New York's economic output is almost as big as Canada's. There are over 233,000 manufacturing jobs in more than 10,000 New York City industrial businesses [3], with the highest concentration of industrial employment in Manhattan. [46] New York City is home to some of the nation's—and the world's—most valuable real estate. [55] New York City currently boasts seven Chinese daily newspapers, two Chinese language television stations, and the largest Chinese neighborhood in the United States. Rents continually increase, and labor costs are high and will continue to increase since New York has enacted a law to raise the minimum wage to $15. In 2012, the New York metropolitan area generated a gross metropolitan product (GMP) of over US$1.33 trillion with a population of 20.3 million people. Plus500. Buffalo ranked 11th on the US News & World Report list, and Syracuse ranked 22nd. Es handelte sich um den dritten New York City E-Prix sowie um das Saisonfinale der fünften Saison der FIA-Formel-E-Meisterschaft. U.S. jobs grew by 1.6 percent in Q4 2019 after increasing 1.5 percent (SAAR) in Q3 2019 (Chart 2). Manufacturing jobs average $41,000 annually (NYS DOL, 2nd Qtr 2005), about $10,000 more than comparable jobs in retail or restaurants. The economy of New York City encompasses the largest municipal and regional economy in the United States. Both the national and local economies continued to grow in the first nine months of 2019, making the current expansion the longest on record. [43][44] 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 700,000 square feet (65,000 m2) on East 29th Street and promotes collaboration among scientists and entrepreneurs at the center and with nearby academic, medical, and research institutions. All but two are based in New York City; IBM and PepsiCo are based in Westchester County, New York, just north of New York City. New York City establishments (including government) added 24,950 jobs, an increase of 2.2 percent on a seasonally adjusted annualized rate (SAAR) basis, the biggest gain since Q4 2018. [22] Entrepreneurs were forming a "Chocolate District" in Brooklyn as of 2014[update],[23] while Godiva, one of the world's largest chocolatiers, continues to be headquartered in Manhattan.[24]. QuickFacts Rochester city, New York. But by 2035, the GDP of New York City alone is expected to rise to $2.5 trillion, according to one estimate. This includes manufacturing, warehousing, utilities, and transportation. Economic Opportunity in New York in 2019 New York's State Legislature has passed major new legislation in the first days of 2019, beginning the year on a high note. According to the Office of the New York State Comptroller, the state's GDP in 2017 was over $1.5 trillion. [48] Fifth Avenue in Midtown Manhattan commands the highest retail rents in the world, at US$3,000 per square foot ($32,000/m2) in 2017. [50], Manufacturing accounts for a significant share of employment. New York state shares a long border and Niagara Falls with Canada. 60% of these employees live in the city, 32% are immigrants, 51% hold only a bachelor's degree, and 39% hold an advanced degree. (Sorry, New York, Canadians got the better side of the falls.) More than 200 newspapers and 350 consumer magazines have an office in the city. Examples of goods manufactured in the city include Broadway costumes, custom-made cabinets, croissants for hotels, and wooden crates for shipping fine art. Anchored by Wall Street in Lower Manhattan, New York City has been characterized as the world's premier financial center. Stock quotes by finanzen.net. (a), (b) : Armonk and Purchase are in Westchester County, New York, outside and to the north of New York City Several investment banks and investment managers headquartered in the city are important participants in other global financial centers. Read more: I visited NYC's highest nightclub, a 35th-floor lounge that's decked out in flowers and looks out onto the Empire State Building. 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% (US$3.7 billion) of city tax revenue, 17% (US$ 13.2 billion) of state tax revenue, and a fifth of the city's total wages. The Comptroller’s Office expects both the national and local econ… New York state takes up about 1% of the land mass of the United States. What Congress’s $325B PPP deal could mean for New York small businesses Greg’s Trees finds success selling Christmas cheer to a weary city City readies big step for speedy 5G service The economy of the State of New York is reflected in its gross state product in 2018 of $1.7 trillion, ranking third in size behind the larger U.S. states of California and Texas. 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