New York city or the Big Apple is quite the commercial center. It is still one of the most popular cities in the whole world and one that almost all nationalities wants to visit at least once in their life. It is often featured in movies, tv shows and even in video games.
Quite recently, the Big Apple was attacked by alien invaders and it was defended by the Avengers. It is so often featured in popular culture that people, even Americans from other states, make it a point to visit New York when they can.
More than that: when one thinks about New York, he or she immediate thinks about the Empire State Building, Statue of Liberty, Central Park, and of course Times Square.
However, behind all the pop culture fictions, songs, and tourist fantasies about the city that never sleeps. How is reality in New York? And by reality, what I mean is what really happens on the ground. The businesses, how the people live, real estate, finance, and economy of the city.
Real estate is a very significant, if not the most important, factor in the economy of New York City. $807.5 billion is New York City’s total value on property and this was recorded in 2006. New York City is home to a lot of the most expensive office spaces in the United States. It is ranked 49th worldwide in quality of living by a survey done by the consulting firm Mercer. The factors that determined the results of that survey, according to Mercer were, housing, sanitation, personal freedom, crime, political stability, recreation, availability of consumer goods, natural environment, banking facilities, education, as well as public services like transportation.
The largest central business district in the whole world is located at Midtown Manhattan.
For a very long time, The Big Apple has been the leading business center in America even until now. But the 1970s fiscal crisis put a dent in that.
Many operations of international corporations and major companies are located in New York City. 45 out of the 500 American corporations listed by Fortune magazine as having the largest revenues in 2010 had headquarters in NYC and there were 12 others located within the New York State.
Many Fortune 500 companies make their home in NYC and this is the reason why when people outside of America think of America, what they usually picture first in their mind is New York City. It is almost the center of everything in America.
When it comes to the world of finance. NYC is home to the New York Stock Exchange and is right on the smack of Wall Street. Remember that Leonardo Dicaprio movie where he made a ton of movie? Right, it was at Wall Street, but do not do what he did in the movie. The New York Stock Exchange is the first largest stock exchange in the world, but not only that, New York City is also home to NASDAQ, the second largest stock exchange in the world. And as a result, 35% of the city’s employment income come from the financial services.
Since World War I, New York City leads the world economy as the center of finance. Now with a President of America that has a company and business in New York City, it would be interesting to see how it will affect the economy of the Big Apple. Recently, it was reported that the condo prices at Trump tower are plummeting but it is also worth it to note that as of August 30, 2017, it is reported that USA’s economy records its fastest growth in three years.