Economy of New York City
The NASDAQ MarketSite in Times Square.
The World Financial Center, containing the
offices of many financial firms.
The economy of New York City
is the
largest regional economy in the United
States and the second largest city economy
in the world after Tokyo.[1] New York City is
the leading financial center of the world and
a premier headquarters location for leading
global financial services companies.[2][3] New
York is distinctive for its high concentrations
of advanced service sector firms in fields
such as law, accountancy, banking and man-
agement consultancy.[4]
The financial, insurance, and real estate
industries form the basis of New York’s eco-
nomy. The city is also the most important
center for mass media, journalism and pub-
lishing in the United States, and is the pree-
minent 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 ad-
vantage in these industries.[5] Manufactur-
ing,
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 third largest in
the world by market capitalization of listed
companies.
The New York metropolitan area had an
estimated gross metropolitan product of
$1.13 trillion in 2005,[6][7] the largest region-
al economy in the United States.[8] The city’s
economy accounts for the majority of the eco-
nomic activity in the states of New York and
New Jersey.[8]
Large corporations
Midtown Manhattan is the largest central
business district in the world, while the Fin-
ancial District is also the third largest in the
United States. New York City has long been
the dominant business center of the United
States, but with the city’s fiscal crisis in the
1970s a new trend began to develop result-
ing in corporate headquarters and subsid