New York City is a global hub of international business and commerce and is one of three "command centers" for the world economy (along with London and Tokyo). The city is a major center for finance, insurance, real estate, media and the arts in the United States.
The New York metropolitan area had an estimated gross metropolitan product of $1.13 trillion in 2005, making it the largest regional economy in the United States and, according to IT Week, the second largest city economy in the world. According to Cinco Dias, New York controlled 40% of the world's finances by the end of 2008, making it the largest financial center in the world.
Many major corporations are headquartered in New York City, including 43 Fortune 500 companies. New York is also unique among American cities for its large number of foreign corporations. One out of ten private sector jobs in the city is with a foreign company.
New York City is home to some of the nation's—and the world's—most valuable real estate. 450 Park Avenue 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 had 353.7 million square feet (32,860,000 m²) of office space in 2001.
Midtown Manhattan is the largest central business district in the United States and is home to the highest concentration of the city's skyscrapers. Lower Manhattan is the third largest central business district in the United States, and is home to The New York Stock Exchange, located on Wall Street, and the NASDAQ, representing 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% of the city's employment income. Real estate is a major force in the city's economy, as the total value of all New York City property was $802.4 billion in 2006. The Time Warner Center is the property with the highest-listed market value in the city, at $1.1 billion in 2006.
The city's television and film industry is the second largest in the country after Hollywood. 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. High-tech industries like biotechnology, software development, game design, and internet services are also growing, bolstered by the city's position at the terminus of several transatlantic fiber optic trunk lines. Other important sectors include medical research and technology, non-profit institutions, and universities.
Manufacturing accounts for a large but declining 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.
New York is the most populous city in the United States, with an estimated 2007 population of 8,274,527 (up from 7.3 million in 1990). This amounts to about 40% of New York State's population and a similar percentage of the metropolitan regional population. Over the last decade the city's population has been increasing and demographers estimate New York's population will reach between 9.2 and 9.5 million by 2030.
New York's two key demographic features are its population density and cultural diversity. The city's population density of 26,403 people per square mile (10,194/km²) makes it the most densely populated American municipality with a population above 100,000. Manhattan's population density is 66,940 people per square mile (25,846/km²), highest of any county in the United States.
New York City is exceptionally diverse. Throughout its history the city has been a major point of entry for immigrants; the term melting pot was first coined to describe densely populated immigrant neighborhoods on the Lower East Side. Today, 36,7% of the city's population is foreign-born and another 3.9% were born in Puerto Rico, U.S. Island areas, or born abroad to American parents. [1] Among American cities, this proportion is exceeded only by Los Angeles and Miami. While the immigrant communities in those cities are dominated by a few nationalities, in New York no single country or region of origin dominates. The ten largest countries of origin for modern immigration are the Dominican Republic, China, Jamaica, Guyana, Mexico, Ecuador, Haiti, Trinidad and Tobago, Colombia, and Russia. About 170 languages are spoken in the city.
The New York metropolitan area is home to the largest Jewish community outside Israel; Tel Aviv proper (non-metro/within municipal limits) has a smaller population than the Jewish population of New York City proper, making New York the largest Jewish community in the world. About 12% of New Yorkers are Jewish or of Jewish descent and roots. It is also home to nearly a quarter of the nation's Indian Americans, and the largest African American community of any city in the United States.
The five largest ethnic groups as of the 2005 census estimates are: Puerto Ricans, Italians, West Indians, Dominicans and Chinese. The Puerto Rican population of New York City is the largest outside of Puerto Rico. Italians emigrated to the city in large numbers in the early twentieth century. The Irish, the sixth largest ethnic group, also have a notable presence; one in 50 New Yorkers of European origin carry a distinctive genetic signature on their Y chromosomes inherited from Niall of the Nine Hostages, an Irish high king of the fifth century A.D.
At the 2005-2007 American Community Survey Estimates, the city's population was 45.3% White (35.1% non-Hispanic White alone), 26.2% Black or African American (23.7% non-Hispanic Black or African American alone), 0.7% American Indian and Alaska Native, 12.1% Asian, 0.1% Native Hawaiian and Other Pacific Islander, 17.7% from some other race and 1.9% from two or more races. 27.4% of the total population were Hispanic or Latino of any race. [2]
New York City has a high degree of income disparity. In 2005 the median household income in the wealthiest census tract was $188,697, while in the poorest it was $9,320. The disparity is driven by wage growth in high income brackets, while wages have stagnated for middle and lower income brackets. In 2006 the average weekly wage in Manhattan was $1,453, the highest and fastest growing among the largest counties in the United States. The borough is also experiencing a baby boom that is unique among American cities. Since 2000, the number of children under age 5 living in Manhattan grew by more than 32%.
Home ownership in New York City is about 33%, much lower than the national average of 69%. Rental vacancy is usually between 3% and 4.5%, well below the 5% threshold defined to be a housing emergency and used to justify the continuation of rent control and rent stabilization. About 33% of rental units are rent-stabilized. Finding housing, particularly affordable housing, in New York City can be more than challenging.
Unlike any other major city in the United States, public transit is the most popular way to get around. 54.6% of New Yorkers commuted to work in 2005 using mass transit. About one in every three users of mass transit in the United States and two-thirds of the nation's rail riders live in New York and its suburbs. This is in contrast to the rest of the country, where about 90% of commuters drive automobiles to their workplace. New York is the only city in the United States where more than half of all households do not own a car (in Manhattan, more than 75% of residents do not own a car; nationally, the percentage is 8%). According to the US Census Bureau, New York City residents spend an average of 38.4 minutes per day getting to work, the longest commute time in the nation among large cities.
New York City is served by Amtrak, which uses Pennsylvania Station. Amtrak provides connections to Boston, Philadelphia, and Washington, D.C. along the Northeast Corridor as well as long-distance train service to cities such as Chicago, New Orleans, Miami, Toronto and Montreal. The Port Authority Bus Terminal, the main intercity bus terminal of the city, serves 7,000 buses and 200,000 commuters daily, making it the busiest bus station in the world.
The New York City Subway is the largest rapid transit system in the world when measured by the number of stations in operation, with 468. It is the third-largest when measured by annual ridership (1.5 billion passenger trips in 2006). New York's subway is also notable because nearly all of the system remains open 24 hours per day, in contrast to the overnight shutdown common to systems in most cities, including London, Paris, Washington, Madrid and Tokyo. The transportation system in New York City is extensive and complex. It includes the longest suspension bridge in North America, the world's first mechanically ventilated vehicular tunnel, more than 12,000 yellow cabs, an aerial tramway that transports commuters between Roosevelt Island and Manhattan, and a ferry system connecting Manhattan to various locales within and outside the city. The busiest ferry in the United States is the Staten Island Ferry, which annually carries over 19 million passengers on the 5.2-mile (8.4 km) run between Staten Island and Lower Manhattan. The Staten Island Railway rapid transit system solely serves Staten Island. The "PATH" train (short for Port Authority Trans-Hudson) is a subway system going under the Hudson River, linking the New York City subway to points in northeast New Jersey.
New York City's public bus fleet and commuter rail network are the largest in North America. The rail network, connecting the suburbs in the tri-state region to the city, consists of the Long Island Rail Road, Metro-North Railroad and New Jersey Transit. The combined systems converge at Grand Central Terminal and Pennsylvania Station and contain more than 250 stations and 20 rail lines.
New York City is the top international air passenger gateway to the United States. The area is served by three major airports, John F. Kennedy International, Newark Liberty International and LaGuardia, with plans for a fourth airport, Stewart International Airport near Newburgh, NY, to be taken over and enlarged by the Port Authority of New York and New Jersey (which administers the other three airports), as a "reliever" airport to help cope with increasing passenger volume. 100 million travelers used the three airports in 2005 and the city's airspace is the busiest in the nation. Outbound international travel from JFK and Newark accounted for about a quarter of all U.S. travelers who went overseas in 2004.
New York's high rate of public transit use, 120,000 daily cyclists and many pedestrian commuters makes it the most energy-efficient major city in the United States. Walk and bicycle modes of travel account for 21% of all modes for trips in the city; nationally the rate for metro regions is about 8%.
To complement New York's vast mass transit network, the city also has an extensive web of expressways and parkways, that link New York City to northern New Jersey, Westchester County, Long Island, and southwest Connecticut through various bridges and tunnels. Because these highways serve millions of suburban residents who commute into New York, it is quite common for motorists to be stranded for hours in traffic jams that are a daily occurrence, particularly during rush hour. The George Washington Bridge is considered one of the world's busiest bridges in terms of vehicle traffic.
Despite New York's reliance on public transit, roads are a defining feature of the city. Manhattan's street grid plan greatly influenced the city's physical development. Several of the city's streets and avenues, like Broadway, Wall Street and Madison Avenue are also used as shorthand in the American vernacular for national industries located there: the theater, finance, and advertising organizations, respectively.