Course Summary:
New York City’s economy. High Tech. Nanotechnology. Bioscience. Manufacturing and industrial. Professional Services. Distribution
The New York metropolitan area’s gross metropolitan product was over $1.2
trillion in 2007, exceeding the GDP of many nations. New York ranks as the
fifteenth largest economy in the world.
New York is ranked second in the nation in terms of the number of Fortune 500
companies headquartered in the State, according to Fortune Magazine, 2008, with
a total of 56. New York City has one of the world's largest international
business communities.
New York merchandise exports totaled $79.6 billion in
2008 and continued to rank the State in third place after Texas and California.
The City is located within one day’s highway travel of more than 55 percent of
the US population and more than 60 percent of the population of
Canada.
New York City is the global capital of fashion and has more headquarters
of fashion designers and retailers than any other city. More than 75 major
fashion trade shows and market weeks take place in NYC annually, attracting
hundreds of thousands of visitors to the City, with over 100,000 coming from
abroad. Today, the fashion industry is one of the largest and most prominent
sectors in New York City. Including fashion retail, it accounts for 6% of the
City’s private employment and 175,000 jobs. The industry contributes $10 billion
in payroll wages and provides $1.7 billion in annual tax revenue. Fashion is one
of the few industries in the City that drives significant direct employment,
visitor spending and wholesale sales activity.
Sample of the Course:
Two of the three largest global marketing agencies, Omnicom Group and
Interpublic Group, are headquartered in the City, in addition to global media
giants including Viacom, Time Warner, and News Corporation.
New York City is the hub of an emerging center for commercial bioscience.
New York City is a center of
finance -- there are over 100 Venture Capital firms investing in life
science companies at all stages.
"Madison Avenue" is synonymous with the advertising sector. And given the
City's preeminence in television and publishing, it's no wonder nine of the top
ten US agency brands have their headquarters in New York City. Physical
proximity of talent and customers have helped make New York City the place to be
for the Advertising industry, employing close to 50,000 professionals.
New York City is home to more than 10,000 manufacturers and industrial firms.
These firms employ nearly 500,000 people – approximately 15% of New York City’s
workforce. Industrial and manufacturing firms run the range from architectural
products to bagel makers and custom furniture builders. The manufacturing and
industrial sectors contribute more than $1.7 billion annually to the local
economy and new companies continue to enter the market.
New York State has rapidly become a world class technology center that
fosters innovative ideas and pioneers programs focused on bringing the most
advanced cutting edge technological products to market.
New York is also a national center of software talent, with more than
80,000 New Yorkers employed at nearly 8,000 software-related firms. In total,
New York State is home to more than 305,000 high-tech jobs.
This fact was reinforced by the recent announcement that International
SEMATECH North, a global consortium of 12 major computer chip manufacturers,
will locate its next generation computer chip research and development center at
the Center of Excellence in Nanoelectronics at Albany.
Foreign Directment Invesment (FDI) in New York:
- UK $17.1 billion
- Germany $12.3 billion
- Canada $10.9 billion
- Japan $9.9 billion
- France $7.7 billion
- Switzerland $4.2 billion
- Netherlands $2.9 billion
Business, New York, Economy, USA, Global, capital, fashion, New, York, City’s, High Tech, Nanotechnology, Bioscience, Manufacturing, industrial, Professional, Services, Distribution
