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Encyclopedia > Economy of New York City
The NASDAQ MarketSite in Times Square.
The World Financial Center, containing the offices of many financial firms.
The World Financial Center, containing the offices of many financial firms.

The economy of New York City is one of the largest regional economies in the United States. The city is a global center for business and commerce and one of the most important centers in world finance, along with London and Tokyo. Download high resolution version (426x640, 120 KB)NASDAQ in Timesquare New York City. ... Download high resolution version (426x640, 120 KB)NASDAQ in Timesquare New York City. ... Nasdaq MarketSite (Times Square, New York City) at night Financial reporters from major television news networks deliver live updates from the MarketSite Studio. ... Image File history File links Download high resolution version (1166x784, 265 KB) Summary Taken by User:Legalizeit in December 2005. ... Image File history File links Download high resolution version (1166x784, 265 KB) Summary Taken by User:Legalizeit in December 2005. ... A view of the World Trade Center, World Financial Center, and Battery Park City from the Hudson River on August 26, 2000. ... Nickname: Location in the state of New York Coordinates: Country United States State New York Boroughs The Bronx Brooklyn Manhattan Queens Staten Island Settled 1625 Government  - Mayor Michael Bloomberg (R) Area  - City  468. ... This article is about the capital of England and the United Kingdom. ... This article or section does not cite its references or sources. ...


The financial, insurance, and real estate industries form the basis of New York's economy. The city is also the most important center for mass media, journalism and publishing in the United States, and is the preeminent arts center in the country. Medical research, technology, and fashion are also significant sectors. Manufacturing, although declining, remains consequential.


The city's stock exchanges are the most important in the United States. The New York Stock Exchange is by far the largest stock exchange in the world by market capitalization of listed companies. The NASDAQ has the most companies listed and is third largest in the world by market capitalization of listed companies, although since the NASDAQ is an entirely electronic exchange, its trading does not take place physically in New York City. Many international corporations are headquartered in the city, including more Fortune 500 companies than any other city. The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... Market capitalization, often abbreviated to market cap, is a measurement of corporate size that refers to the current stock price times the number of outstanding shares. ... NASDAQ in Times Square, New York City. ... Market capitalization, often abbreviated to market cap, is a measurement of corporate size that refers to the current stock price times the number of outstanding shares. ... NASDAQ in Times Square, New York City. ... The Fortune 500 is a ranking of the top 500 United States corporations as measured by gross revenue. ...

Contents

Statistics and history

New York City has an estimated gross city product of $457.3 billion(2006), larger than the GDP of Switzerland ($377 billion). If it were a country, the city's economy would be 17th largest in the world, and at $56,000 per person, New York would have the second highest per capita GDP in the world after Luxembourg. The New York metro region's GMP of $901 billion is larger than the total Gross State Product of every state in the United States except California and Texas. It accounts for 65% of economic output in the state of New York, 75% of economic output in the state of New Jersey and 50% of Connecticut's economic output.[7]As of 2006 the city is the headquarters of 24 Fortune Global 500 corporations (3rd after Tokyo and Paris) and its metropolitan area is home to 38 Fortune Global 500 corporations (2nd after Tokyo). Over a hundred of the Global 2000 companies have a presence in New York and likewise for the American Fortune 500. NY redirects here. ... It has been suggested that this article be split into multiple articles. ... It has been suggested that this article be split into multiple articles. ... The Fortune Global 500 is a ranking of the top 500 corporations as measured by revenue. ...


According to a study conducted by PricewaterhouseCoopers, the New York urban area (18.7 million people) had a total GDP of $1,133 billion in 2005 (at purchasing power parity), ranking as the second-largest urban agglomeration GDP in the world after the Tokyo urban area.[1] A PwC office building (Southwark Towers) in London, England. ... Crowded Shibuya, Tokyo shopping district An urban area is an area with an increased density of human-created structures in comparison to the areas surrounding it. ... The Purchasing power parity (PPP) theory was developed by Gustav Cassel in 1920. ... This article or section does not cite its references or sources. ...


Real estate is a major force in the city's economy. The total value of all New York City property stood at $802.4 billion in 2006, up by 19 percent from $674.1 billion the previous year.[2] The Time Warner Center is the property with the highest-listed market value in the city, at $1.1 billion in 2006. Time Warner Center and Columbus Monument. ...


As of 2000, 3.7 million people were employed in New York City, with Manhattan as the main employment center with 55.6% of all jobs.[3] In 2006 the average weekly wage in Manhattan was $1,453, the highest among the 325 largest counties in the United States. The national average was $784.[4] Wages in Manhattan were also the fastest growing among the nation's 10 largest counties.[4] Brooklyn has 18% of jobs, while 16% of people work in Queens, 7.5% in the Bronx, and 3% in Staten Island. Of those that work in Manhattan, 30% commute from within Manhattan, while 17% come from Queens, 16% from Brooklyn, 8% from the Bronx, and 2.5% from Staten Island. Another 4.5% commute to Manhattan from Nassau County, and 2% from Suffolk County on Long Island, while 4% commute from Westchester County. 5% commute from Bergen and Hudson counties in New Jersey. Smaller percentages commute from outlying suburbs.[3] Some New Yorkers reverse commute to the suburbs: 3% travel to Nassau County, 1.5% to Westchester County, 0.7% to Hudson County, 0.6% to Bergen County, 0.5% to Suffolk County, and smaller percentages to other places in the metropolitan area.[3] Nassau County is a suburban county in the New York Metropolitan Area east of New York City in the U.S. state of New York. ... Suffolk County is a county located in the U.S. state of New York. ... Westchester County is a suburban county with about 940,000 residents located in the U.S. state of New York. ...


History

New York City's economic growth was made possible by its harbor, widely considered one of the finest natural ports in the world. The value of this port was greatly enhanced in 1819 with the opening of the Erie Canal, which gave New York a decisive advantage over the competing ports of Boston and Philadelphia. Seaport, a painting by Claude Lorrain, 1638 The Port of Wellington at night. ... The Erie Canal (currently part of the New York State Canal System) is a canal in New York State, United States, that runs from the Hudson River to Lake Erie, connecting the Great Lakes with the Atlantic Ocean. ... Nickname: City on the Hill, Beantown, The Hub (of the Universe)1, Athens of America, The Cradle of Revolution, Puritan City, Americas Walking City Location in Massachusetts, USA Counties Suffolk County Mayor Thomas M. Menino(D) Area    - City 232. ... Nickname: Motto: Philadelphia maneto - Let brotherly love continue Location in Pennsylvania Coordinates: Country United States Commonwealth Pennsylvania County Philadelphia Founded October 27, 1682 Incorporated October 25, 1701 Government  - Mayor John F. Street (D) Area  - City 369. ...

Trading ships on the East River in 1848.

The old port facility was at the South Street Seaport in Manhattan, but today there is still residual activity remaining at Red Hook in Brooklyn, and the Howland Hook Marine Terminal in Staten Island. Red Hook, for instance, handles the majority of the cocoa bean imports to the United States. Since the 1950s, most shipping activity in the area has shifted to Port Newark-Elizabeth Marine Terminal in New Jersey. But despite changes in international shipping, trade and the tertiary sector have always remained the real basis of New York's economy. Image File history File links New York City as seen from Williamsburg, 1848. ... Image File history File links New York City as seen from Williamsburg, 1848. ... A view of the South Street Seaport in New York with the Brooklyn, Manhattan, and Williamsburg bridges. ... A Holland-Style Factory Building in Red Hook Red Hook circa 1875 Red Hook is a neighborhood of the Borough of Brooklyn, New York, USA. Before annexation into Brooklyn, Red Hook was a separate village. ... The Howland Hook Marine Terminal is a container port facility located in northwestern Staten Island in New York City, . It is situated on the east side of the Arthur Kill, at the entrance to Newark Bay, just north of the Goethals Bridge. ... Container port facilities at Port Newark-Elizabeth Marine Terminal, seen from Bayonne, New Jersey. ... It has been suggested that this article be split into multiple articles. ... This article or section does not adequately cite its references or sources. ... The tertiary sector of industry (also known as the service sector or the service industry) is one of the three main industrial categories of a developed economy, the others being the secondary industry (manufacturing), and primary industry (extraction such as mining, agriculture and fishing). ...


Manufacturing first became a major economic base for New York City in the mid-nineteenth century with the advent of industrialization and the railroad. New York was formerly a national center for clothing manufacture, and some continues, sometimes in sweatshops. There are still around 120,000 manufacturing jobs in the city compared to over a million in the middle of the 20th century. Like international shipping, though, manufacturing gradually declined in the late-twentieth century with rising land values. The city was also a first center of the American film industry, along with Chicago, Illinois, until it moved to Hollywood, California, and still has some television and movie production. // Girls wearing formal attire for dancing, an example of one of the many modern forms of clothing. ... Sweatshop is a pejorative term often used to describe a manufacturing facility that is physically or mentally abusive, or that crowds, confines, or compels workers, or forces them to work long and unreasonable hours, as would be the case with penal labour or slave labour. ... Much like American popular music, American cinema has had a profound effect on cinema across the world since the early 20th century. ... Flag Seal Nickname: The Windy City Motto: Urbs In Horto (Latin: City in a Garden), I Will Location Location in Chicagoland and northern Illinois Coordinates , Government Country State Counties United States Illinois Cook, DuPage Mayor Richard M. Daley (D) Geographical characteristics Area     City 606. ... Greetings from Hollywood Hollywood is a district of the city of Los Angeles, California, U.S.A., that extends from Vermont Avenue on the east to just beyond Laurel Canyon Boulevard above Sunset and Crescent Heights Boulevards on the west; the north to south boundary east of La Brea Avenue...


The Wall Street Crash of 1929 was a precursor to the Great Depression. Crowd gathering on Wall Street. ... The Great Depression was a time of economic down turn, which started after the stock market crash on October 29, 1929, known as Black Tuesday. ...


In recent years the city has made efforts to diversify its economic base. The city government's Economic Development Corporation maintains industry desks geared toward the financial, media, real estate, biotechnology and retail industries, as well as the city's diverse non-profit sector that encompasses hospitals, schools and arts and cultural institutions.


Post-September 11, 2001

New York City's economy was hurt by the terrorist attacks of September 11, 2001 on the World Trade Center. The economy rebounded quickly, however, according to a 2006 report from the Federal Reserve Bank of New York. The report found that there were 100,000 fewer jobs in the city five years after the attacks, but also pointed to other signs of economic health. For example, the average incomes of New Yorkers increased faster than for other Americans during the time period. The study concluded that the economic effects of the terrorist attacks were sharp but short-lived and had largely disappeared by the end of 2002. New York City’s unemployment rate in May 2006 was 5 percent, its lowest level in nearly 18 years, with household employment surpassing both the pre-9/11 peak in 2001 and the previous high mark reached in 1969. The number of city residents with jobs rose above 3.6 million that same month.[8] The World Trade Center on fire The September 11, 2001 attacks were a series of coordinated terrorist attacks against the United States on September 11, 2001. ... This article is about the former World Trade Center (Twin Towers) in New York City. ... The Federal Reserve Bank of New York, located at 33 Liberty Street in Manhattan. ...


International trade

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.[9] Internationalism is a political movement which advocates a greater economic and political cooperation between nations for the benefit of all. ... Nickname: Motto: Justitia Omnibus (Justice for All) Location of Washington, D.C., in relation to the states Maryland and Virginia Coordinates: Country United States Federal District District of Columbia Government  - Mayor Adrian M. Fenty (D)  - City Council Chairperson: Vincent C. Gray (D) Ward 1: Jim Graham (D) Ward 2: Jack...


China has been New York's leading growth market for exports since 2000. 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.[5]


New York’s tax code differs from many other states in ways that substantially reduce the effective tax rate for many corporations, particularly foreign firms setting up U.S. headquarters. New York City currently boasts 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.[6]


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. New York ranks ahead of Paris, where such sales account for 27%, Hong Kong (13%), and Sydney (9%). London, however, is the most cosmopolitan world city in terms of property ownership; more than 51% of homes there worth more than £2m ($3.8m, EU3m) sold in 2005 have gone to overseas buyers from Russia, the Middle East and elsewhere.[7]


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.[8] Shipping containers at a terminal in Port Elizabeth, New Jersey. ... Container port facilities at Port Newark-Elizabeth Marine Terminal, seen from Bayonne, New Jersey. ...


Corporate sector

Midtown Manhattan is the largest central business district in the world, while the Financial District is also the third largest in the United States. New York City has long been the dominant business center of the United States, but with the city's fiscal crisis in the 1970s a new trend began to develop resulting in corporate headquarters and subsidiaries gradually moving to the suburbs and other regions. View of Midtown from Empire State Building. ... This article or section does not adequately cite its references or sources. ... A view up Broad Street in the Financial District in Manhattan Federal Hall The Financial District of New York City is a neighborhood on the southernmost section of the borough of Manhattan which comprises the offices and headquarters of many of the citys major financial institutions, including the New...


Since the 1990s, however, New York has regained its magnetic force and is re-establishing its claim as the city of corporate headquarters. The number of headquarters and subsidiaries in Manhattan has more than doubled since 1990, according to the federal Department of Labor. For the very largest American corporations it is important to be in a global city. Surveys done by New York's economic planners have also shown that the personal preference of the chief executive is a factor in determining whether a company moves to or from New York. In 2005 there were 602 stand-alone headquarter operations for major companies in the city.[10] A global city or world city is a concept which postulates that globalisation can be broken down in terms of strategic geographic locales that see global processes being created, facilitated and enacted. ...


The 280,000 workers in the finance industry collect more than half of all the wages paid in Manhattan, although they hold fewer than one of every six jobs in the borough. The pay gap between them and the 1.5 million other workers in Manhattan continues to widen, causing some economists to worry about the city’s growing dependence on their extraordinary incomes. Those high salaries contribute to job growth, but most of this job growth occurs in lower-paying service jobs in restaurants, retail and home health care and not many jobs in highly paid areas.[11]


Finance and trade

The New York Stock Exchange is the largest in the world by dollar volume.
The New York Stock Exchange is the largest in the world by dollar volume.

Today, New York City is a major center of finance in the world economy, with Wall Street in Lower Manhattan's Financial District. Financial markets based in the city include the New York Stock Exchange, NASDAQ, American Stock Exchange, New York Mercantile Exchange, and New York Board of Trade. This contributes to New York City being a major financial service exporter, both within the United States and globally. Many corporations also have their headquarters in the city, including companies as prominent and diverse as Altria Group, Time Warner, American International Group, Pfizer, Bristol-Myers Squibb, JetBlue, Citigroup, DC Comics, Estée Lauder, and Sony Music Entertainment. Many other global companies have large offices in New York, such as General Electric. New York is also home to many of the leading investment banks. There are also a number of hedge funds, brokerages, investment managers, and other financial service companies in the New York City area. As the North American terminus of the transatlantic fiber optic trunkline, New York has extremely high internet connectivity and is the leading international internet gateway in the United States with 430 Gbit/s of international internet capacity terminates. By comparison, the number two U.S. hub, Washington/Baltimore, has 158 Gbit/s of internet terminates.[12] Download high resolution version (586x798, 93 KB) Photograph taken by Colin Gregory Palmer of the New York Stock Exchange in New York City in 2003. ... Download high resolution version (586x798, 93 KB) Photograph taken by Colin Gregory Palmer of the New York Stock Exchange in New York City in 2003. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... Finance studies and addresses the ways in which individuals, businesses, and organizations raise, allocate, and use monetary resources over time, taking into account the risks entailed in their projects. ... The world economy can be evaluated in various ways, depending on the model used, and this valuation can then be represented in various ways (for example, in 2006 US dollars). ... Elaborate marble facade of NYSE as seen from the intersection of Broad and Wall Streets For other uses, see Wall Street (disambiguation). ... Woolworth Building, looking south along Broadway Lower Manhattan, from the Brooklyn Bridge, 2005 Rigid airship the USS Akron over Lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. ... A view up Broad Street in the Financial District in Manhattan Federal Hall The Financial District is the neighborhood in New York City on the southernmost section of the island of Manhattan which comprises the offices and headquarters of many of the citys major financial institutions, including the New... In finance, financial markets facilitate: The raising of capital (in the capital markets); The transfer of risk (in the derivatives markets); and International trade (in the currency markets). ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... NASDAQ in Times Square, New York City. ... The American Stock Exchange (AMEX) is an American stock exchange situated in New York. ... The New York Mercantile Exchange**** NOTE the AMENX is FAKE, created by york-commodities to scam your money, if you send money you will never see it again**** You have been warned. ... The New York Board of Trade (NYBOT) is a physical commodity futures exchange located in New York, New York. ... A financial export is a business service provided by a domestic firm (regardless of ownership) to a foreign firm within the scope of financial services. ... This is a list of major corporations based in New York City. ... Investment banks assist corporations in raising funds in the public markets (both equity and debt), as well as provide strategic advisory services for mergers, acquisitions and other types of transactions. ... The term hedge fund dates back to the first such fund founded by Alfred Winslow Jones in 1949. ... A Stock broker sells or buys stock on behalf of a customer. ... Investment management is the professional management of various securities (shares, bonds etc) and other assets (e. ... Financial services is the largest industry (or category of industries) in the world in terms of earnings (20% of market cap in the S&P 500 in 2004). ... Fiber Optic strands An optical fiber in American English or fibre in British English is a transparent thin fiber for transmitting light. ...


Since the founding of the Federal Reserve banking system, the Federal Reserve Bank of New York in Manhattan's financial district has been where monetary policy in the United States is implemented, although policy is decided in Washington by the Federal Reserve Bank's Board of Governors. The New York Fed is the largest, in terms of assets, and the most important of the twelve regional banks. It is responsible for the second district, which covers New York State and the New York City region, as well as Puerto Rico and the U.S. Virgin Islands. The New York Fed is responsible for conducting open market operations, the buying and selling of outstanding US Treasury securities. In 2003, Fedwire, the Federal Reserve's system for transferring balances between it and other banks, transferred $1.8 trillion a day in funds, of which about $1.1 trillion originated in the Second District. It transferred an additional $1.3 trillion a day in securities, of which $1.2 trillion originated in the Second District. The New York Federal Reserve is the only regional bank with a permanent vote on the Federal Open Market Committee and its president is traditionally selected as the Committee's vice chairman. The bank also has the largest gold repository in the world, larger even than Fort Knox. Its vault is 80 feet (25 m) beneath the street and holds $90 billion worth of gold bullion. The Federal Reserve Bank of New York, located at 33 Liberty Street in Manhattan. ... Federal Reserve Districts The United States Federal Reserve System consists of twelve Federal Reserve Banks, each responsible for a particular district, and some with branches. ... Open Market Operations are the means by which central banks control the liquidity of the national currency. ... Treasury securities are government bonds issued by the United States Department of the Treasury through the Bureau of the Public Debt. ... Fedwire, which is operated by the Federal Reserve, is a Real Time Gross Settlement system that enables financial institutions to electronically transfer funds amongst its more than 9,500 participants. ... The Federal Open Market Committee (FOMC), a component of the Federal Reserve System, is charged under U.S. law with overseeing open market operations in the United States, and is the principal tool of US national monetary policy. ... The U.S. Bullion Depository at Ft. ...

See also: Federal Reserve Bank of New York

The Federal Reserve Bank of New York, located at 33 Liberty Street in Manhattan. ...

Media

New York is by far the most important center for American mass media, journalism and publishing. The city is the number-one 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. One-third of all independent films are produced in the Big Apple. More than 200 newspapers and 350 consumer magazines have an office in the city. The book publishing industry alone employs 13,000 people. For these reasons, New York is often called "the media capital of the world." The media of New York City is internationally influential, with some of the most important newspapers, largest publishing houses, most prolific television studios, and biggest record companies in the world. ... This article does not cite its references or sources. ... Journalism is a discipline of gathering, writing and reporting news, and more broadly it includes the process of editing and presenting the news articles. ... This article is concerned with the production of books, magazines, and other literary material (whether in printed or electronic formats). ...


Film

New York City's film industry is the nation’s second largest after Hollywood in California. Although much smaller, New York's film sector is growing rapidly and its billions of dollars in revenue makes it an important part of the city's economy.[13] It is also a growth sector; according to the Mayor's Office of Film, Theater and Broadcasting New York City attracted over 250 independent and studio films in 2005, an increase from 202 in 2004 and 180 in 2003. More than a third of professional actors in the United States are based in New York.[9] The city's movie industry employs 100,000 New Yorkers, according to the Office, and about $5 billion is brought by the industry to the city's economy every year.[10] International film makers work in the city, as well. The Bollywood film Kal Ho Naa Ho was shot in New York City in 2003, and has proceeded to become the fourth-highest grossing Indian film of all time.[11] ... Bollywood (Hindi: , Urdu: ) is the informal name given to the popular Mumbai-based Hindi language film industry in India. ... Kal Ho Naa Ho (Hindi कल हो ना हो, Urdu: Ú©Ù„ ہو نہ ہو, English: Tomorrow May Or May Not Be) is a 2003 Bollywood film set in New York City. ...

Silvercup Studios West, a "vertical Hollywood" to be built in 2007.

The Kaufman-Astoria film studio in Queens, built during the silent film era, was used by the Marx Brothers and W.C. Fields. It has also been the set for The Cosby Show and Sesame Street. The recently constructed Steiner Studios is a 15 acre (61,000 m²) modern movie studio complex in a former shipyard where The Producers and The Inside Man, a Spike Lee movie, were filmed. Image File history File links Silvercup_Studios_West. ... Image File history File links Silvercup_Studios_West. ... A silent film is a film which has no accompanying soundtrack. ... Groucho, Gummo, Minnie (mother), Zeppo, Frenchy (father), Chico and Harpo. ... W. C. Fields (January 29, 1880 - December 25, 1946) was an American comedian and actor. ... This article or section does not cite any references or sources. ... Sesame Street is an American educational childrens television series for preschoolers and is a pioneer of the contemporary educational television standard, combining both education and entertainment. ... Steiner Studios is the largest film studio in the borough of Brooklyn and the second-largest film studio in New York City. ... This article contains a trivia section. ...


Silvercup Studios revealed plans in February 2006 for a new $1 billion complex with eight soundstages, production and studio support space, offices for media and entertainment companies, stores, 1,000 apartments in high-rise towers, a catering hall and a cultural institution. The project is invisioned as a "vertical Hollywood" designed by Lord Richard Rogers, the architect of the Pompidou Center in Paris and the Millennium Dome in London. It is to be built at the edge of the East River in Queens and will be the largest production house on the East Coast. Steiner Studios in Brooklyn would still have the largest single soundstage, however. Kaufman Studios plans its own expansion in 2007. It has been suggested that Richard Rogers Partnership be merged into this article or section. ... The Pompidou Centres famous external skeleton of service pipes. ... City flag City coat of arms Motto: Fluctuat nec mergitur (Latin: Tossed by the waves, she does not sink) Paris Eiffel tower as seen from the esplanade du Trocadéro. ... The O2 redirects here. ... This article is about the capital of England and the United Kingdom. ... Queens Borough in New York City, in yellow Queens is one of the five boroughs of New York City, USA. Geographically the largest borough in the city, Queens is home to many immigrants and two of New Yorks major airports. ...


Miramax Films, a Big Ten film studio, is the largest motion picture distribution and production company headquartered in the city. Many smaller independent producers and distributors are also in New York. Miramax Films is a film production and distribution brand that was a Big Ten film motion picture distribution and production company headquartered in New York City before being bought out by The Walt Disney Company. ... The Big Ten refers to the ten major film production studios. ...


Fashion and advertising

Manhattan's Madison Avenue is synonymous with the American advertising industry, while Seventh Avenue is nicknamed "fashion avenue" as it serves as an important center for the fashion industry. Ninety percent of the diamonds imported to the United States pass through New York, and most of these are handled and cut in the city's Diamond District on 47th Street between Fifth and Sixth Avenues. New York also has among the most important scenes for art, music, and theater in the U.S., with an increasingly active artists' community. The city also has a large tourism industry. According to the Center for Women's Business Research, there are nearly 250,000 women-owned firms in New York City. Madison Avenue is a north-south avenue in the borough of Manhattan in New York City which carries northbound one-way traffic. ... Commercialism redirects here. ... Seventh Avenue is the name of a: Street in Manhattan (Seventh Avenue (Manhattan)) Band (Seventh Avenue (Band)) ... Fashion illustration by George Barbier of a gown by Jeanne Paquin, 1912, from La Gazette du bon ton, the most influential fashion magazine of its era. ... The Bath, a painting by Mary Cassatt (1844-1926). ... For other uses, see Music (disambiguation). ... For other usages see Theatre (disambiguation) Theater (American English) or Theatre (British English and widespread usage among theatre professionals in the US) is that branch of the performing arts concerned with acting out stories in front of an audience using combinations of speech, gesture, music, dance, sound and spectacle &#8212... Tourists on Oʻahu, Hawaii Tourism is travel for predominantly recreational or leisure purposes, and also refers to the provision of services in support of this act. ...


High tech

High-tech industries like software development, gaming design, and Internet services are also growing; New York is the leading international internet gateway in the United States, with 430 Gbit/s of international internet capacity terminates, because of its position at the terminus of the transatlantic fiber optic trunkline. By comparison, the number two U.S. hub, Washington/Baltimore, has 158 Gbit/s of internet terminates.[14] More than two-thirds of New Yorkers have Internet in their homes.


Internet & telecom

According to New York’s Economic Development Corporation, telecom carriers, cable companies, Internet service providers and publishers were a $23 billion industry in 2003. This represents over three percent of the city’s economy. The sector employs 43,000 city residents.


In 2006 Google moved into 311,000 square feet of office space in the second-largest building in New York City, at 111 Eighth Ave in Manhattan. The location is one of the most important "telecom hotels" in the world, a giant networking facility adjacent to the Hudson Street/Ninth Avenue fiber highway, one of the most critical Internet arteries in the world. Employing more than 500 people, it is Google's largest engineering complex outside of company headquarters. Google products engineered in the New York offices include Maps, Spreadsheets, Checkout, Blog search, and Mobile search. Google's large investment in its New York operations has led to speculation about new multimedia initiatives by the company. Google, Inc. ...


Medicine and biomedical research

Medical services and research drive New York's major healthcare industry. The city has the most post-graduate life sciences degrees awarded annually in the United States, 40,000 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. The National Institutes of Health (NIH) is the primary agency of the United States government responsible for medical research. ...


Major publicly-traded biopharma companies include Bristol Myers Squibb, Eyetech Pharmaceuticals, ImClone Systems, OSI Pharmaceuticals, Pfizer, Regeneron, CuraGen and Alexion. Pfizer shifted 1,000 jobs to New York City from New Jersey, Missouri, Michigan and California in 2003. According to the Partnership for New York City, New York institutions create more biotechnology-related patents than any other metropolitan area in the United States, including New Haven, home of Yale University's medical research complex, which produces the greatest per capita output. This article is about the city in Connecticut. ... “Yale” redirects here. ...


The health care industry employs approximately 375,000 people in New York City, making it the city's largest employer. 40,000 physicians work at more than 70 hospitals in New York; the city's 20 public hospitals served 1.5 million people in 1998 alone.


Manufacturing and Industrial Sector

There are over 233,000 jobs[15] in more than 10,000 New York City industrial businesses[16], 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 people of color 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, croissant 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 12,900 square foot biodiesel plant run by Tri-State Biodiesel began construction in Brooklyn in 2007 that will collect used cooking oil from restaurants and process it with methanol and petroleum to create diesel fuel. More than one million gallons 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 food-processing industry is the most stable major manufacturing sector in the city.[12] 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 No. 1 specialty-food export, with $234 million worth of exports each year.[12]


References

  1. ^ PriceWaterhouseCoopers, "UK Economic Outlook, March 2007", page 5. "Table 1.2 – Top 30 urban agglomeration GDP rankings in 2005 and illustrative projections to 2020 (using UN definitions and population estimates)" (PDF). Retrieved on 2007-03-09.
  2. ^ The New York Times. "Property Values in New York Show Vibrancy." January 13, 2007.[1]
  3. ^ a b c County-To-County Worker Flow Files. Census 2000. United States Census Bureau.
  4. ^ a b Bureau of Labor Statistics, U.S. Department of Labor. "Average Weekly Wage in Manhattan at $1,453 in Second Quarter 2006", 2007-02-20. Retrieved on 2007-02-21. 
  5. ^ "New York and China: Building a Global Parternship." The Partnership for New York City, April 2006.[2]
  6. ^ "New York and China: Building a Global Parternship." The Partnership for New York City, April 2006.[3]
  7. ^ "London's top housing draws the world's billionaires." 25 August 2006 Financial Times.[4]
  8. ^ Century, Douglas. "My Brooklyn; Still a Contender on the Waterfront", New York Times, 1999-03-12. Retrieved on 2006-07-19. 
  9. ^ "Creative New York." Center for an Urban Future Dec. 2005.[5]
  10. ^ "Hollywood Brings Its Cameras To a New New York." 19 Oct 2006 New York Sun.[6]
  11. ^ New York City Economic Development Corporation. [http://www.newyorkbiz.com/International/IntFunFacts.html}
  12. ^ a b "More Than a Link in the Food Chain", The Mayor's Office for Industrial and Manufacturing Business, 2007-02. Retrieved on 2007-02-14. 

A PwC office building (Southwark Towers) in London, England. ... 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the CE era. ... March 9 is the 68th day of the year in the Gregorian calendar (69th in leap years). ... 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the CE era. ... February 21 is the 52nd day of the year in the Gregorian calendar. ... For the Manfred Mann album, see 2006 (album). ... July 19 is the 200th day (201st in leap years) of the year in the Gregorian calendar, with 165 days remaining. ... 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the CE era. ... February 14 is the 45th day of the year in the Gregorian calendar. ...

See also


  Results from FactBites:
 
New York City - Wikipedia, the free encyclopedia (7659 words)
New York City was the site of a terrorist attack on September 11, 2001 when nearly 3,000 people were killed by the terrorist strike on the World Trade Center, including New Yorkers employed in the buildings and hundreds of firemen, policemen, and rescue workers who came to their aid.
New York City is also home to the nation's largest community of American Jews, with an estimate of 972,000 in 2002, and is the worldwide headquarters of the Hasidic Lubavitch sect and the Bobover and Satmar branches of Hasidism.
New York is a city of "great museums" with the Metropolitan Museum of Art's assemblage of historic art, the Museum of Modern Art and Guggenheim Museum's 20th century collection, and the American Museum of Natural History and its Hayden Planetarium focusing on the sciences.
New York (city) - Wikitravel (15517 words)
New York City (also simply referred to as "New York") is an urban metropolis located at the bottom of the Hudson Valley within the Mid-Atlantic region on the Eastern Seaboard of the United States of America.
New York is the USA's largest city, sprawling across a vast metropolitan area that has a population of 22 million (as of 2002, ranked 5th in the world, after Tokyo, Sao Paulo, Mexico City and Seoul).
New York City proper (the core area of interest to the traveler and outside observers) consists of five boroughs, which are actually five separate New York state counties - each borough has an independent local government within the city and a unique culture (each could be a large city in its own right!).
  More results at FactBites »

 
 

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