The Economy of New York City
Once a city is made then for it to exist and prosper in the world it needs to have some essential things or elements and economy just happens to be one of the many essentials that a city needs to have for it to exist. New York is one of the most famous places in the world due to different reasons; however, this article will only deal with the economic part of the city. The economy of the New York is the largest in the US and this fact is also reported in the Wall Street for the world to see. The economy of the city is based on a large number of international and national banks, stock exchange market, international and national companies, real estate, health care, insurance, law industries etc.The city is home to two of the largest and most popular working stock exchange in terms of daily average trading in the world. The names of these exchanges are The New York Stock Exchange and the NASDAQ. The economy also depends upon the finance and the city had been a leading center in finance since World War I.
According to the survey that was conducted in 2008; 344,700 workers are employed in this industry. After the stock exchanges the next major financial sector is the different banks and at the moment there are 12 national banks working in the city. The New York Fed bank is the largest and the most popular bank of the city.Real state is another feature that boosts the economy of the city. In the year 2006 it was calculated that the total value of property was around $802.4 billion, since then there had been a huge increase in the economic value of the property. The city is home to US’s most expensive offices, homes and lodges.The largest percentage of people is employed in the manufacturing sector. Still in the recent years it was seen that the employment rate is declining rapidly now in this sector as other job opportunities which are better than this are opening up.
The principal products made by the manufacturing sector are garments, chemical, metal products, processed food, furniture and many other daily use products, however, among all of this stuff the food processing is the most major and stable industry in the city, making nearly $5 billion per annum and employing over 19,000 people and apart from the manufacturing sector there are more than 10,000 industrial businesses present in the city offering more than 233,000 job opportunities for the people. International and foreign corporations also play a part in building and maintaining the economy of the city. In the foreign corporations, China had been the largest growth market for export since 2000, and there are 32 Chinese companies working in the city, which have made this all possible. Foreign owners make up 34% of sales in the city’s prime residential market. Apart from this the city also earns in billion from trade via sea and some high-tech industries that contribute to 3% of the economy. The city also home to at least 70 hospitals which carry out research work and the money from these research contributes to the economy of the city.
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