Did you know that the state of New York has the third-largest economy in the US? It trails only California and Texas. In fact, if it was to rank in the world New York’s economy would be at position 15 or 16.
New York has an urban center that makes the largest urban economy in the US. Most of the finance, communication, and banking jobs in the US are found in New York. Apart from being a major shipping port, it is also a manufacturing center to reckon with. More newspapers, magazines, and books are published in New York than elsewhere in America. The following are some of the world-beating industries located in this city:
Have you ever heard of Wall Street in Manhattan? That’s the center if New York’s financial services. The New York Stock Exchange (NYSE) was founded in 1817 and is one of the most influential securities markets in the world. Although it doesn’t provide many jobs, the financial services sector is no doubt the most influential. If anything financial professionals earn over four times the salary of the average New Yorker. The city is home to at least 330,000 financial services workers. My another article: Where Does All The Trash From New York Go?
Each of the 20 million residents of New York requires some form of healthcare services. That why there are more employees in this industry than any other. However, the median wages of these workers are below the state’s average. Growth in New York’s industry continues unabated mainly because of the Community Health Clinic Expansion Program, the Bio & Health Tech Entrepreneurship, and PILOT Health Tech NYC.
The retail industry in New York encompasses clothing retailers, food & beverages, auto retailers, and electronics retailers. Overall, there are at least 75,000 retail businesses employing 800,000 people in New York. Many of these businesses are in Jefferson County and Manhattan.
Professional and Technical Services
Some of the professional and technical workers in New York include mechanics, marketers, accountants, and lawyers. They number more than 650,000. Their work is to support individuals and businesses. Since they depend on other industries, these workers suffer most when the economy is in recession. The only exception is those in the technical and scientific services where jobs and salaries are almost guaranteed to grow to more than average.
New York is a net exporter of a variety of manufactured goods to foreign countries and another state in America. Some of the biggest industries include garments, railroad rolling stock, glass, elevator parts, and many more. A number of technical products such as mobile devices, computer products, video games, 3D printers, and general software engineering tools are also made here.
It might not be one of the leading industries, but educational services greatly impact New York City. If anything, it attracts new talent which eventually gets to work in New York businesses. You will find hundreds of thousands of tutors, teachers, teachers’ assistants, professors, educational agencies, child care workers, and other employees in education. Many of these are employed by the government.
Of Course, New York’s economy is bigger than just these six sectors.