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 gay world that flourished in the half-century between 1890 and the beginning of the Second World War, a highly visible, remarkably complex, and continually changing gay male world, took shape in New York City.... It is not supposed to have existed.”
—George Chauncey, U.S. educator, author. Gay New York: Gender, Urban Culture, and the Making of the Gay Male World, 1890-1940, p. 1, Basic Books (1994)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“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.”
—Jane Jacobs (b. 1916)
“New York was a new and strange world. Vast, impersonal, merciless.... Always before I had felt like a person, an individual, hopeful that I could mold my life according to some desire of my own. But here in New York I was ignorant, insignificant, unimportant—one in millions whose destiny concerned no one. New York did not even know of my existence. Nor did it care.”
—Agnes Smedley (1890–1950)
“The City is of Night, but not of Sleep;
There sweet sleep is not for the weary brain;
The pitiless hours like years and ages creep,”
—James Thomson (1834–1882)