History of New York - The Last Decades of The 20th Century

The Last Decades of The 20th Century

In the late 20th century, telecommunication and high technology industries employed many New Yorkers. New York City was especially successful at this transition. Entrepreneurs created many small companies, as industrial firms such as Polaroid withered. This success drew many young professionals into the still–dwindling cities. New York City was the exception, in part because changes in policing and urban development dramatically reduced crime rates and urban decay.

This in turn led to a surge in culture. New York City became, once again, "the center for all things chic and trendy". Hip-hop and rap music, led by New York City, became the most popular pop genre. Immigration to both the city and state rose. New York City, with a large gay and lesbian community, suffered many deaths from AIDS.

New York City increased its already large share of television programming, home to the network news broadcasts as well as two of the three major cable news networks. The Wall Street Journal and The New York Times became two of the three "national" newspapers, read throughout the country. New York also increased its dominance of the financial services industry centered on Wall Street, led by banking expansion, a rising stock market, innovations in investment banking, including junk bond trading and accelerated by the savings and loan crisis that decimated competitors elsewhere in New York.

Upstate did not fare as well as downstate; the major industries that began to reinvigorate New York City did not typically spread to other regions. The number of farms in the state had fallen to 30,000 by 1997. City populations continued to decline while suburbs grew in area, but did not increase proportionately in population. High-tech industry grew in cities such as Corning and Rochester. Overall New York entered the new millennium "in a position of economic strength and optimism".