Employees in the securities industry earned an average salary (including bonuses) of $398,600 in 2018. Most ranked cities are in North America and Europe. U.S. Bureau of Economic Analysis, Release: Other important sectors include medical research and technology, non-profit institutions, and universities. This graph shows the New York metro area GDP up to 2018. New York City’s metropolitan area, which includes Newark and Jersey City, alone makes up $1.5 trillion of economic productivity. The world rank is based on the Fortune Global 500's revenues for the fiscal year that ended before April 1, 2015. a. Over the 5 years ending in 2019 the New York economy grew in real terms by 14.75% at a compound annual growth rate of 2.79% per year. Rankings. New York City's gross domestic product is expected to surpass Tokyo's by 2035. Global city rankings are numerous, with one study suggesting as many as 300. New York GDP was $1,772,261,000,000 in 2019. The city's apparel and garment industry was historically centered on the Garment District in Manhattan. [30] New York City remains the largest global center for trading in public equity and debt capital markets, driven in part by the size and financial development of the U.S. [53] Growth of the city's manufacturing industry has occurred in Brooklyn Army Terminal at Sunset Park, Brooklyn. [46] New York City is home to some of the nation's—and the world's—most valuable real estate. Real gross domestic product (GDP) increased in 2,484 counties, decreased in 612 counties, and was unchanged in 17 counties in 2019. ", "Table 1 GFCI 15 Ranks and Ratings – Page 7", "Revised Delineations of Metropolitan Statistical Areas, Micropolitan Statistical Areas, and Combined Statistical Areas, and Guidance on Uses of the Delineations of These Areas", "U.S. Metro Economies (note CSA 2012 GMP total includes sum of New York, Bridgeport, New Haven, Allentown, Trenton, Poughkeepsie, and Kingston MSA 2012 GMP values cited)", "The role of metro areas in the U.S. economy", "Top CBDs See Solid Growth in 2nd Quarter, US - Canada Performance Diverges", "Understanding The Manhattan Office Space Market", "Marketbeat United States CBD Office Report 2Q11", "Port of New York and New Jersey Sets New Cargo Volume Record for 2017", "State's Unemployment Rate Hits 4.1%, Reaches 30-Year Low – NYC Unemployment Rate Drops to 4.0%, a New All-Time Low", "Beijing Breaks Into Top Ten in Rankings by A.T. Kearney", "New York City Tops Global Competitiveness Rankings, Economist Report Says", "Mayor de Blasio announces $3M in grants for New York City's fashion industry", "Godiva Chocolatier Inc. Company Information", "The Securities Industry in New York City", https://markets.cboe.com/us/equities/market_share/, "Wall Street banks net record fees for pandemic fundraisings", "Sustaining New York's and the US' Global Financial Services Leadership", "NYCdata: Top 15 Holding Companies and Commercial Banks", "Startups move to co-shared offices amid high real estate prices", "SA 100 2013: The Coolest People In New York Tech", "Venture Investment – Regional Aggregate Data", "Telecommunications and Economic Development in New York City: A Plan for Action", "City opens nation's largest continuous Wi-Fi zone in Harlem", "Verizon will miss deadline to wire all of New York City with FiOS", "5 signs NYC's tech scene is growing up – NYC tech sector hits 300,000", "Even Without Amazon, Tech Could Keep Gaining Ground in New York", "Cornell Alumnus Is Behind $350 Million Gift to Build Science School in City", "Wanted: Biotech Startups in New York City: The Alexandria Center for Life Science Looks to Expand", "New York Dominates 2014 List of America's Most Expensive ZIP Codes", "Protecting and Growing New York City's Industrial Job Base", Tri-State Biodiesel :: Fuel of the Future... Today, "New York Tries to Revive Garment Industry, Outside the Garment District", "Its Heart Is Still 7th Avenue: Garment Union Keeps Piece of Past", "My Brooklyn; Still a Contender on the Waterfront", "Four Marvel TV Shows to Film in New York", "Mayor De Blasio Announces Increased Growth of New York City's Entertainment Industry Brings $8.7 billion into the Local Economy", "New York half-year location filming surpasses record for whole of 2013", "New York surpasses Los Angeles for TV drama pilot filming", New York (Manhattan, the Bronx, Staten Island), https://en.wikipedia.org/w/index.php?title=Economy_of_New_York_City&oldid=1000340882, Short description is different from Wikidata, Articles containing potentially dated statements from 2013, All articles containing potentially dated statements, Articles containing potentially dated statements from 2014, Creative Commons Attribution-ShareAlike License, This page was last edited on 14 January 2021, at 18:37. Federal Reserve Bank of St. Louis; New York is one of the most historically rich cities in the United States, particularly in the East Coast. The percent change in real GDP ranged from 62.5 percent in Greensville + Emporia, VA, to –34.2 percent in Jackson County, WV. Annual change in real GDP. 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. The city's securitiesindustry, 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. https://fred.stlouisfed.org/series/NYNGSP, New York achieved statehood in 1788, with the adoption of the U.S. Constitution, and New York City served as the new nation’s first capital. New York City possesses a strong competitive advantage in these industries. [53] As of 2009, there were slightly fewer than 1,600 garment manufacturing businesses in the city, of which about a quarter were located in or around the Garment District, which has about 830,000 square feet (77,000 m2) of manufacturing space. City encompasses the largest municipal and regional economy in the City from TIA of US GDP made. 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