Economy Manhattan

1 economy

1.1 financial sector
1.2 corporate sector
1.3 technology sectors
1.4 tourism
1.5 real estate
1.6 media

1.6.1 news
1.6.2 television, radio, film

economy

the new york stock exchange on wall street, world s largest stock exchange total market capitalization of listed companies

manhattan economic engine of new york city, 2.3 million workers in 2007 drawn entire new york metropolitan area accounting two-thirds of jobs in new york city. in first quarter of 2014, average weekly wage in manhattan (new york county) $2,749, representing highest total among large counties in united states. manhattan s workforce overwhelmingly focused on white collar professions, manufacturing extinct. manhattan has highest per capita income of county in united states.

in 2010, manhattan s daytime population swelling 3.94 million, commuters adding net 1.48 million people population, along visitors, tourists, , commuting students. commuter influx of 1.61 million workers coming manhattan largest of county or city in country, , more triple 480,000 commuters headed second-ranked washington, d.c.

financial sector

manhattan s important economic sector lies in role headquarters u.s. financial industry, metonymously known wall street. borough s securities industry, enumerating 163,400 jobs in august 2013, continues form largest segment of city s financial sector , important economic engine manhattan, accounting in 2012 5 percent of private sector jobs in new york city, 8.5 percent (us$3.8 billion) of city s tax revenue, , 22 percent of city s total wages, including average salary of us$360,700. wall street investment banking fees in 2012 totaled approximately us$40 billion, while in 2013, senior new york city bank officers manage risk , compliance functions earned as us$324,000 annually.

the financial district of lower manhattan, viewed brooklyn

lower manhattan home new york stock exchange (nyse), on wall street, , nasdaq, @ 165 broadway, representing world s largest , second largest stock exchanges, respectively, when measured both overall share trading value , total market capitalization of listed companies in 2013. nyse mkt (formerly american stock exchange, amex), new york board of trade, , new york mercantile exchange (nymex) located downtown. in july 2013, nyse euronext, operator of new york stock exchange, took on administration of london interbank offered rate british bankers association.

corporate sector

new york city home corporate headquarters of city in united states, overwhelming majority based in manhattan. manhattan contained on 500 million square feet (46.5 million m) of office space in 2015, making largest office market in united states, while midtown manhattan, 400 million square feet (37.2 million m) in 2015, largest central business district in world.

as of 2013, global advertising agencies of omnicom group , interpublic group, both based in manhattan, had combined annual revenues of approximately us$21 billion, reflecting new york city s role top global center advertising industry, metonymously referred madison avenue .

technology sectors

silicon alley, centered in manhattan, has evolved metonym sphere encompassing new york city metropolitan region s high tech industries, including internet, new media, telecommunications, digital media, software development, biotechnology, game design, financial technology (fintech), , other fields within information technology supported area s entrepreneurship ecosystem , venture capital investments. of 2014, new york city hosted 300,000 employees in tech sector. in 2015, silicon alley generated on us$7.3 billion in venture capital investment, based in manhattan, in brooklyn, queens, , elsewhere in region. high technology startup companies , employment growing in manhattan , across new york city, bolstered city s emergence global node of creativity , entrepreneurship, social tolerance, , environmental sustainability, new york s position leading internet hub , telecommunications center in north america, including vicinity several transatlantic fiber optic trunk lines, city s intellectual capital, , extensive outdoor wireless connectivity. verizon communications, headquartered @ 140 west street in lower manhattan, @ final stages in 2014 of completing us$3 billion fiberoptic telecommunications upgrade throughout new york city. of october 2014, new york city hosted 300,000 employees in tech sector, significant proportion in manhattan.

the biotechnology sector growing in manhattan based upon city s strength in academic scientific research , public , commercial financial support. mid-2014, accelerator, biotech investment firm, had raised more us$30 million investors, including eli lilly , company, pfizer, , johnson & johnson, initial funding create biotechnology startups @ alexandria center life science, encompasses more 700,000 square feet (65,000 m) on east 29th street , promotes collaboration among scientists , entrepreneurs @ center , nearby academic, medical, , research institutions. new york city economic development corporation s stage life sciences funding initiative , venture capital partners, including celgene, general electric ventures, , eli lilly, committed minimum of us$100 million launch 15 20 ventures in life sciences , biotechnology. in 2011, mayor michael r. bloomberg had announced choice of cornell university , technion-israel institute of technology build us$2 billion graduate school of applied sciences on roosevelt island, manhattan, goal of transforming new york city world s premier technology capital.

times square hub of broadway theater district , major cultural venue in manhattan, has 1 of highest annual attendance rates of tourist attraction in world, estimated @ 50 million


tourism

tourism vital manhattan s economy, , landmarks of manhattan focus of new york city s tourists, enumerating approximately 61 million visitors in 2016. according broadway league, shows on broadway sold approximately us$1.27 billion worth of tickets in 2013–2014 season, increase of 11.4% us$1.139 billion in 2012–2013 season; attendance in 2013–2014 stood @ 12.21 million, representing 5.5% increase 2012–2013 season s 11.57 million. of june 2016, manhattan had 91,500 hotel rooms, 26% increase 2010.

real estate

real estate major force in manhattan s economy, , indeed city s, total value of new york city property assessed @ us$914.8 billion 2015 fiscal year. manhattan has perennially been home of nation s, world s, valuable real estate, including time warner center, had highest-listed market value in city in 2006 @ us$1.1 billion, subsequently surpassed in october 2014 waldorf astoria new york, became expensive hotel ever sold after being purchased anbang insurance group, based in china, us$1.95 billion. when 450 park avenue sold on july 2, 2007, us$510 million, us$1,589 per square foot (us$17,104/m²), broke barely month-old record american office building of us$1,476 per square foot (us$15,887/m²) based on sale of 660 madison avenue. in 2014, manhattan home 6 of top ten zip codes in united states median housing price.

manhattan had approximately 520 million square feet (48.1 million m²) of office space in 2013, making largest office market in united states. midtown manhattan largest central business district in nation based on office space, while lower manhattan third-largest (after chicago s loop).

media

news

manhattan served major new york city daily news publications, including new york times, new york daily news, , new york post, headquartered in borough. nation s largest newspaper circulation, wall street journal, based there. other daily newspapers include new york , villager. new york amsterdam news, based in harlem, 1 of leading african american weekly newspapers in united states. village voice, historically largest alternative newspaper in united states, announced in 2017 cease publication of print edition , convert digital venture.

television, radio, film

the television industry developed in manhattan , significant employer in borough s economy. 4 major american broadcast networks, abc, nbc, cbs, , fox, univision, headquartered in manhattan, many cable channels, including msnbc, mtv, fox news, hbo , comedy central. in 1971, wlib became new york s first black-owned radio station , began broadcasts geared toward african-american community in 1949. wqht, known hot 97, claims premier hip-hop station in united states. wnyc, comprising , fm signal, has largest public radio audience in nation , most-listened commercial or non-commercial radio station in manhattan. wbai, news , information programming, 1 of few socialist radio stations operating in united states.

the oldest public-access television cable tv channel in united states manhattan neighborhood network, founded in 1971, offers eclectic local programming ranges jazz hour discussion of labor issues foreign language , religious programming. ny1, time warner cable s local news channel, known beat coverage of city hall , state politics.