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
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“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.”
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“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
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“A city is a place where there is no need to wait for next week to get the answer to a question, to taste the food of any country, to find new voices to listen to and familiar ones to listen to again.”
—Margaret Mead (1901–1978)