Economy
New York City is a global hub of international business and commerce and it is one of four "command centers" for the world economy (along with London, Hong Kong, and Tokyo). The city is a major center for finance, insurance, real estate, media and the arts in the United States. Other important sectors include the city's television and film industry, second largest in the country after Hollywood; medical research and technology; non-profit institutions and universities; and fashion. Real estate is a major force in the city's economy. The total value of all New York City property was $802.4 billion in 2006. The Time Warner Center is the property with the highest-listed market value in the city, at $1.1 billion in 2006.
The New York metropolitan area had an estimated gross metropolitan product of $901.3 billion in 2004, the largest in the United States. The city's economy accounts for the majority of the economic activity in the states of New Jersey and New York. 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. Wages in Manhattan were also the fastest growing among the nation's 10 largest counties.
The city's stock exchanges are among the most important in the world. The New York Stock Exchange is the world's largest stock exchange by dollar volume, while the NASDAQ is the world's largest by number of listings. Many major corporations have headquarters in New York; it has more Fortune 500 companies than any other city. New York is also unique among American cities for its large number of foreign corporations. 1 out of 10 private sector jobs in the city is with a foreign company.
Creative industries, like new media, advertising, design and architecture account for a growing share of employment. High-tech industries like software development, game design, and Internet services are also growing; because of its position at the terminus of the transatlantic fiber optic trunk line New York City is the leading Internet gateway in the United States.
Manufacturing accounts for a large but declining share of employment. Garments, chemicals, metal products, processed foods, and furniture are some of the principal products. The food-processing industry is the most stable major manufacturing sector in the city. 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.
(Source: Wikipedia.org)
