Economy of New York City
Encyclopedia
Tokyo
, ; officially , is one of the 47 prefectures of Japan. Tokyo is the capital of Japan, the center of the Greater Tokyo Area, and the largest metropolitan area of Japan. It is the seat of the Japanese government and the Imperial Palace, and the home of the Japanese Imperial Family...
. Anchored by Wall Street
Wall Street
Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...
, in Lower Manhattan
Lower Manhattan
Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York...
, New York City is one of the world's two premier financial centres
Financial Centre
A financial centre is a global city that is a company and business hub, as well as being home to many world famous banks and/or stock exchanges....
, alongside London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
and is home to the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
, the world's largest stock exchange by market capitalization of its listed companies. 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
Market capitalization
Market capitalization is a measurement of the value of the ownership interest that shareholders hold in a business enterprise. It is equal to the share price times the number of shares outstanding of a publicly traded company...
of listed companies. The NASDAQ
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
electronic exchange has the most companies listed and is third largest in the world by market capitalization
Market capitalization
Market capitalization is a measurement of the value of the ownership interest that shareholders hold in a business enterprise. It is equal to the share price times the number of shares outstanding of a publicly traded company...
of listed companies.
The New York metropolitan area had an estimated gross metropolitan product
Gross metropolitan product
Gross Metropolitan Product or Gross Regional Product is one of several measures of the size of the economy of a metropolitan area...
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.
Real estate and corporate location
Real estate is a significant factor in the city of New York's economy. In 2006 the total value of Manhattan property was $802.4 billion The Google building, 111 Eighth Ave. is the property with the highest-listed market value in the city, at $1.8 billion in 2006. The UK consulting firm MercerMercer (consulting firm)
Mercer is a human resource and related financial services consulting firm, headquartered in New York City. The firm operates internationally in more than 40 countries, with more than 19,000 employees, and is the world's largest human resource consulting firm....
, in a 2009 assessment "conducted to help governments and major companies place employees on international assignments", ranked New York City 49th worldwide in quality of living
World's Most Livable Cities
The world's most liveable cities is an informal name given to any list of cities as they rank on a reputable annual survey of living conditions. Two examples are the Mercer Quality of Living Survey and The Economists World's Most Livable Cities .Liveability rankings are designed for use by...
; the survey factored in political stability
Political system
A political system is a system of politics and government. It is usually compared to the legal system, economic system, cultural system, and other social systems...
, personal freedom, sanitation, crime, housing, the natural environment, recreation, banking facilities, availability of consumer goods, education, and public services including transportation.
Park Avenue (Manhattan)
Park Avenue is a wide boulevard that carries north and southbound traffic in New York City borough of Manhattan. Through most of its length, it runs parallel to Madison Avenue to the west and Lexington Avenue to the east....
was sold on July 2, 2007 for $510 million, about $1,589 per square foot ($17,104/m²), breaking the barely month-old record for an American office building of $1,476 per square foot ($15,887/m²) set in the June 2007 sale of 660 Madison Avenue. Manhattan
Manhattan
Manhattan is the oldest and the most densely populated of the five boroughs of New York City. Located primarily on the island of Manhattan at the mouth of the Hudson River, the boundaries of the borough are identical to those of New York County, an original county of the state of New York...
had 353.7 million square feet (32,860,000 m²) of office space in 2001.
Midtown Manhattan
Midtown Manhattan
Midtown Manhattan, or simply Midtown, is an area of Manhattan, New York City home to world-famous commercial zones such as Rockefeller Center, Broadway, and Times Square...
is the largest central business district
Central business district
A central business district is the commercial and often geographic heart of a city. In North America this part of a city is commonly referred to as "downtown" or "city center"...
in the world. New York City has long been the leading business center in the United States, but with the city's fiscal crisis in the 1970s a new trend began to develop resulting in corporate headquarters and subsidiaries gradually moving to the suburbs and other regions.
In 2005 there were 602 stand-alone headquarter operations for major companies in the city. Many international corporations are headquartered in the city, including more Fortune 500
Fortune 500
The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks the top 500 U.S. closely held and public corporations as ranked by their gross revenue after adjustments made by Fortune to exclude the impact of excise taxes companies collect. The list includes publicly and...
companies than any other city. It is also the home of JetBlue Airways
JetBlue Airways
JetBlue Airways Corporation is an American low-cost airline. The company is headquartered in the Forest Hills neighborhood of the New York City borough of Queens. Its main base is John F. Kennedy International Airport, also in Queens....
, headquartered in the Forest Hills neighborhood of Queens.
Out of the 500 U.S. corporations with the largest revenues in 2010, as listed by Fortune
Fortune (magazine)
Fortune is a global business magazine published by Time Inc. Founded by Henry Luce in 1930, the publishing business, consisting of Time, Life, Fortune, and Sports Illustrated, grew to become Time Warner. In turn, AOL grew as it acquired Time Warner in 2000 when Time Warner was the world's largest...
magazine in May 2011, 45 had headquarters in New York City and another 12 elsewhere in New York state (total 57). In the 1997 Fortune 500, 46 corporations had New York City headquarters, out of 61 corporations headquartered in New York state.
In the May 2008 Fortune 500 list, reflecting the year before the global financial crisis of 2007-2010, five of the top 25 Fortune 500 companies in New York City were classified as securities firms (reflecting the importance of Wall Street
Wall Street
Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...
), but two years later, none were. Two of the securities firms (Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
and Morgan Stanley
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
) had converted themselves into commercial banks, while different banks had absorbed either the organization or the post-liquidation assets of the other three firms (Merrill Lynch
Merrill Lynch
Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...
, Bear Stearns
Bear Stearns
The Bear Stearns Companies, Inc. based in New York City, was a global investment bank and securities trading and brokerage, until its sale to JPMorgan Chase in 2008 during the global financial crisis and recession...
and Lehman Brothers
Lehman Brothers
Lehman Brothers Holdings Inc. was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth largest investment bank in the USA , doing business in investment banking, equity and fixed-income sales and trading Lehman Brothers Holdings Inc. (former NYSE ticker...
).
Finance
The New York Stock ExchangeNew York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
, located on Wall Street
Wall Street
Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...
, and the NASDAQ
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
are the world's first and second largest stock exchanges, respectively, when measured by average daily trading volume and overall market capitalization. Financial services account for more than 35 percent of the city's employment income.
New York City has been a leading center of finance
Financial Centre
A financial centre is a global city that is a company and business hub, as well as being home to many world famous banks and/or stock exchanges....
in the world economy
World economy
The world economy, or global economy, generally refers to the economy, which is based on economies of all of the world's countries, national economies. Also global economy can be seen as the economy of global society and national economies – as economies of local societies, making the global one....
since the end of World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
. As of August, 2008 the city's financial services industry employs 344,700 workers. Manhattan is home to six major stock, commodities and futures exchanges: American Stock Exchange
American Stock Exchange
NYSE Amex Equities, formerly known as the American Stock Exchange is an American stock exchange situated in New York. AMEX was a mutual organization, owned by its members. Until 1953, it was known as the New York Curb Exchange. On January 17, 2008, NYSE Euronext announced it would acquire the...
, International Securities Exchange
International Securities Exchange
International Securities Exchange Holdings, Inc. is a wholly owned subsidiary of German derivatives exchange Eurex. It is a member of the Options Clearing Corporation and the Options Industry Council . Historically, responsibility for organizing the Options Industry Conference is rotated amongst...
, NASDAQ
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
, New York Board of Trade
New York Board of Trade
The New York Board of Trade , renamed ICE Futures US in September of 2007, is a wholly owned subsidiary of IntercontinentalExchange . It is a physical commodity futures exchange located in New York City. It originated in 1870 as the New York Cotton Exchange...
, New York Mercantile Exchange
New York Mercantile Exchange
The New York Mercantile Exchange is the world's largest physical commodity futures exchange. It is located at One North End Avenue in the World Financial Center in the Battery Park City section of Manhattan, New York City...
, and New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
. This contributes to New York City being a major financial service exporter
Financial export
A financial export is a business service provided by a domestic firm to a foreign firm within the scope of financial services...
, both within the United States and globally.
Since the founding of the Federal Reserve banking system, the Federal Reserve Bank of New York
Federal Reserve Bank of New York
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. It is responsible for the Second District of the Federal Reserve System, which encompasses New York state, the 12 northern counties of New Jersey,...
in Manhattan's financial district has been where monetary policy in the United States is implemented, although policy is decided in Washington by the Federal Reserve Bank's
Federal Reserve Bank
The twelve Federal Reserve Banks form a major part of the Federal Reserve System, the central banking system of the United States. The twelve federal reserve banks together divide the nation into twelve Federal Reserve Districts, the twelve banking districts created by the Federal Reserve Act of...
Board of Governors. The New York Fed is the largest, in terms of assets, and the most important of the twelve regional banks. It is responsible for the second district, which covers New York State and the New York City region, as well as Puerto Rico and the U.S. Virgin Islands. The New York Fed is responsible for conducting open market operations, the buying and selling of outstanding US Treasury securities
Treasury security
A United States Treasury security is government debt issued by the United States Department of the Treasury through the Bureau of the Public Debt. Treasury securities are the debt financing instruments of the United States federal government, and they are often referred to simply as Treasuries...
. In 2003, Fedwire
Fedwire
Formally known as the Federal Reserve Wire Network, Fedwire is a Real Time Gross Settlement Funds Transfer system operated by the Federal Reserve Banks that enables financial institutions to electronically transfer funds between its more than 9,289 participants...
, the Federal Reserve's system for transferring balances between it and other banks, transferred $1.8 trillion a day in funds, of which about $1.1 trillion originated in the Second District. It transferred an additional $1.3 trillion a day in securities, of which $1.2 trillion originated in the Second District. The New York Federal Reserve is the only regional bank with a permanent vote on the Federal Open Market Committee
Federal Open Market Committee
The Federal Open Market Committee , a committee within the Federal Reserve System, is charged under United States law with overseeing the nation's open market operations . It is the Federal Reserve committee that makes key decisions about interest rates and the growth of the United States money...
and its president is traditionally selected as the Committee's vice chairman. The bank also has the largest gold repository in the world, larger even than Fort Knox
Fort Knox
Fort Knox is a United States Army post in Kentucky south of Louisville and north of Elizabethtown. The base covers parts of Bullitt, Hardin, and Meade counties. It currently holds the Army Human Resources Center of Excellence to include the Army Human Resources Command, United States Army Cadet...
. Its vault is 80 feet (25 m) beneath the street and holds $160 billion worth of gold bullion.
Manufacturing
Manufacturing accounts for a significant share of employment. Garments, chemicals, metal products, processed foods, and furniture are some of the principal products. The food-processing industry is the most stable major manufacturing sector in the city. Food making is a $5 billion industry that employs more than 19,000 residents, many of them immigrants who speak little English. Chocolate is New York City's leading specialty-food export, with $234 million worth of exports each year.There are over 233,000 manufacturing jobs in more than 10,000 New York City industrial businesses http://www.nycedc.com/Industries/Manufacturing/index.html, with the highest concentration of industrial employment in Manhattan. This includes manufacturing, warehousing, utilities, and transportation. Manufacturing jobs average $41,000 annually (NYS DOL, 2nd Qtr 2005), about $10,000 more than comparable jobs in retail or restaurants. The manufacturing sector has the highest percentage of first-generation immigrants making up 64% of the workforce (NYC Dept. City Planning) and African Americans comprising 78% of the production workforce (2004 American Community Survey).
These are small businesses, with an average size of 21 employees (NYS DOL, 2nd Qtr 2005). Examples of goods manufactured in the city include broadway costumes, custom-made cabinets, croissant for hotels, and wooden crates for shipping fine art. These items are labor-intensive and require collaboration between the end-user and the manufacturer. In recent years, as real estate and globalization pressures have increased, the remaining manufacturers have become more design-oriented and single customer-focused. To boot, production methods have become cleaner and more technology-driven.
Despite the adaptability of New York manufacturers, there remain looming challenges to the sector’s survival. A 2003 city-sponsored survey of the industrial sector identified three major local challenges to retaining businesses: 1) high cost of real estate; 2) high costs of doing business; and, 3) uncertainty about land use policy.
A 12900 square feet (1,198.4 m²) biodiesel plant run by Tri-State Biodiesel, LLC will begin construction in the Bronx in 2010. The facility will process used cooking oil collected by TSB from over 2000 New York restaurants with methanol and a catalyst to create biodiesel fuel. More than 1 million USgals (3,785.4 m³) of waste oil could be collected in Brooklyn every year according to a 2004 Cornell study. The fuel produces 78 percent less carbon-dioxide emissions than standard diesel.
Information technology
High-tech industries like software development, gaming design, and Internet services are also growing; New York is the leading international internet gateway in the United States, with 430 Gbit/s of international internet capacity terminates, because of its position at the terminus of the transatlantic fiber optic trunkline. By comparison, the number two U.S. hub, Washington/Baltimore, has 158 Gbit/s of internet terminates.http://www.nycedc.com/about_us/TelecomPlanMarch2005.pdf More than two-thirds of New Yorkers have Internet in their homes.According to New York’s Economic Development Corporation, telecom carriers, cable companies, Internet service providers and publishers were a $23 billion industry in 2003. This represents over three percent of the city’s economy. The sector employs 43,000 city residents.
In 2006 Google
Google
Google Inc. is an American multinational public corporation invested in Internet search, cloud computing, and advertising technologies. Google hosts and develops a number of Internet-based services and products, and generates profit primarily from advertising through its AdWords program...
moved into 311000 square feet (28,892.8 m²) of office space in the second-largest building in New York City, at 111 Eighth Avenue in Manhattan. The location is one of the most important "telecom hotels" in the world, a giant networking facility adjacent to the Hudson Street/Ninth Avenue fiber highway, one of the most critical Internet arteries in the world. Employing more than 500 people, it is Google's largest engineering complex outside of company headquarters. Google products engineered in the New York offices include Maps, Docs, Checkout, Blog search, and Mobile search. Google's large investment in its New York operations has led to speculation about new multimedia initiatives by the company.
Trade
Internationalist
Internationalist may refer to:* Internationalism , a movement to increase cooperation across national borders* Internationalist, socialists opposed to World War I* The Internationalist Review, an e-journal founded in Maastricht...
and at odds with Washington’s
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
foreign policy, trade policy, and visa policy.http://www.gothamgazette.com/article/fea/20060123/202/1727
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
Containerization
Containerization is a system of freight transport based on a range of steel intermodal containers...
most cargo shipping has moved from the Brooklyn waterfront across the harbor to the Port Newark-Elizabeth Marine Terminal
Port Newark-Elizabeth Marine Terminal
Port Newark-Elizabeth Marine Terminal is a major component of the Port of New York and New Jersey. Located on the Newark Bay it serves as the principal container ship facility for goods entering and leaving New York-Newark metropolitan area, and the northeastern quadrant of North America...
in New Jersey. Some cargo shipping remains; for example, Brooklyn still handles the majority of cocoa bean imports to the United States.
Health care and biomedical
Research and Medical services drive New York's major healthcare industry. New York City has the most post-graduate life sciences degrees awarded annually in the United States, 60,000 licensed physicians, and 127 Nobel laureates with roots in local institutions. New York receives the second-highest amount of annual funding from the National Institutes of HealthNational Institutes of Health
The National Institutes of Health are an agency of the United States Department of Health and Human Services and are the primary agency of the United States government responsible for biomedical and health-related research. Its science and engineering counterpart is the National Science Foundation...
among all U.S. cities.
The major publicly-traded biopharma companies include Bristol Myers Squibb, ImClone Systems
ImClone Systems
ImClone Systems Incorporated is a biopharmaceutical company dedicated to developing biologic medicines in the area of oncology. It was founded in 1984 and is headquartered in New York City. On October 6, 2008, it accepted a $6.5 billion acquisition offer from Eli Lilly and Company, and became a...
, OSI Pharmaceuticals
OSI Pharmaceuticals
OSI Pharmaceuticals, Inc. is an American pharmaceutical company based in Long Island, New York with facilities in Colorado, New Jersey and the United Kingdom. OSI specializes in the discovery and development of molecular targeted therapies, and was listed in the NASDAQ Biotechnology Index...
, Pfizer
Pfizer
Pfizer, Inc. is an American multinational pharmaceutical corporation. The company is based in New York City, New York with its research headquarters in Groton, Connecticut, United States...
, Regeneron
Regeneron
Regeneron is a biotechnology company headquartered in Tarrytown, in New York, USA. The company was founded in 1988. Originally focused on neurotrophic factors and their regenerative capabilities , it branched out into the study of both cytokine and tyrosine kinase receptors - leading to the three...
, CuraGen, and Alexion Pharmaceuticals . Pfizer
Pfizer
Pfizer, Inc. is an American multinational pharmaceutical corporation. The company is based in New York City, New York with its research headquarters in Groton, Connecticut, United States...
shifted 1,000 jobs to New York City from New Jersey, Missouri, Michigan and California in 2003. According to the Partnership for New York City
Partnership for New York City
Partnership for New York City is an American investment fund whose president and CEO is Kathy Wylde. Nine of its board members are billionaires including Rupert Murdoch....
, New York institutions create more biotechnology-related patents
than any other metropolitan area in the United States.
Health care industry employs approximately 565,000 people in New York City, according to the U.S. Census, making it the city's largest employer. In New York, the 565,000 people work at more than 70 hospitals, and the city's 20 public hospitals served 1.5 million people in 1998 alone.
Media
New York is by far the most important center for American mass mediaMass media
Mass media refers collectively to all media technologies which are intended to reach a large audience via mass communication. Broadcast media transmit their information electronically and comprise of television, film and radio, movies, CDs, DVDs and some other gadgets like cameras or video consoles...
, journalism
Journalism
Journalism is the practice of investigation and reporting of events, issues and trends to a broad audience in a timely fashion. Though there are many variations of journalism, the ideal is to inform the intended audience. Along with covering organizations and institutions such as government and...
and publishing
Publishing
Publishing is the process of production and dissemination of literature or information—the activity of making information available to the general public...
. The city is the number-one media market in the United States with 7% of the country’s television-viewing households. Three of the Big Four music recording companies have their headquarters in the city. One-third of all independent films are produced in the Big Apple. More than 200 newspapers and 350 consumer magazines have an office in the city. The book publishing industry alone employs 25,000 people. For these reasons, New York is often called "the media capital of the world." It is also home to PBS stations WLIW
WLIW
WLIW, channel 21, is a non-commercial educational public television station licensed to Garden City, New York; which serves as a secondary Public Broadcasting Service member station for the New York City television market...
and WNET
WNET
WNET, channel 13 is a non-commercial educational public television station licensed to Newark, New Jersey. With its signal covering the New York metropolitan area, WNET is a primary station of the Public Broadcasting Service and a primary provider of PBS programming...
. WNET's headquarters are in Manhattan, and WLIW's headquarters are in Plainview, New York, which is located on Long Island
Long Island
Long Island is an island located in the southeast part of the U.S. state of New York, just east of Manhattan. Stretching northeast into the Atlantic Ocean, Long Island contains four counties, two of which are boroughs of New York City , and two of which are mainly suburban...
.
Film
The city's television and film industry is the second largest in the country after HollywoodHollywood, Los Angeles, California
Hollywood is a famous district in Los Angeles, California, United States situated west-northwest of downtown Los Angeles. Due to its fame and cultural identity as the historical center of movie studios and movie stars, the word Hollywood is often used as a metonym of American cinema...
.
Film is a growing sector; according to the Mayor's Office of Film, Theater and Broadcasting New York City attracted over 250 independent and studio films in 2005, an increase from 202 in 2004 and 180 in 2003. More than a third of professional actors in the United States are based in New York. The city's movie industry employs 100,000 New Yorkers, according to the Office, and about $5 billion is brought by the industry to the city's economy every year
The Kaufman-Astoria film studio in Queens, built during the silent film
Silent film
A silent film is a film with no synchronized recorded sound, especially with no spoken dialogue. In silent films for entertainment the dialogue is transmitted through muted gestures, pantomime and title cards...
era, was used by the Marx Brothers
Marx Brothers
The Marx Brothers were an American family comedy act, originally from New York City, that enjoyed success in Vaudeville, Broadway, and motion pictures from the early 1900s to around 1950...
and W.C. Fields. It has also been the set for The Cosby Show
The Cosby Show
The Cosby Show is an American television situation comedy starring Bill Cosby, which aired for eight seasons on NBC from September 20, 1984 until April 30, 1992...
and Sesame Street
Sesame Street
Sesame Street has undergone significant changes in its history. According to writer Michael Davis, by the mid-1970s the show had become "an American institution". The cast and crew expanded during this time, including the hiring of women in the crew and additional minorities in the cast. The...
. The recently constructed Steiner Studios
Steiner Studios
Steiner Studios is the largest film and television production studio complex outside of Hollywood. Steiner Studios offers of soundstages, with air conditioning and power infrastructure, and an additional of offices, dressing and make-up rooms, mill shops, spray booths, prop lock-ups, etc. All...
is a 15 acre (61,000 m²) modern movie studio complex in a former shipyard where The Producers and The Inside Man, a Spike Lee
Spike Lee
Shelton Jackson "Spike" Lee is an American film director, producer, writer, and actor. His production company, 40 Acres & A Mule Filmworks, has produced over 35 films since 1983....
movie, were filmed.
Silvercup Studios revealed plans in February 2006 for a new $1 billion complex with eight soundstages, production and studio support space, offices for media and entertainment companies, stores, 1,000 apartments in high-rise towers, a catering hall and a cultural institution. The project is envisioned as a "vertical Hollywood" designed by Lord Richard Rogers
Richard Rogers
Richard George Rogers, Baron Rogers of Riverside CH Kt FRIBA FCSD is a British architect noted for his modernist and functionalist designs....
, the architect of the Pompidou Center in Paris
Paris
Paris is the capital and largest city in France, situated on the river Seine, in northern France, at the heart of the Île-de-France region...
and the Millennium Dome
Millennium Dome
The Millennium Dome, colloquially referred to simply as The Dome or even The O2 Arena, is the original name of a large dome-shaped building, originally used to house the Millennium Experience, a major exhibition celebrating the beginning of the third millennium...
in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
. It is to be built at the edge of the East River in Queens
Queens
Queens is the easternmost of the five boroughs of New York City. The largest borough in area and the second-largest in population, it is coextensive with Queens County, an administrative division of New York state, in the United States....
and will be the largest production house on the East Coast. Steiner Studios in Brooklyn would still have the largest single soundstage, however. Kaufman Studios plans its own expansion in the future.
Miramax Films
Miramax Films
Miramax Films is an American entertainment company known for distributing independent and foreign films. For its first 14 years the company was privately owned by its founders, Bob and Harvey Weinstein...
, a Big Ten film studio, is the largest motion picture distribution and production company headquartered in the city. Many smaller independent producers and distributors are also in New York. It is the home of HIT Entertainment
HIT Entertainment
Hit Entertainment is a British-American entertainment distribution company established in 1989, and originally the international distribution arm of Jim Henson Productions called Henson International Television...
, headquartered in the Upper East Side area in Manhattan.
Top publicly traded companies in New York City
| NYC rank |
US rank |
World rank |
Company | Revenues (millions) |
Employees (worldwide) |
Industry group | |
| 1 | 13 | 36 | J.P. Morgan Chase & Co. | $115,475 | 239,831 | Commercial Banks | |
| 2 | 14 | 39 | Citigroup Citigroup Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate... |
$111,055 | 260,000 | Commercial Banks | |
| 3 | 16 | 41 | Verizon Communications Verizon Communications Verizon Communications Inc. is a global broadband and telecommunications company and a component of the Dow Jones Industrial Average... |
$106,565 | 194,400 | Telecommunications | |
| 4 | 17 | 44 | American International Group American International Group American International Group, Inc. or AIG is an American multinational insurance corporation. Its corporate headquarters is located in the American International Building in New York City. The British headquarters office is on Fenchurch Street in London, continental Europe operations are based in... |
$104,417 | 63,000 | Property and Casualty Insurance (stock) | |
| 5 | 31 | 103 | Pfizer Pfizer Pfizer, Inc. is an American multinational pharmaceutical corporation. The company is based in New York City, New York with its research headquarters in Groton, Connecticut, United States... |
$67,809 | 110,600 | Pharmaceuticals | |
| 6 | 46 | 174 | MetLife | $52,717 | 54,000 | Life and Health Insurance (stock) | |
| 7 | 51 | 176 | INTL FCStone IAM | $46,940 | 729 | Diversified Financials | |
| 8 | 54 | 181 | Goldman Sachs Group Goldman Sachs The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients... |
$45,967 | 38,700 | Commercial Banks [formerly Securities] | |
| 9 | 63 | 218 | Morgan Stanley Morgan Stanley Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000.... |
$39,320 | 62,542 | Commercial Banks [formerly Securities] | |
| 10 | 71 | 258 | New York Life Insurance New York Life Insurance Company The New York Life Insurance Company is one of the largest mutual life-insurance companies in the United States, and one of the largest life insurers in the world, with about $287 billion in total assets under management, and more than $15 billion in surplus and AVR... |
$34,947 | 16,068 | Life and Health Insurance (mutual) | |
| 11 | 74 | 263 | Hess Hess Corporation The Hess Corporation is an integrated oil company based in New York City. The company explores, produces, transports, and refines crude oil and natural gas. Vertically completing the logistical chain, about 1,360 Hess branded filling stations market gasoline to consumers in 16 states along the... |
$34,613 | 13,776 | Petroleum Refining | |
| 12 | 83 | 284 | News Corporation News Corporation News Corporation or News Corp. is an American multinational media conglomerate. It is the world's second-largest media conglomerate as of 2011 in terms of revenue, and the world's third largest in entertainment as of 2009, although the BBC remains the world's largest broadcaster... |
$32,778 | 51,000 | Entertainment | |
| 13 | 87 | 296 | TIAA-CREF TIAA-CREF Teachers Insurance and Annuity Association – College Retirement Equities Fund is a Fortune 100 financial services organization that is the leading retirement provider for people who work in the academic, research, medical and cultural fields... |
$32,225 | 7,312 | Life and Health Insurance (mutual) | |
| 14 | 91 | 319 | American Express American Express American Express Company or AmEx, is an American multinational financial services corporation headquartered in Three World Financial Center, Manhattan, New York City, New York, United States. Founded in 1850, it is one of the 30 components of the Dow Jones Industrial Average. The company is best... |
$30,242 | 61,000 | Commercial Banks | |
| 15 | 94 | 331 | Philip Morris International Philip Morris International Philip Morris International is an international tobacco company, with products sold in over 160 countries. In 2007, it held a 15.6% share of the international cigarette market outside of the USA and reported revenues net of excise taxes of $22.8 billion and operating income of $8.9 billion.Until... |
$27,208 |
78,300 | Tobacco | |
| 16 | 95 | 274 | Time Warner Time Warner Time Warner is one of the world's largest media companies, headquartered in the Time Warner Center in New York City. Formerly two separate companies, Warner Communications, Inc... |
$26,888 |
31,000 | Entertainment | |
| 17 | 106 | 389 | Travelers Companies | $25,112 | 32,000 | Property and Casualty Insurance (stock) | |
| 18 | 127 | 465 | Alcoa Alcoa Alcoa Inc. is the world's third largest producer of aluminum, behind Rio Tinto Alcan and Rusal. From its operational headquarters in Pittsburgh, Pennsylvania, Alcoa conducts operations in 31 countries... |
$21,013 | 59,000 | Metals | |
| 19 | 131 | – | Bristol-Myers Squibb Bristol-Myers Squibb Bristol-Myers Squibb , often referred to as BMS, is a pharmaceutical company, headquartered in New York City. The company was formed in 1989, following the merger of its predecessors Bristol-Myers and the Squibb Corporation... |
$19,484 | 27,000 | Pharmaceuticals | |
| 20 | 137 | – | Time Warner Cable Time Warner Cable Time Warner Cable is an American cable television company that operates in 28 states and has 31 operating divisions... |
$18,868 | 47,030 | Telecommunications | |
| 21 | 159 | – | L-3 Communications L-3 Communications L-3 Communications Holdings, Inc. is a company that supplies command and control, communications, intelligence, surveillance and reconnaissance systems and products, avionics, ocean products, training devices and services, instrumentation, space, and navigation products. Its customers include... |
$15,680 | 63,000 | Aerospace and Defense | |
| 22 | 160 | – | Colgate-Palmolive Colgate-Palmolive Colgate-Palmolive Company is an American diversified multinational corporation focused on the production, distribution and provision of household, health care and personal products, such as soaps, detergents, and oral hygiene products . Under its "Hill's" brand, it is also a manufacturer of... |
$15,680 | 39,200 | Household and Personal Products | |
| 23 | 165 | – | The Bank of New York Mellon | $14,929 | 48,000 | Commercial Banks | |
| 24 | 168 | – | Loews Loews Corporation Loews Corporation is a holding company run by the Tisch Family whose subsidiaries are engaged in the following lines of business:*property and casualty insurance... |
$14,621 | 18,400 | Property and Casualty Insurance (stock) | |
| 25 | 174 | – | CBS CBS CBS Broadcasting Inc. is a major US commercial broadcasting television network, which started as a radio network. The name is derived from the initials of the network's former name, Columbia Broadcasting System. The network is sometimes referred to as the "Eye Network" in reference to the shape of... |
$14,060 | 25,380 | Entertainment | |
| 26 | 180 | – | Viacom Viacom Viacom Inc. , short for "Video & Audio Communications", is an American media conglomerate with interests primarily in, but not limited to, cinema and cable television... |
$13,497 | 10,900 | Entertainment | |
| 27 | 184 | – | Consolidated Edison Consolidated Edison Consolidated Edison, Inc. is one of the largest investor-owned energy companies in the United States, with approximately $14 billion in annual revenues and $36 billion in assets... |
$13,325 | 15,180 | Utilities: Gas and Electric | |
| 28 | 195 | – | Omnicom Group Omnicom Group Omnicom Group is a holding company whose agencies provide marketing and communications services in the disciplines of advertising, customer relationship management , strategic media planning and buying, digital and interactive marketing, direct and promotional marketing, public relations and... |
$12,543 | 65,500 | Advertising, Marketing | |
| 29 | 225 | – | Marsh & McLennan Marsh & McLennan Companies Marsh & McLennan Companies, Inc. is a US-based global professional services and insurance brokerage firm. In 2007, it had over 57,000 employees and annual revenues of $10.49 billion. Marsh & McLennan Companies was ranked the 221st largest corporation in the United States by the 2009 Fortune 500... |
$10,931 | 51,000 | Diversified Financials | |
| 30 | 226 | – | Avon Products Avon Products Avon Products, Inc. is a US cosmetics, perfume and toy seller with markets in over 140 countries across the world and sales of $9.9 billion worldwide as of 2007.-Business Model:... |
$10,863 | 42,000 | Household and Personal Products | |
| 31 | 245 | – | Guardian Life Insurance | $10,051 | 4,812 | Life and Health Insurance (mutual) | |
| 32 | 256 | – | KKR (Kohlberg Kravis Roberts) | $9,668 | 698 | Securities | |
| 33 | 270 | – | Icahn Enterprises | $9,119 | 56,647 | Motor Vehicles and Parts | |
| 34 | 282 | – | BlackRock BlackRock BlackRock, Inc. is an American multinational investment management corporation and the world's largest asset manager. BlackRock is headquartered in Manhattan, New York City, New York, United States and is the leading provider of investment, advisory, and risk management solutions... |
$8,612 | 9,127 | Securities | |
| 35 | 285 | – | Assurant Assurant Assurant is a specialty insurance company headquartered in New York City. Assurant’s four businesses provide a wide range of insurance products and related services, including creditor-placed homeowners insurance, manufactured housing homeowners insurance, credit insurance, individual health and... |
$8,528 | 13,938 | Property and Casualty Insurance (stock) | |
| 36 | 307 | – | Estée Lauder Estée Lauder Companies Estée Lauder Companies, Inc. is a manufacturer and marketer of prestige skincare, makeup, fragrance and hair care products. The company has its headquarters in Midtown Manhattan, New York City.-History:... |
$7,796 | 31,200 | Household and Personal Products | |
| 37 | 355 | – | Interpublic Group of Companies Interpublic Group of Companies The Interpublic Group of Companies, Inc. is one of the "big four" global advertising holding companies . Headquartered in New York City, it has 41,000 employees and reported full−year revenues of US$6.5 billion for 2010... |
$6,532 | 41,000 | Advertising, Marketing | |
| 38 | 364 | – | CIT Group | $6,363 | 3,778 | Commercial Banks | |
| 39 | 372 | – | McGraw-Hill McGraw-Hill The McGraw-Hill Companies, Inc., is a publicly traded corporation headquartered in Rockefeller Center in New York City. Its primary areas of business are financial, education, publishing, broadcasting, and business services... |
$6,168 | 21,000 | Publishing, Printing | |
| 40 | 374 | – | Virgin Media Virgin Media Virgin Media Inc. is a company which provides fixed and mobile telephone, television and broadband internet services to businesses and consumers in the United Kingdom... |
$6,138 | 12,350 | Telecommunications | |
| 41 | 395 | – | Barnes & Noble Barnes & Noble Barnes & Noble, Inc. is the largest book retailer in the United States, operating mainly through its Barnes & Noble Booksellers chain of bookstores headquartered at 122 Fifth Avenue in the Flatiron District in Manhattan in New York City. Barnes & Noble also operated the chain of small B. Dalton... |
$5,811 | 35,000 | Specialty Retailers (books) | |
| 42 | 446 | – | Foot Locker Foot Locker Foot Locker, Inc. is an American sportswear and footwear retailer, with its headquarters in Midtown Manhattan, New York City, and operating in approximately 20 countries worldwide. Formerly known as Venator Group, Inc., it is the successor corporation to the F.W. Woolworth Company , and many of... |
$5,049 | 25,348 | Specialty Retailers: apparel | |
| 43 | 451 | – | Polo Ralph Lauren Polo Ralph Lauren Ralph Lauren Corporation is a luxury clothing and goods company of the American fashion designer Ralph Lauren. Ralph Lauren specializes in high-end casual/semi-formal wear for men and women, as well as accessories, fragrances, home and housewares... |
$4,979 | 19,000 | Apparel | |
| 44 | 479 | – | Phillips-Van Heusen | $4,637 | 16,600 | Apparel | |
| 45 | 495 | – | NYSE Euronext NYSE | $4,425 | 2,968 | Securities | |
| Notes: IAM: formerly International Assets Management; NYSE: operates the New York Stock Exchange New York Stock Exchange The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010... & other exchanges |
|||||||
| Sources: Fortune 500 website, Fortune Global 500 website and Fortune Fortune (magazine) Fortune is a global business magazine published by Time Inc. Founded by Henry Luce in 1930, the publishing business, consisting of Time, Life, Fortune, and Sports Illustrated, grew to become Time Warner. In turn, AOL grew as it acquired Time Warner in 2000 when Time Warner was the world's largest... , Volume 163, Number 7 (May 23, 2011) |
|||||||
Ranked by revenues in the fiscal year that ended before February 1, 2011.
World rank based on the Fortune Global 500's revenues for the fiscal year that ended before April 1, 2011.
See also
- List of major corporations based in New York City
- New York Stock ExchangeNew York Stock ExchangeThe New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
- Silicon AlleySilicon AlleySilicon Alley is a nickname for an area with a concentration of Internet and new media companies in Manhattan, New York City. Originally, the term referred to the cluster of such companies extending from the Flatiron District down to SoHo and TriBeCa along the Broadway corridor, but as the location...
- Tourism in New York CityTourism in New York CityTourism in New York City includes nearly 47 million foreign and American tourists each year. Major destinations include the Empire State Building, Ellis Island, Broadway theatre productions, museums such as the Metropolitan Museum of Art, and other tourist attractions including Central Park,...
- Transportation in New York CityTransportation in New York CityThe transportation system of New York City is a cooperation of complex systems of infrastructure. New York City, being the largest city in the United States, has a transportation system which includes the largest subway system in the world, measured by track mileage; the world's first mechanically...
- Wall StreetWall StreetWall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...