New City York Economy

New York is similar to Hong Kong in that it could stand by itself as an independent city state due to its massive annual budget in excess of £15 billion – it is one of America’s, and the world’s leaders in finance, tourism and shipping and is considered one of the best addresses for major American corporations and high profile foreign companies. New York, Paris (France) and London are often linked together in prestigious lists.

New York did fall into a manufacturing decline after the Second World War, but it is still the nation’s biggest producer of clothing and the world’s center of communication. The Wall Street stock exchange has a huge impact on the local economy, even though it only employs about 4% of the city’s workforce, because the tax payments bring in 17% of New York’s revenue. As well as the tax revenue benefiting New York as a whole, local bars and restaurants also do well when the city’s big players are doing well.

A whopping 30 million tourist visit New York every year, 10 million of these visit during the Christmas holiday season, so the city benefits greatly from travellers seeking fun, adventure and bargains in the Big Apple. About half of New York’s economy is fuelled by tourism with the benefits reaching 25,000 businesses in New York City.