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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$1.4trillion, with a population of 23.6 million people.
Key Takeaways: Labor Market. New York City added 7,500 private sector jobs in March, as the city hit a new all-time high for private employment and is 35,500 jobs above pre-pandemic levels. Total employment is also at a record high.
- Financial Services. The financial services sector is synonymous with Wall Street, which is located in Manhattan. The New York Stock Exchange (NYSE), founded in 1817, is likely the most influential securities exchange in the world.
- Healthcare. New York is home to nearly 20 million people as of July 2019 (latest information), which means there is a lot of demand for healthcare services.
- Professional and Business Services. As of August 2021, there were an estimated 1.3 million New Yorkers working in professional and business services. This broad field includes a great number of different professional groups, such as lawyers, accountants, mechanics, and marketers, who share similar characteristics.
- Retail Trade. Retail trade also includes a large number of subindustries, such as food and beverage, clothing retailers, electronics retailers, auto retailers, and everything else that comes to mind when invoking images of Fifth Avenue.
May 20, 2024 · The New York City Economy Tracker is a joint project between Investopedia and NY1, using publicly available data to evaluate the economic health of the city across a variety of metrics.
Comprising the five boroughs of Manhattan, Brooklyn, Queens, the Bronx, and Staten Island, New York City has a population of around 8.8 million that is ethnically and culturally diverse. Its economy is the largest in New York State and among the largest in the world.
Mar 7, 2022 · New York City’s economic recovery remains far from equal, with unemployment rates for Black (10.6%) and Hispanic (8.2%) New Yorkers remaining far above those of white (4.7%) and Asian (5.0%) residents in January.
Jun 3, 2024 · This summary presents a sampling of economic information for the area; supplemental data are provided for regions and the nation. Subjects include unemployment, employment, wages, prices, spending, and benefits. All data are not seasonally adjusted and some may be subject to revision. Area definitions may differ by subject.
