Economy of New York City

The economy of New York City encompasses the largest municipal and regional economy in the United States. In 2022, the New York metropolitan area generated a gross metropolitan product (GMP) of US$2.1 trillion, with a population of 23.6 million people. Anchored by Wall Street in Lower Manhattan, New York City has been characterized as the world's premier financial center.[3][4][5][2] The city is home to the New York Stock Exchange (NYSE) and Nasdaq, the world's two largest stock exchanges by both market capitalization and trading activity.

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New York City, anchored by Manhattan, is the world's leading center of banking, finance,[2] and communication. It is home to the NYSE on Wall Street. Many of the world's largest corporations are headquartered in Manhattan. The borough contained over 500 million square feet (46.5 million m²) of office space in 2015,[6] making it the largest office market in the United States.[7] Midtown Manhattan, with nearly 400 million square feet (37.2 million m²) that same year,[6] is the largest central business district in the world.[8] New York City is distinctive for its high concentrations of advanced service sector firms in the law, accountancy, banking, and management consultancy fields. It is the top global center for the advertising industry, which is metonymously called "Madison Avenue". Silicon Alley, metonymous for New York's broad-spectrum high technology sphere, continues to expand.

Finance, health care and life sciences,[9] high technology and biotechnology, real estate, and insurance all form the basis of New York City's economy. The city is also the nation's most important center for mass media, journalism, and publishing. Also, it is the country's preeminent arts center. Creative industries such as digital media, advertising, fashion, design, and architecture account for a growing share of employment. New York City possesses strong competitive advantages in these industries.[10] Despite declining, manufacturing remains consequential. The Port of New York and New Jersey is a major economic engine, handling a maritime cargo volume in the ten months through October 2022 of over 8.2 million TEUs, benefitting post-Panamax from the expansion of the Panama Canal, and accelerating ahead of California seaports in monthly cargo volumes.[11][12]