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Economy of New York City

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					The economy of the New York City is the largest in the US and the second largest in
the world, after Tokyo. Wall Street also reported the fact that New York is the world’s
largest financial capital, having large number of international and national banks
along with world’s largest stock exchange. In addition to that New York is also home
to some major companies operating worldwide. The financial, real estate, health care,
insurance, law industries are the basis of the economy.
  The New York Stock Exchange and the NASDAQ are two of the world’s largest
stock exchanges in term of daily average trading. This city had been a leading center
when it comes to finance, since World War 1. As to 2008 statistics, 344,700 workers
are employed in this industry or in other words 35% of city employment percentage.
In addition to the exchanges mentioned, there are 4 other major exchanges also
present at the moment, and more are being built. Among the 12 national banks the
most important and the largest bank with most power is the New York Fed bank. The
bank has the largest gold repository in the world, larger even than Fort Knox that
holds $160 billion worth of gold bullion and it also have a permanent vote on the
federal open market committee.
  Real estate is also a significant factor in the economy of the New York City, in 2006
it was researched that the total value of property was $802.4 billion, since then there
had been a huge increase in the economic value of the property, New York was also
ranked as the 49th worldwide in quality living. US most expensive offices, homes,
lodges are present in this city. There are a number of brokers, who sell property and
earn profits in million nearly in every deal they cut.
  Manufacturing has the largest percentage of employment, but it is declining rapidly
now. The principal products made are Garments, chemical, metal products, processed
food and furniture. Among these, food processing is the most major and stable
industry, making nearly $5 billion per annum and employing over 19,000 people. In
food chocolate is the most exported item, which earns $234 million worth export each
year. There are more than 10,000 industrial businesses here, which offer more than
233,000 job opportunities. Then recently a biodiesel plant is under construction that
would take the waste oil from restaurants etc and convert it in to the diesel or petrol
that is less harmful than the normal one.
  This city has a large number of foreign corporations. China had been the largest
growth market for export since 2000, and there are 32 Chinese largest companies
which make this possible. Foreign owners make up 34% of sales in the city's prime
residential market. Then New York has natural harbor so trading by sea has always
been a specialty of the city and it earns in billions every annum from the trade via
harbor only. Then there are high-tech industries, along with major computer industries
that employ 43,000 people and contribute to 3% of the economy. There are more than
70 hospitals in this city too and the major economy is derived by the researches that
are carried out in these hospitals.
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posted:2/20/2011
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