Economy of New York City
The economy of New York City encompasses the largest municipal and regional economy in the United States. In 2023, the New York City Metropolitan Area generated a GMP of US$2.299 trillion. Anchored by Wall Street in Lower Manhattan, New York City has been characterized as the world's premier fintech and financial center. The city is home to the New York Stock Exchange and Nasdaq, the world's two largest stock exchanges by both market capitalization and trading activity.
New York City, with its center in Manhattan, is the world's leading center of banking, finance, and communication. Many of the world's largest corporations are headquartered in Manhattan. The borough contained over 500 million square feet of office space in 2015, making it the largest office market in the United States. Midtown Manhattan, with nearly 400 million square feet that same year, is the largest central business district in the world. New York City is distinctive for its high concentrations of advanced service sector firms in the law, accountancy, banking, and management consultancy fields. It is the top global center for the advertising industry, which is metonymously called "Madison Avenue". Silicon Alley, metonymous for New York's broad-spectrum high technology sphere, continues to expand.
Finance, health care and life sciences, high technology and biotechnology, real estate, and insurance all form the basis of New York City's economy. The city is also the nation's most important center for mass media, journalism, and publishing. Also, it is the country's preeminent arts center. Creative industries such as digital media, advertising, fashion, design, and architecture account for a growing share of employment. New York City possesses strong competitive advantages in these industries. Despite declining, manufacturing remains consequential. The Port of New York and New Jersey is a major economic engine, handling a maritime cargo volume in the ten months through October 2022 of over 8.2 million TEUs, benefitting post-Panamax from the expansion of the Panama Canal, and accelerating ahead of California seaports in monthly cargo volumes.
GDP
In 2023, the GDP of New York City was around $1.286 trillion, of which $939 billion, or 73%, was Manhattan.| County | GDP |
| New York | 938.995 |
| Kings | 135.980 |
| Queens | 133.874 |
| Bronx | 54.591 |
| Richmond | 22.298 |
| New York City | 1,285.738 |
City economic overview
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. New York City's unemployment rate fell to its record low of 4.0% in September 2018.Many Fortune 500 corporations are headquartered in New York City, as are a large number of multinational corporations. One out of ten private sector jobs in the city is with a foreign company. New York City has been ranked first among cities across the globe in attracting capital, business, and tourists. This ability to attract foreign investment helped New York City top the FDi Magazine American Cities of the Future ranking for 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.
, 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". The city's fashion industry provides approximately 180,000 employees with $11 billion in annual wages.
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. Entrepreneurs were forming a "Chocolate District" in Brooklyn as of 2014, while Godiva, one of the world's largest chocolatiers, continues to be headquartered in Manhattan.
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". 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% of city tax revenue, 17% of state tax revenue, and a fifth of the city's total wages. Employees in the securities industry earned an average salary 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. 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. Investment banking fees on Wall Street totaled approximately $54.9 billion in 2018. 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. 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. 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.
Tech and biotech
New York is a top-tier global high technology hub. New York's tech universe incorporates artificial intelligence, the Internet, new media, telecommunications, digital media, software development, biotechnology, game design, financial technology, 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, 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, New York's intellectual capital, and its extensive outdoor wireless connectivity. 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., New York City hosted 300,000 employees in the tech sector. The technology sector has been claiming a greater share of New York City's economy since 2010.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. 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 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.
Health care
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.