Economy of New York City

In 2023, the GDP of New York City was around $1.286 trillion, of which $939 billion, or 73%, was Manhattan.{{citation|title=Gross Domestic Product by County and Metropolitan Area|url=https://fred.stlouisfed.org/release?et=&pageID=2&rid=397&t=|website=fred.stlouisfed.org}}

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. 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.{{cite web|url=https://njbmagazine.com/njb-news-now/port-new-york-new-jersey-sets-new-cargo-volume-record-2017/|title=Port of New York and New Jersey Sets New Cargo Volume Record for 2017|publisher=New Jersey Business|date=February 6, 2018|access-date=October 19, 2018}} New York City's unemployment rate fell to its record low of 4.0% in September 2018.{{cite web|url=https://labor.ny.gov/stats/pressreleases/pruistat.shtm|title=State's Unemployment Rate Hits 4.1%, Reaches 30-Year Low – NYC Unemployment Rate Drops to 4.0%, a New All-Time Low|publisher=New York State Department of Labor|date=October 18, 2018|access-date=October 19, 2018}}

Many Fortune 500 corporations are headquartered in New York City,[https://money.cnn.com/magazines/fortune/fortune500/2011/cities/ Fortune 500 web site (cities)], retrieved July 21, 2011; Fortune, Vol. 163, no. 7 (May 23, 2011), p. F-45 as are a large number of multinational corporations. One out of ten private sector jobs in the city is with a foreign company.{{cite news |last=Wylde |first=Kathryn |title=Keeping the Economy Growing |publisher=Gotham Gazette |date=January 23, 2006 |url=http://www.gothamgazette.com/article/fea/20060123/202/1727 |access-date=September 1, 2008 |url-status=dead |archive-url=https://web.archive.org/web/20081006220133/http://www.gothamgazette.com/article/fea/20060123/202/1727 |archive-date=October 6, 2008 }} New York City has been ranked first among cities across the globe in attracting capital, business, and tourists.{{cite web |last=Kennedy |first=Simon |url=https://www.bloomberg.com/news/2014-04-13/beijing-breaks-into-top-ten-in-rankings-by-a-t-kearney.html |title=Beijing Breaks Into Top Ten in Rankings by A.T. Kearney |publisher=Bloomberg L.P |date=April 13, 2014 |access-date=April 13, 2014}}Kaske, Michelle. [https://web.archive.org/web/20120312173905/http://www.bloomberg.com/news/2012-03-12/new-york-city-tops-global-competitiveness-london-is-no-2-economist-says.html "New York City Tops Global Competitiveness Rankings, Economist Report Says"], Bloomberg.com, March 12, 2012, backed up by the Internet Archive as of March 12, 2012. Accessed February 9, 2017. This ability to attract foreign investment helped New York City top the FDi Magazine American Cities of the Future ranking for 2013.{{cite news |last=Walls |first=Jacqueline |title=American Cities of the Future 2013–14 |publisher=fDiIntelligence.com |date=April 8, 2013 |url=http://www.fdiintelligence.com/Locations/Americas/American-Cities-of-the-Future-2013-14 |access-date=August 5, 2013}} In 2017, there were 205,592 employer firms in New York City, of which 131,584 of these firms were shown to be owned by men, and 45,114 were shown to be owned by women. Of those firms, 64,514 were owned by minorities, and 125,877 were shown to be owned by non-minorities. Veterans owned 5,506 of those firms.

{{As of|2013}}, 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".{{cite web |url=http://www.chegg.com/homework-help/definitions/metonymy-39 |archive-url=http://arquivo.pt/wayback/20160522170012/http%3A//www.chegg.com/homework%2Dhelp/definitions/metonymy%2D39 |url-status=dead |archive-date=May 22, 2016 |title=Definition of Metonymy |publisher=Chegg, Inc |access-date=February 16, 2019}} The city's fashion industry provides approximately 180,000 employees with $11 billion in annual wages.{{cite news |last=Fermino |first=Jennifer |url=http://www.nydailynews.com/news/politics/de-blasio-announces-3m-grants-city-fashion-industry-article-1.1605556 |title=Mayor de Blasio announces $3M in grants for New York City's fashion industry |newspaper=New York Daily News |date=February 7, 2014 |access-date=February 11, 2014 |archive-url=https://web.archive.org/web/20171011005433/http://www.nydailynews.com/news/politics/de-blasio-announces-3m-grants-city-fashion-industry-article-1.1605556 |archive-date=October 11, 2017 |url-status=live |df=mdy-all }}

Other important economic sectors include medical research and technology, non-profit institutions, and universities. Manufacturing accounts for a significant but declining share of employment. Food processing is a US$5 billion industry that employs more than 19,000 residents.

Chocolate is New York City's leading specialty food export, with over US$200 million worth of exports annually.{{cite web |url=http://www.nyc.gov/html/imb/downloads/pdf/more_than_link_food_chain.pdf |title=More Than a Link in the Food Chain |publisher=The Mayor's Office for Industrial and Manufacturing Business |access-date=September 1, 2008 |date=February 2007 |url-status=dead |archive-url=https://web.archive.org/web/20080831013513/http://www.nyc.gov/html/imb/downloads/pdf/more_than_link_food_chain.pdf |archive-date=August 31, 2008}} Entrepreneurs were forming a "Chocolate District" in Brooklyn {{As of|2014|lc=y}},{{cite web |last=Potkewitz |first=Hilary |url=http://www.crainsnewyork.com/article/20141117/REAL_ESTATE/311169989/-chocolate-district-in-the-making-in-brooklyn |title='Chocolate district' in the making in Brooklyn |publisher=Crain Communications Inc |date=November 17, 2014 |access-date=December 15, 2014}} while Godiva, one of the world's largest chocolatiers, continues to be headquartered in Manhattan.{{cite web |url=http://www.hoovers.com/company-information/cs/company-profile.GODIVA_CHOCOLATIER_INC.f6ceb3a3c848ccc7.html |title=Godiva Chocolatier Inc. Company Information |publisher=Hoover's Inc |access-date=January 9, 2015}}

{{main|Wall Street}}

File:Photos NewYork1 032.jpg on Wall Street, the world's largest stock exchange per total market capitalization of its listed companies{{cite web|title=NYSE Listings Directory|url=https://www.nyse.com/about/listed/lc_ny_overview.html|archive-url=https://web.archive.org/web/20130621174531/http://www.nyse.com/about/listed/lc_ny_overview.html|archive-date=June 21, 2013|access-date=February 16, 2019|df=mdy}}{{cite web|title=2013 WFE Market Highlights|url=http://www.world-exchanges.org/files/2013_WFE_Market_Highlights.pdf|archive-url=https://web.archive.org/web/20140327112731/http://www.world-exchanges.org/files/2013_WFE_Market_Highlights.pdf|archive-date=March 27, 2014|access-date=February 16, 2019|publisher=World Federation of Exchanges|df=mdy}}|alt=A large flag is stretched over Roman style columns on the front of a large building.]]

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'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. Employees in the securities industry earned an average salary (including bonuses) of $398,600 in 2018. 60% of these employees live in the city, 32% are immigrants, 51% hold only a bachelor's degree, and 39% hold an advanced degree. 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.{{cite web|last1=DiNapoli|first1=Thomas P. (New York State Comptroller)|last2=Bleiwas|first2=Kenneth B. (New York State Deputy Comptroller)|date=October 2019|title=The Securities Industry in New York City|url=https://www.osc.state.ny.us/sites/default/files/reports/documents/pdf/2020-01/report-9-2020.pdf|access-date=September 8, 2020}} Many large financial companies are headquartered in New York City, and the city is also home to a burgeoning number of financial startup companies.

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.{{Cite web|title=The 25 Largest Stock Exchanges|url=https://www.relbanks.com/stock-exchanges/largest-stock-exchanges|access-date=2020-09-09|website=www.relbanks.com}}{{Cite web|url=https://markets.cboe.com/us/equities/market_share/|access-date=2020-09-09|website=markets.cboe.com |title=Cboe U.S. Equities Market Volume Summary }} Investment banking fees on Wall Street totaled approximately $54.9 billion in 2018.{{Cite web|date=2020-06-30|title=Wall Street banks net record fees for pandemic fundraisings|url=https://www.afr.com/markets/debt-markets/wall-street-banks-net-record-fees-for-pandemic-fundraisings-20200630-p557nr|access-date=2020-09-09|website=Australian Financial Review|language=en}} 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. economy.{{cite web |author1=McKinsey & Company |author2=New York City Economic Development Corporation |url=http://www.nyc.gov/html/om/pdf/ny_report_final.pdf |title=Sustaining New York's and the US' Global Financial Services Leadership |publisher=City of New York |access-date=July 19, 2015}}{{rp|31–32}}{{cite web |url=http://www.bis.org/statistics/r_qa1306_hanx18.pdf |title=Total debt securities |date=June 2013 |publisher=Bank for International Settlements |access-date=July 19, 2015}} New York also leads in hedge fund management; private equity; and the monetary volume of mergers and acquisitions. Several investment banks and investment managers headquartered in the city are important participants in other global financial centers.{{rp|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.{{Cite web|title=NYCdata: Top 15 Holding Companies and Commercial Banks|url=https://www.baruch.cuny.edu/nycdata/business-headquarters/banks.htm|access-date=2020-09-09|website=www.baruch.cuny.edu}}

{{further|Tech companies in New York City|Biotech companies in New York City|Silicon Alley}}

File:Flatiron District.jpg, once centered around the Flatiron District, is now metonymous for New York's high tech sector, which has since expanded beyond the area.{{cite web |last=Lahlou |first=Karim |url=http://themidtowngazette.com/2013/10/startups-move-to-co-shared-offices-amid-high-real-estate-prices/ |title=Startups move to co-shared offices amid high real estate prices |publisher=The Midtown Gazette |access-date=August 20, 2014 |url-status=dead |archive-url=https://web.archive.org/web/20140821025234/http://themidtowngazette.com/2013/10/startups-move-to-co-shared-offices-amid-high-real-estate-prices/ |archive-date=August 21, 2014 }}]]

New York is a top-tier global high technology hub.{{cite news|url=https://www.crainsnewyork.com/technology/new-york-closer-ever-beating-bay-area-tech|title=New York is closer than ever to beating the Bay Area on tech|first=Cara|last=Eisenpress|newspaper=Crain Communications|date=April 28, 2023|access-date=June 19, 2023}} New York's tech universe incorporates artificial intelligence, the Internet, new media, telecommunications, digital media, software development, biotechnology, game design, financial technology ("FinTech"), and other fields within information technology that are supported by its entrepreneurship ecosystem and venture capital investments. In 2015, Silicon Alley generated over US$7.3 billion in venture capital investment across a broad spectrum of high technology enterprises,{{cite web |url=http://nvca.org/research/venture-investment/ |title=Venture Investment – Regional Aggregate Data |publisher=National Venture Capital Association and PricewaterhouseCoopers |access-date=February 16, 2019 |archive-url=https://web.archive.org/web/20160408104240/http://nvca.org/research/venture-investment/ |archive-date=April 8, 2016 |url-status=dead }} most based in Manhattan, with others in Brooklyn, Queens, and elsewhere in the region. High technology startup companies and employment are growing in New York City and the metropolitan 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,{{cite web |title=Telecommunications and Economic Development in New York City: A Plan for Action |publisher=New York City Economic Development Corporation |date=March 2005 |url=http://www.nycedc.com/about_us/TelecomPlanMarch2005.pdf |access-date=July 10, 2016 |archive-url=https://web.archive.org/web/20071012004612/http://www.nycedc.com/NR/rdonlyres/32243D90-27DD-4164-9B17-3B6F4AC7098D/0/TelecomPlanMarch2005.pdf |archive-date=October 12, 2007}} New York's intellectual capital, and its extensive outdoor wireless connectivity.{{cite news |last=Pereira |first=Ivan |url=http://www.amny.com/news/city-opens-nation-s-biggest-continuous-wi-fi-zone-in-harlem-1.6582180 |title=City opens nation's largest continuous Wi-Fi zone in Harlem |publisher=amNewYork/Newsday |date=December 10, 2013 |access-date=July 30, 2014}} 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.{{cite web |last=Brodkin |first=Jon |url=https://arstechnica.com/business/2014/06/verizon-will-miss-deadline-to-wire-all-of-new-york-city-with-fios/ |title=Verizon will miss deadline to wire all of New York City with FiOS |publisher=Condé Nast |date=June 9, 2014 |access-date=July 30, 2014}} {{As of|2014}}, New York City hosted 300,000 employees in the tech sector.{{cite news |author=S3 Partners |url=http://www.nydailynews.com/services/5-signs-nyc-tech-scene-growing-article-1.2070180 |title=5 signs NYC's tech scene is growing up – NYC tech sector hits 300,000 |newspaper=New York Daily News |date=January 8, 2015 |access-date=May 1, 2015 |archive-url=https://web.archive.org/web/20180627013352/http://www.nydailynews.com/services/5-signs-nyc-tech-scene-growing-article-1.2070180 |archive-date=June 27, 2018 |url-status=live |df=mdy-all }}{{cite web |first1=Jillian |last1=Eugenios |first2=Steve |last2=Hargreaves |first3=Aimee |last3=Rawlins |url=https://money.cnn.com/gallery/technology/2014/10/07/most-innovative-cities/index.html?iid=HP_Highlight |title=The most innovative cities in America |publisher=CNNMoney |date=October 7, 2014 |access-date=October 7, 2014}} The technology sector has been claiming a greater share of New York City's economy since 2010.{{cite news|url=https://www.nytimes.com/interactive/2019/02/15/business/economy/nyc-tech-startups-amazon.html|title=Even Without Amazon, Tech Could Keep Gaining Ground in New York|author=Ben Casselman, Keith Collins, and Karl Russell|newspaper=The New York Times|date=February 15, 2019|access-date=February 16, 2019}}

The biotechnology sector is also growing in New York City, driven by the city's strength in academic scientific research and public and commercial financial support. 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.{{cite news |last=Pérez-Peña |first=Richard |url=https://www.nytimes.com/2011/12/20/nyregion/cornell-and-technion-israel-chosen-to-build-science-school-in-new-york-city.html?scp=3&sq=cornell&st=cse |title=Cornell Alumnus Is Behind $350 Million Gift to Build Science School in City |work=The New York Times |date=December 19, 2011 |access-date=August 1, 2014}}{{cite web |url=http://www.news.cornell.edu/stories/2011/12/nyc-chooses-cornell-technion-build-tech-campus |title='Game-changing' Tech Campus Goes to Cornell, Technion |first=Anne |last=Ju |publisher=Cornell University |date=December 19, 2011 |access-date=August 1, 2014}} 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 {{convert|700,000|sqft|m2}} on East 29th Street and promotes collaboration among scientists and entrepreneurs at the center and with nearby academic, medical, and research institutions. The New York City Economic Development Corporation's Early Stage Life Sciences Funding Initiative and venture capital partners, including Celgene, General Electric Ventures, and Eli Lilly, committed a minimum of US$100 million to help launch 15 to 20 ventures in life sciences and biotechnology.{{cite news |last=Morris |first=Keiko |url=https://online.wsj.com/articles/wanted-biotech-startups-in-new-york-city-1406603189 |title=Wanted: Biotech Startups in New York City: The Alexandria Center for Life Science Looks to Expand |newspaper=The Wall Street Journal |date=July 28, 2014 |access-date=August 1, 2014}}

Research and medical services drive New York's healthcare industry. 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. New York receives the second-highest amount of annual funding from the National Institutes of Health among all U.S. cities, after Boston.

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. In New York, the 565,000 people work at more than 70 hospitals, and the city's 20 public hospitals serve 1.5 million inpatients yearly.

{{Further information|Diamond District, Manhattan}}

From the mid-19th century until the 1920s, New York's diamond trade was centered on Maiden Lane near Wall Street. As rents increased in the 1920s, diamond businesses relocated to 47th Street. The area's significance grew during World War II as refugee diamond merchants fled to New York. Post-WWII, Jewish merchants from Antwerp, Tel Aviv, and New York dominated the industry. Hebrew and Yiddish were as common as English amongst the merchants. Despite changes in demographics, the district's business practices have remained traditional. The New York Times described 47th Street as “a 17th-century industry in a 21st-century city.”{{Cite news |last=Weber |first=Lauren |date=2001-04-08 |title=The Diamond Game, Shedding Its Mystery |url=https://www.nytimes.com/2001/04/08/business/the-diamond-game-shedding-its-mystery.html |access-date=2024-05-21 |work=The New York Times |language=en-US |issn=0362-4331}} The district has survived Times Square's decline in the 1970s and 1980s and more recent gentrification, remaining a hub of cramped retail space and manufacturing amidst high Manhattan rents. Today, the area is characterized by a diverse mix of elderly, ultra-Orthodox Jews, South and Central Asians, and merchants from around the world conducting business openly on the sidewalk, reminiscent of an old world bazaar.{{Cite web |last=Magazine |first=Smithsonian |title=How Manhattan's Diamond District Continues To Operate Like an Old World Bazaar |url=https://www.smithsonianmag.com/travel/how-manhattans-diamond-district-continues-to-operate-like-old-world-bazaar-180973997/ |access-date=2024-05-21 |website=Smithsonian Magazine |language=en}} The Smithsonian magazine remarked the importance of family and community ties due to high levels of trust required in the diamond trade. The magazine further remarked how even in New York, trade was reputation based and businesses family oriented in order to maintain trust.

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.[https://www1.nyc.gov/assets/finance/downloads/pdf/press_release/fy2017_tentative_assessment_roll.pdf Department of Finance Publishes Fiscal Year 2017 Tentative Assessment Roll], New York City Department of Finance, January 15, 2016. "Today, Jacques Jiha, Commissioner for the Department of Finance, announced the publication of the Tentative Property Assessment Roll for fiscal year 2017, which shows the total Market Value for the upcoming year at about $1.072 trillion, an increase of $102.5 billion, or 10.6 percent from the 2016 Fiscal Year." The Time Warner Center is the property with the highest-listed market value in the city, at US$1.1 billion in 2006. New York City is home to some of the nation's—and the world's—most valuable real estate. 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.Quirk, James. {{cite web |url=http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjczN2Y3dnFlZUVFeXk4NDImZmdiZWw3Zjd2cWVlRUV5eTcxNjI5NzEmeXJpcnk3ZjcxN2Y3dnFlZUVFeXkyMg== |title=Bergen offices have plenty of space |archive-url=https://web.archive.org/web/20071222235142/http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjczN2Y3dnFlZUVFeXk4NDImZmdiZWw3Zjd2cWVlRUV5eTcxNjI5NzEmeXJpcnk3ZjcxN2Y3dnFlZUVFeXkyMg%3D%3D |archive-date=December 22, 2007 |url-status=dead |df=mdy}}, The Record (Bergen County), July 5, 2007. Accessed July 5, 2007. "On Monday, a 26-year-old, 33-story office building at 450 Park Ave. sold for a stunning $1,589 per square foot, or about ,10 million. The price is believed to be the most ever paid for a U.S. office building on a per-square-foot basis. That broke the previous record—set four weeks earlier—when 660 Madison Ave. sold for $1,476 a square foot." According to Forbes, in 2014, Manhattan was home to six of the top ten ZIP Codes in the United States by median housing price.{{cite web |last=Carlyle |first=Erin |url=https://www.forbes.com/sites/erincarlyle/2014/10/08/new-york-dominates-2014-list-of-americas-most-expensive-zip-codes/ |title=New York Dominates 2014 List of America's Most Expensive ZIP Codes |work=Forbes |date=October 8, 2014 |access-date=October 9, 2014}} Fifth Avenue in Midtown Manhattan commands the highest retail rents in the world, at US{{convert|3,000|$/ft2|$/m2}} in 2017.{{cite news |url=https://www.nytimes.com/2017/01/09/opinion/a-plea-for-fifth-avenue.html |title=A plea for Fifth Avenue |author=Janette Sadik-Khan |newspaper=The New York Times |date=January 9, 2017 |access-date=January 9, 2017}} 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 {{convert|24,000|ft2|m2}} penthouse apartment overlooking Central Park.{{cite web |url=https://www.bloomberg.com/news/videos/2019-01-29/hedge-fund-billionaire-ken-griffin-buys-america-s-most-expensive-home-video |title=Hedge Fund Billionaire Ken Griffin Buys America's Most Expensive Home |website=www.bloomberg.com |date=29 January 2019 |access-date=February 16, 2019}}

Manufacturing accounts for a significant share of employment. Garments, chemicals, metal products, processed foods, and furniture are some of the principal products.{{cite web |url=http://www.nyc.gov/html/imb/downloads/pdf/whitepaper.pdf |title=Protecting and Growing New York City's Industrial Job Base |publisher=The Mayor's Office for Industrial and Manufacturing Business |date=January 2005 |access-date=2006-07-19}} The food-processing industry is the most stable major manufacturing sector in the city. Food making is a $5 billion industry that employs more than 19,000 residents, many of them immigrants who speak little English. Chocolate is New York City's leading specialty-food export, with $234 million worth of exports each year.

There are over 233,000 manufacturing jobs in more than 10,000 New York City industrial businesses [https://web.archive.org/web/20060429153247/http://www.nycedc.com/Industries/Manufacturing/index.html], with the highest concentration of industrial employment in Manhattan. This includes manufacturing, warehousing, utilities, and transportation. Manufacturing jobs average $41,000 annually (NYS DOL, 2nd Qtr 2005), about $10,000 more than comparable jobs in retail or restaurants. The manufacturing sector has the highest percentage of first-generation immigrants making up 64% of the workforce (NYC Dept. City Planning) and African Americans comprising 78% of the production workforce (2004 American Community Survey).

These are small businesses, with an average size of 21 employees (NYS DOL, 2nd Qtr 2005). Examples of goods manufactured in the city include Broadway costumes, custom-made cabinets, croissants for hotels, and wooden crates for shipping fine art. These items are labor-intensive and require collaboration between the end-user and the manufacturer. In recent years, as real estate and globalization pressures have increased, the remaining manufacturers have become more design-oriented and single customer-focused. To boot, production methods have become cleaner and more technology-driven.

Despite the adaptability of New York manufacturers, there remain looming challenges to the sector's survival. 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.

A {{convert|12900|sqft|m2|adj=on}} biodiesel plant run by Tri-State Biodiesel, LLC began construction in the Bronx in 2010. The facility processes used cooking oil collected by TSB from over 2000{{usurped|1=[https://archive.today/20051027065501/http://www.tristatebiodiesel.com/ Tri-State Biodiesel :: Fuel of the Future... Today]}} New York restaurants with methanol and a catalyst to create biodiesel fuel. More than {{convert|1|e6USgal|m3}} of waste oil could be collected in Brooklyn every year according to a 2004 Cornell study. The fuel produces 78 percent less carbon-dioxide emissions than standard diesel.

The city's apparel and garment industry was historically centered on the Garment District in Manhattan.{{cite news|url=https://www.nytimes.com/2017/02/07/nyregion/new-york-garment-industry-brooklyn.html|date=February 7, 2017|title=New York Tries to Revive Garment Industry, Outside the Garment District|newspaper=New York Times|author=Winnie Hu}} The garment industry has been significant in labor history, with Jewish, Italian, and Hispanic, and (more recently) Chinese immigrants successively laboring in the industry.{{cite news|author=Steven Greenhouse|newspaper=New York Times|title=Its Heart Is Still 7th Avenue: Garment Union Keeps Piece of Past|date=December 3, 1995|url=https://www.nytimes.com/1995/12/03/nyregion/its-heart-is-still-7th-avenue-garment-union-keeps-piece-of-past.html}} 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. The industry peaked around 1950, when more than 323,000 workers were employed in the industry in New York. 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. 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 {{convert|830,000|sqft}} of manufacturing space. Growth of the city's manufacturing industry has occurred in Brooklyn Army Terminal at Sunset Park, Brooklyn.

The City of New York is unique among American cities for its large number of foreign corporations. One out of every ten private sector jobs in the city is with a foreign company. 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.{{Cite web |last=Wylde |first=Kathryn |title=Keeping the Economy Growing |url=https://www.gothamgazette.com/index.php/economy/3127-keeping-the-economy-growing |access-date=2023-01-02 |website=Gotham Gazette |language=en-gb}}

Since 2000, China has been New York's leading growth market for exports. The New York Metropolitan Region is home to more than half of the 32 largest Chinese companies with offices in the United States. These companies represent a broad array of industries including shipping, steel, energy and manufacturing firms, and services. Many have chosen to open headquarters in New York in anticipation of eventual listing on the respective New York stock exchanges and entering U.S. capital markets."New York and China: Building a Global Partnership." The Partnership for New York City, April 2006.{{cite web |url=http://www.nycp.org/PDF/china%20brief_0406.pdf |title=Archived copy |access-date=2006-08-15 |url-status=dead |archive-url=https://web.archive.org/web/20060907011748/http://www.nycp.org/PDF/china%20brief_0406.pdf |archive-date=2006-09-07 }} New York City currently hosts seven Chinese daily newspapers, two Chinese language television stations, and the largest Chinese neighborhood in the United States. 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.

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. Some cargo shipping remains; for example, Brooklyn still handles the majority of cocoa bean imports to the United States.{{cite news|url=https://query.nytimes.com/gst/fullpage.html?res=9506E0DB173EF931A25750C0A96F958260&sec=travel&pagewanted=print|date=1999-03-12|title=My Brooklyn; Still a Contender on the Waterfront|first=Douglas|last=Century|access-date=2006-07-19|work=New York Times}}

{{Main article|Media in New York City}}

{{further|New Yorkers in journalism}}

New York is an important center for American mass media, journalism, and publishing. The city is the top media market in the United States, with 7% of the country's television-viewing households. Three of the Big Four music recording companies have their headquarters in the city. More than 200 newspapers and 350 consumer magazines have an office in the city. The book publishing industry alone employs 25,000 people. For these and other reasons, New York is often called "the media capital of the world".

File:Rockefeller Center (2006).JPG is home to NBC Studios.|alt=Ice skaters on a rink below a golden sculpture and a row of national flags that fly in front of a stone tower.]] Many of the world's largest media conglomerates are also based in the city.

New York is a prominent location for the American entertainment industry, with many films, television series, books, and other media being set there.{{cite news |last=Santora |first=Marc |url=https://www.nytimes.com/2014/02/27/arts/television/marvel-and-disney-to-film-daredevil-and-3-other-netflix-shows-in-new-york-city.html?hp |title=Four Marvel TV Shows to Film in New York |newspaper=The New York Times |date=February 26, 2014 |access-date=April 10, 2016}} 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,{{cite web|url=http://www1.nyc.gov/site/mome/news/bcg-announcement.page|title=Mayor De Blasio Announces Increased Growth of New York City's Entertainment Industry Brings $8.7 billion into the Local Economy|publisher=City of New York Mayor's Office of Media and Entertainment|date=October 15, 2015|access-date=April 10, 2016}} and by volume, New York is the world leader in independent film production{{cite web |url=http://www.nyfa.edu/filmschools/newyork.php |title=New York Film Academy, New York City |publisher=New York Film Academy |access-date=February 8, 2012 |url-status=dead |archive-url=https://web.archive.org/web/20120126210946/http://www.nyfa.edu/filmschools/newyork.php |archive-date=January 26, 2012 }} – one-third of all American independent films are produced in New York City.{{cite web |title=Request for Expressions of Interest |publisher=The Governors Island Preservation & Education Corporation |year=2005 |url=http://www.govisland.com/PDFs/RFEI/RFEI.pdf |access-date=April 10, 2016 |archive-url=https://web.archive.org/web/20080802030053/http://www.govisland.com/PDFs/RFEI/RFEI.pdf |archive-date=August 2, 2008}} The Association of Independent Commercial Producers is also based in New York.{{cite web |url=http://www.aicp.com/#/about_aicp/staff/ |publisher=Association of Independent Commercial Producers |title=AICP Staff & National Offices |access-date=February 8, 2012}} 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,{{cite web |last=Goundry |first=Nick |url=http://www.thelocationguide.com/blog/2014/06/ng-filming-incentives-new-york-half-year-location-filming-surpasses-record-for-whole-of-2013/ |title=New York half-year location filming surpasses record for whole of 2013 |publisher=Location Guide |date=Jun 6, 2014 |access-date=April 10, 2016 |archive-url=https://web.archive.org/web/20160913062834/http://www.thelocationguide.com/blog/2014/06/ng-filming-incentives-new-york-half-year-location-filming-surpasses-record-for-whole-of-2013/ |archive-date=September 13, 2016 |url-status=dead }} with New York surpassing Los Angeles as the top North American city for the same distinction during the 2013/2014 cycle.{{cite web |last=Goundry |first=Nick |url=http://www.thelocationguide.com/blog/2014/06/ng-filming-on-location-new-york-surpasses-los-angeles-for-tv-drama-pilot-filming/ |title=New York surpasses Los Angeles for TV drama pilot filming |publisher=Location Guide |date=Jun 25, 2014 |access-date=April 10, 2016 |archive-url=https://web.archive.org/web/20160913002604/http://www.thelocationguide.com/blog/2014/06/ng-filming-on-location-new-york-surpasses-los-angeles-for-tv-drama-pilot-filming/ |archive-date=September 13, 2016 |url-status=dead }}

{{See also|List of companies based in New York City}}

Fortune 500 companies headquartered in New York state that earned revenues of more than $15 billion in 2015 are all located within the New York metropolitan area. 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.

Notes:

(a), (b) : Armonk and Purchase are in Westchester County, New York, outside and to the north of New York City

Ranked by revenues in the fiscal year that ended before February 1, 2016.

The world rank is based on the Fortune Global 500's revenues for the fiscal year that ended before April 1, 2015.

• Economy of Long Island
• Economy of New York State
• Economy of the United States
• New York City Mayor's Office of Management and Budget

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• {{Commons category-inline}}

{{New York City}}

{{Economy of the United States}}

{{Economy of the United States by jurisdiction}}