The Economy of New York

New York is one of the major financial along with commercial as well as industrial and distribution centre. It is the financial capital of the banking sector as well as stock exchange centre of America, and is the country’s primary wholesale and distribution point. The city produces more than half of the products that the city exports to the foreign countries. The economy of New York is diverse and quite developed. The city is home to more than 80,000 businesses, and more than one third of countries firms are established here. New York is also considered as the manufacturing capital of America as it houses over 8000 industrial plants and is also the capital of the American financial services industry, and the third most important financial center in North America. The city constitutes five of the countries ten’s charted banks headquarters here in this city and in addition to these headquarters the city also have 40 other foreign banks branches. Along with the banks the city is also home to many of the nation’s top insurance and investment firms, due to all these international firms and international banks the city has a high corporate profile. The companies working in the city vary from software designing to normal everyday home goods companies.

Media industry also plays a fundamental role in the economy of the city. There are 4 dailies and many special interest publications that are delivered daily in the market. Along with that, this city has more than 10 local TV channels, in different languages as well. The media market is quite crucial, as most of the films and serials are now being casted in this city, and interviews with important people are conducted here. Moreover, renowned and famous media industries have either set up their headquarters or their offices in this city, as the cost of making films, advertisements etc are low here as compared to rest of the America. The media industry nearly generates the revenues in million, nearly all of which becomes the part of the economy of the city.

In addition to all these, the city of New York has an excellent harbor. Thus making trade via sea is possible here. Since 17th century, this country had been trading with the rest of the world. Countries like France, Poland etc have also set up their ports here. If seen historically, the real boom in the economy came after the Second World War, when thousands of immigrants came to this city and worked here to improve the economy of this city. Even today, the economy of the city is quite stable and it’s generating in billions per month, and hence, is mentioned as the heart of the Canada.

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