As the world’s undisputed financial and commercial hub, New York is considered a prestigious location for businesses in all industry areas. Companies large and small choose to be base their businesses in this thriving US city, which serves as a springboard for further expansion. This article takes a look at some key figures that demonstrate how New York is a top choice for business and startups.

Economic overview

New York’s prosperous economy is characterised by its focus on diversity and innovation. This global business city has a healthy balance between public and private sector jobs and between small, medium, and large-sized companies. In 2015, the state’s GDP was estimated at $1.3 billion.

According to the Economist, New York ranks first in terms of its Global Competitiveness Index, and commercial think-tank Z/Yen lists the city as the number one global financial centre. A United Nations report shows that New York is second in the global prosperity index ratings, whereas the NYCEDC reports that the city’s innovation index is marked by a constant upward trend in six key areas: finance, R&D, human capital, intellectual property, entrepreneurship, and high-tech gross product. Federal Reserve data shows that job growth is slightly below the national average, although still well within an acceptable range at 1.8 per cent. As of March 2015, the local unemployment rate was 5.7 per cent.

Major industries

According to the latest data set released by the US Bureau of Labor Statistics, the most important industry sectors across the state of New York are education and health services, finance, trade, transportation and utilities, professional and business services, the public sector, leisure and hospitality. Read more »