The economy of New York City is the biggest regional economy in the United States and the second largest city economy in the world after Tokyo. Anchored by Wall Street, in Lower Manhattan, New York City is one of the world's two premier financial centers, alongside London and is home to the New York Stock Exchange and NASDAQ, the world's largest stock exchanges by market capitalization and trading activity. New York is distinctive for its high concentrations of advanced service sector firms in fields such as law, accountancy, banking and management consultancy.
The financial, insurance, health care, 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. Creative industries such as new media, advertising, fashion, design and architecture account for a growing share of employment, with New York City possessing a strong competitive advantage in these industries. Manufacturing, although declining, remains consequential.
The New York Stock Exchange is by far the largest stock exchange in the world by market capitalization of listed companies. The NASDAQ electronic exchange has the most companies listed and is second largest in the world by market capitalization of listed companies.
The New York metropolitan area had an estimated gross metropolitan product of $1.28 trillion in 2010, the largest regional economy in the United States. The city's economy accounts for the majority of the economic activity in the states of New York and New Jersey.
Read more about Economy Of New York City: Real Estate and Corporate Location, Finance, Information Technology, Health Care and Biomedical, Manufacturing, Trade, Media, Top Publicly Traded Companies in New York City
Famous quotes containing the words york city, economy of, economy, york and/or city:
“The rumor of a great city goes out beyond its borders, to all the latitudes of the known earth. The city becomes an emblem in remote minds; apart from the tangible export of goods and men, it exerts its cultural instrumentality in a thousand phases.”
—In New York City, U.S. public relief program (1935-1943)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)
“I haven’t seen so much tippy-toeing around since the last time I went to the ballet. When members of the arts community were asked this week about one of their biggest benefactors, Philip Morris, and its requests that they lobby the New York City Council on the company’s behalf, the pas de deux of self- justification was so painstakingly choreographed that it constituted a performance all by itself.”
—Anna Quindlen (b. 1952)
““Why visit the playhouse to see the famous Parisian models, ... when one can see the French damsels, Norma and Diana? Their names have been known on both continents, because everything goes as it will, and those that cannot be satisfied with these must surely be of a queer nature.””
—For the City of New Orleans, U.S. public relief program (1935-1943)