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 Many of the world's largest corporations are headquartered in Manhattan. Series from Gross Domestic Product (GDP) by State. St. Louis, MO 63102, More 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. In 2017: New York State’s GDP was over $1.5 trillion, 8 percent of the U.S. total. 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. 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 The State ranked 25th in the nation for economic growth with a real GDP increase of 2.1 … Finance, high technology, real estate, insurance, and health care all form the basis of New York City's economy. 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. A new report says New York City will retain its crown as the largest urban economy in the world as San Jose is set to be the fastest growing. [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. 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. A 12,900-square-foot (1,200 m2) biodiesel plant run by Tri-State Biodiesel, LLC began construction in the Bronx in 2010. The banking sector, a key driver of the City’s economy, continued to perform strongly as a result of higher interest rates, lower corporate tax rates, and deregulation. Fortune 500 companies headquartered in New York state that earned revenues of more than $15 billion in 2015. Garments, chemicals, metal products, processed foods, and furniture are some of the principal products. More than 200 newspapers and 350 consumer magazines have an office in the city. Please review the copyright information in the series notes before sharing. 25 August 2006, Industrial Revolution in the United States, New York City Economic Development Corporation, International Ladies' Garment Workers' Union, New York City Mayor's Office of Management and Budget, "Top 8 Cities by GDP: China vs. I. Rankings. Several investment banks and investment managers headquartered in the city are important participants in other global financial centers. The world rank is based on the Fortune Global 500's revenues for the fiscal year that ended before April 1, 2015. There were 1.2 million New Yorkers who were food insecure during 2016. https://fred.stlouisfed.org/series/NYNGSP, High technology startup companies and employment are growing in New York City and the 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,[37] New York's intellectual capital, and its extensive outdoor wireless connectivity. 2015 New York City Progress Report. [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. Trends in New York Real GDP. [6] The city's economy accounts for most of the economic activity in both the states of New York and New Jersey.[7]. GDP. Try our corporate solution for free! [31]:31–32[32] New York also leads in hedge fund management; private equity; and the monetary volume of mergers and acquisitions. [53] Growth of the city's manufacturing industry has occurred in Brooklyn Army Terminal at Sunset Park, Brooklyn. New York has overtaken London as the number-one city in the world for finance, according to an influential study. If you can make it in New York, you can make it anywhere, or so that old Frank Sinatra hit goes. One Federal Reserve Bank Plaza, New York's Taxpayer Burden™ is -$17,200, and it received a "D" from TIA. The City’s economic growth was driven by an expanding labor market and modest wage growth. 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. Chocolate is New York City's leading specialty-food export, with up to US$234 million worth of exports each year. 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. 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. economy. That’s good for about 10% of the United States’ total GDP. [48] Fifth Avenue in Midtown Manhattan commands the highest retail rents in the world, at US$3,000 per square foot ($32,000/m2) in 2017. 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. This includes manufacturing, warehousing, utilities, and transportation. 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. Wages in the State Increase . 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. The manufacturing sector has the highest percentage of first-generation immigrants making up 64% of the workforce (NYC Dept. Manufacturing jobs average $41,000 annually (NYS DOL, 2nd Qtr 2005), about $10,000 more than comparable jobs in retail or restaurants. Performance . retrieved from FRED, It is the top global center for the advertising industry, which is metonymously called "Madison Avenue". [10] New York City is distinctive for its high concentrations of advanced service sector firms in the law, accountancy, banking and management consultancy fields. February 7, 2017. New York area, 2018-19. In New York City, the meal gap also helps to provide an estimation of the extent of food insecurity. [61] The Association of Independent Commercial Producers is also based in New York. Are you sure you want to remove this series from the graph? [13] New York City's unemployment rate fell to its record low of 4.0% in September 2018. 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, New York detailed profile. [46] The Time Warner Center is the property with the highest-listed market value in the city, at US$1.1 billion in 2006. Food processing is a US$5 billion industry that employs more than 19,000 residents. [4], Since 2000, China has been New York's leading growth market for exports. January 18, 2021. In 2019, the real GDP of New York grew by roughly 3.9 percent compared to the year before. [46] New York City is home to some of the nation's—and the world's—most valuable real estate. Change in GDP. The percent change in real GDP ranged from 62.5 percent in Greensville + Emporia, VA, to –34.2 percent in Jackson County, WV. Made impressive gains in recent years, particularly in the City in th… this shows! Business, and communication old Frank Sinatra hit goes based in New York is one of 32... Fortune global 500 's revenues for the fiscal year that ended before April 1, 2015 at $ 1,772.261 in... Companies headquartered in Manhattan: Building a global Partnership. standard diesel expected to surpass 's. Highest percentage of first-generation immigrants making up 64 % of the world 's financial. Manufacturing sector in the City the Combined Statistical area [ 5 ] produced a of. 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