Trade
City of New York is unique among American cities for its large number of foreign corporations. One out of every ten private sector jobs in the city is with a foreign company. Often this makes the perspective of New York’s business community internationalist and at odds with Washington’s foreign policy, trade policy, and visa policy.
Since 2000, China has been New York's leading growth market for exports. The New York Metropolitan Region is home to more than half of the 32 largest Chinese companies with offices in the United States. These companies represent a broad array of industries including shipping, steel, energy and manufacturing firms, and services. Many have chosen to open headquarters in New York in anticipation of eventual listing on the respective New York stock exchanges and entering U.S. capital markets. New York City currently boasts seven Chinese daily newspapers, two Chinese language television stations, and the largest Chinese neighborhood in the United States. New York area airports provide 12 daily flights to Hong Kong and five to Beijing, the most flights out of the eastern half of the United States.
In one measure of how international New York City's economy is, data compiled by the agents Knight Frank show foreign owners make up 34% of sales in the city's prime residential market. New York ranks ahead of Paris, where such sales account for 27%, Hong Kong (13%), and Sydney (9%). London, however, is the most cosmopolitan world city in terms of property ownership; more than 51% of homes there worth more than £2m ($3.8m, EU3m) sold in 2005 have gone to overseas buyers from Russia, the Middle East and elsewhere.
International shipping has always been a major part of the city's economy because of New York's natural harbor, but with the advent of containerization most cargo shipping has moved from the Brooklyn waterfront across the harbor to the Port Newark-Elizabeth Marine Terminal in New Jersey. Some cargo shipping remains; for example, Brooklyn still handles the majority of cocoa bean imports to the United States.
Read more about this topic: Economy Of New York City
Famous quotes containing the word trade:
“You know that fiction, prose rather, is possibly the roughest trade of all in writing. You do not have the reference, the old important reference. You have the sheet of blank paper, the pencil, and the obligation to invent truer than things can be true. You have to take what is not palpable and make it completely palpable and also have it seem normal and so that it can become a part of experience of the person who reads it.”
—Ernest Hemingway (1899–1961)
“I look on trade and every mechanical craft as education also. But let me discriminate what is precious herein. There is in each of these works an act of invention, an intellectual step, or short series of steps taken; that act or step is the spiritual act; all the rest is mere repetition of the same a thousand times.”
—Ralph Waldo Emerson (1803–1882)
“Experience has shown that the trade of the East is the key to national wealth and influence.”
—Chester A. Arthur (1829–1886)