Economy

12th of December 2017

New York is considered as a global leader in commercial and financial services. The much famed theater district Time Square and financial district Wall Street can both be found in New York. Most Fortune 500 and 1000 companies in the country such as JP Morgan Chase & Co, Citigroup and Verizon Communications, and eight of the world’s top 10 securities firm like Merrill Lynch & Co and Faruqi & Faruqi, LLP to name a couple are also in New York.

The manufacturing sector remains strong with the presence of diverse industries, ranging from clothing to food products, print materials to chemicals and sporting goods to electronic equipment. Numerous biotech and pharmaceutical companies like Pfizer Pharmaceutical Products are situated in New York.

Mass communications, entertainment, advertising and printing and publishing also contribute significantly to the growth of its local economy. Majority of the printing plants in the country are headquartered in New York. The city is also home to some major television and film studios such as ABC, NBC, CNN, Fox News, HBO, Kaufman Astoria (home studio of Sesame Street) and MTV studios. New York has enjoyed a rush of television and film production over the years and major movie and television studios in Los Angeles now have satellite offices in New York for their New York based productions.

In addition, three of the “Big 4” record companies: Universal Music Group (formerly MCA and the largest of the Big 4), Sony Music Entertainment and Warner Music Group are all located in New York. (The fourth biggest record company is EMI which is based in London, United Kingdom.)

The “Silicon Alley,” a word play on California’s Silicon Valley, in Manhattan is the center of the tech community and was created following the internet boom in the late ‘90s. After an initial decline in the early 2000, Silicon Alley is seeing steady growth and renewed optimism. Google, Apple and Facebook now have offices in New York City. Start-ups like Gilt Groupe, Foursquare, OpenTable, and Tumblr are fast becoming lucrative and hiring more people.

Tourism is another industry that continues to see growth in New York. The Empire State Building, Statue of Liberty, Grand Central Terminal, Rockefeller Center and Central Park are among the top tourist destinations. The World Trade Center (also referred to as Ground Zero), the site of the catastrophic 9/11 attack also attract many tourists to the city. The influx of tourists is manifested in the growth of New York’s hospitality industry. In 2010 alone 25.7 million overnight stays in the city’s hotel rooms were recorded, from 23.6 million in 2008.

Other sectors that contribute to New York’s economy are agriculture and mining. New York is a leading producer of dairy products, and a leading producer of fruits and vegetables in the Eastern part of the country. New York is the lone state that produces wollastonite used in plastics, ceramics and friction products. New York is also among the top producers of garnets and zinc in the United States.

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    December 12, 2017, 8:55 am
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