NYC Economy Going Strong
A new report on New York City’s economy shows that the city still lives up to its long-standing reputation as the global business capital.
The New York City Economic Snapshot, a report released for the first time in October by New York City Economic Development Corporation (NYCEDC), aggregates and highlights data to measure the strength of the city’s economy.
“The Snapshot helps inform NYCEDC’s work not just in leading the city’s recovery from COVID, but in building a more vibrant and inclusive economy for the future,” said Andrew Kimball, NYCEDC President & CEO, in a note introducing the October report.
According to the report, one in 10 businesses in the city have opened in the last year alone, with the NYC metro area adding 450,000 jobs in that time — almost 200,000 more than runners-up Los Angeles and Dallas.
The report goes on to present metrics for tourism, transit, office and retail occupancy, and more — all data points that businesses can use to get a clear picture of the city’s economy.
Reaffirming a Global Business Capital
While the Snapshot gives a monthly picture of recent trends, these trends only reaffirm New York City’s long-standing status as a premier business destination.
One in 10 businesses in the city have opened in the last year alone, with the NYC metro area adding 450,000 jobs in that time. NYC is the largest city in the country, and with a gross metropolitan product (GMP) of $1.66 trillion, it produces more value than the entire state of Texas. The city ranks as the #1 U.S. destination for foreign direct investment (FDI) and #4 globally for total FDI inflows since 2014. It’s also the #2 global startup ecosystem, now valued at $371 billion. And, with the nation’s biggest consumer base at over 20 million, companies in NYC can test their ideas and products at scale — with a diverse audience that represents the world.
When it comes to talent, the city has the nation’s largest and most skilled labor force at over four million, with 2.3 million holding a bachelor’s degree or above — more than Los Angeles; San Francisco; Washington, D.C.; Philadelphia; and Boston combined.
Companies are already taking notice. In 2022, Suntory, a global beverage industry leader, celebrated the opening of its New York City office, while monday.com, a work-operating system, opened its new North American headquarters in the city — with Mayor Eric Adams cutting the ribbon. Funders are seizing the opportunity too — within the past year, leading international tech VCs including Index Ventures, Sequoia Capital, and Andreessen Horowitz have all opened offices in NYC.
With the nation’s biggest consumer base at over 20 million, companies in NYC can test their ideas and products at scale A One-Stop Shop for Businesses
The Business Development team at NYCEDC has the connections and experience to help companies succeed in the diverse NYC business ecosystem.
The team can guide companies through every step of the expansion or relocation process, offering solutions and guidance on site selection support, access to talent and workforce development programs, financial incentives analysis, city and state agency navigation, connections to industry associations and local chambers of commerce, and more.
Visit edc.nyc/Business to contact the team at NYCEDC and get started today.
To read, and subscribe to, the NYC Economic Snapshot, Visit edc.nyc/Insights.
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