This statistic displays the development of New York's real GDP from 2000 to 2019. The city's apparel and garment industry was historically centered on the Garment District in Manhattan. [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. In 2017, this trend ceased, and thethe s NYC [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. Change in GDP. Regional Data > States > New York. Employees in the securities industry earned an average salary (including bonuses) of $398,600 in 2018. [61] The Association of Independent Commercial Producers is also based in New York. “New … "London's top housing draws the world's billionaires." [9] Midtown Manhattan, with nearly 400 million square feet (37.2 million m2) that same year,[8] is the largest central business district in the world. Are you sure you want to remove this series from the graph? 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. Between 2017 and 2018 the population of New York, NY declined from 8.62M to 8.4M, a -2.6% decrease and its median household income … [16] New York City has been ranked first among cities across the globe in attracting capital, business, and tourists. [45], Research and medical services drive New York's healthcare industry. 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 Gross Domestic Product (GDP) by State, Units:  Categories > U.S. Garments, chemicals, metal products, processed foods, and furniture are some of the principal products. [53], The City of New York is unique among American cities for its large number of foreign corporations. Manufacturing accounts for a significant but declining share of employment. 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 [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. 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 The manufacturing sector has the highest percentage of first-generation immigrants making up 64% of the workforce (NYC Dept. Annual. The percent change in real GDP ranged from 62.5 percent in Greensville + Emporia, VA, to –34.2 percent in Jackson County, WV. 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. 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). 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. Several investment banks and investment managers headquartered in the city are important participants in other global financial centers. Wages in the State Increase . New York is by far the most important center for American mass media, journalism, and publishing. It figured in the Anglo-Dutch War, where the Dutch won the city but eventually turned it over to the English as decreed via a treaty in 1647. New York City Regional Economic Development Council . Indicator and Equity Report (SIER). One out of every ten private sector jobs in the city is with a foreign company. GDP Examples of goods manufactured in the city include Broadway costumes, custom-made cabinets, croissants for hotels, and wooden crates for shipping fine art. New York City’s metropolitan area, which includes Newark and Jersey City, alone makes up $1.5 trillion of economic productivity. [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. That’s good for about 10% of the United States’ total GDP. 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. "New York and China: Building a Global Partnership." : Elected officials have created a Taxpayer Burden™, which is each taxpayer's share of state bills after its available assets have been tapped. [53] In 2015, fewer than 23,000 New York City residents were employed in the manufacture of garments, accessories, and finished textiles, although efforts to revive the industry were underway. retrieved from FRED, In New York City, tourism has made impressive gains in recent years, particularly in the foreign visitor segment. 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. [31]:34–35 Some of the largest commercial and investment banks in the world are headquartered in New York City: including JPMorgan Chase & Co., Citigroup Inc., The Goldman Sachs Group Inc., and Morgan Stanley. In 2018, total wages in the State increased by 4.4 percent. 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 … New York’s Population Has Grown, But More Slowly Than the Nation’s. Food processing is a US$5 billion industry that employs more than 19,000 residents. Many of the world's largest corporations are headquartered in Manhattan. [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. Real (inflation adjusted) GDP per Capita over time. More than 200 newspapers and 350 consumer magazines have an office in the city. [46] New York City is home to some of the nation's—and the world's—most valuable real estate. New York is a prominent location for the American entertainment industry, with many films, television series, books, and other media being set there. Try our corporate solution for free! New York has overtaken London as the number-one city in the world for finance, according to an influential study. View File. 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. 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. 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. Both are ranked first nationally by a wide margin and being roughly equivalent to the GDP of South Korea at less than half its population. Graph and download economic data for Total Gross Domestic Product for New York (NYNGSP) from 1997 to 2019 about GSP, NY, GDP, and USA. One out of ten private sector jobs in the city is with a foreign company. 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". The city is the top media market in the United States, with 7% of the country’s television-viewing households. 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. It is home to the New York Stock Exchange (NYSE) on Wall Street. [53] Growth of the city's manufacturing industry has occurred in Brooklyn Army Terminal at Sunset Park, Brooklyn. The GDP per capita of New York was $73,463 in 2018. Annual change in real GDP. U.S. Bureau of Economic Analysis, [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". New York City’s economy is booming, with 702,200 jobs added between 2009 and 2017 — the longest economic expansion in more than 70 years, according to state comptroller Thomas DiNapoli. [54] Key events have been the formation of the International Ladies' Garment Workers' Union in 1900 and the formation of Amalgamated Clothing Workers Union in 1914; the New York shirtwaist strike of 1909; and the Triangle Shirtwaist Factory fire in 1911, in which 146 perished. wind speeds 158-206 mph) tornado 31.2 miles away from the New York city center caused between $50,000 and $500,000 in damages.. On 8/8/2007, a category F2 (max. From 2010 to 2017, the State’s population increased by 2.4 percent, compared to a national pace of 5.5 percent. 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. 450 Park Avenue was sold on July 2, 2007 for US$510 million, about $1,589 per square foot ($17,104/m²), breaking the barely month-old record for an American office building of $1,476 per square foot ($15,887/m²) set in the June 2007 sale of 660 Madison Avenue. February 7, 2017. [4], Since 2000, China has been New York's leading growth market for exports. [20] The city's fashion industry provides approximately 180,000 employees with $11 billion in annual wages.[21]. The New York Metropolitan Region is home to more than half of the 32 largest Chinese companies with offices in the United States. One Federal Reserve Bank Plaza, [55], In one measure of how international New York City's economy is, data compiled by the agents Knight Frank show foreign owners make up 34% of sales in the city's prime residential market. [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. New York City had the highest growth rate of any region (2.9 percent) while the Mohawk Valley had the lowest (0.2 percent). Excluding trade, the U.S. economy grew by a more moderate 3.0 percent. 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 … It is the top global center for the advertising industry, which is metonymously called "Madison Avenue". [11] Despite declining, manufacturing remains consequential. Exports grew by 9.3 percent in Q2 2018 and added 1.12 pp to GDP growth. The Port of New York and New Jersey is also a major economic engine, handling record cargo volume in 2017, over 6.7 million TEUs. Performance . The City’s economic growth was driven by an expanding labor market and modest wage growth. Total Gross Domestic Product for New York [NYNGSP], GDP: $1,210 billionArea: 1,213square kilometersPopulation: 8,244,910The Big Apple. 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. These items are labor-intensive and require collaboration between the end-user and the manufacturer. 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. 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