New York Economy
The economy of New York City is the biggest regional economy in the United States and the second largest city economy in the world after Tokyo.Â Anchored by Wall Street, in Lower Manhattan, New York City is one of the world's two premier financial centers, alongside London and is home to the New York Stock Exchange and NASDAQ, the world's largest stock exchanges by market capitalization and trading activity. 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.Â Manufacturing, 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 second largest in the world by market capitalization of listed companies.
The New York metropolitan area had an estimated gross metropolitan product 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.
New York Real Estate Market
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 Avenue is the property with the highest-listed market value in the city, at $1.8 billion in 2006. The UK consulting firm Mercer, 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; the survey factored in political stability, personal freedom, sanitation, crime, housing, the natural environment, recreation, banking facilities, availability of consumer goods, education, and public services including transportation.