Overview of Business in Manhattan
For decades, Manhattan has been a global business hub of undisputed prestige. This New York borough is home to some of the world’s most successful businesses and to the largest stock exchange in the world. Manhattan has repeatedly topped the global lists of most powerful cities, staying ahead of other leading business hubs like London, Dubai, Hong Kong, or Shanghai. Due to its excellent infrastructure, world-class business environment, and valuable human capital, Manhattan is the world’s most desirable business location . The borough’s thriving business scene is a catalyst for economic growth, and this is reflected in the local employment levels. According to the NYCEDC, more than 310,000 jobs are based in this borough, tens of thousands of which have been created in the private sector since 2005.
The banking and financial sector is the key economic driver for the local economy. More than 300,000 people are employed in this industry, which according to the Federal Reserve generates more than 35 per cent of the city’s income. The service sector is another key industry in Manhattan, as it employs over 1 million people in areas like tourism (over 240,000 jobs), professional and business services (287,000 jobs), or healthcare and social assistance (208,000 jobs).
The number of technology, advertising, media, and information companies (TAMIs) has skyrocketed since 2009. Back then, TAMIs barely occupied 100,000 square feet of space in Manhattan, but at the end of 2014 that figure had increased to more than 1.6 million. A report published by the Downtown alliance estimates that this sector is comprised of over 800 firms that generate a combined annual output of $125 billion and that employ nearly 29,000 people. Likewise, Manhattan has recently been attracting a steady number of creative firms. According to an article published at the Wall Street Journal, the number of employees working in creative ventures in this part of Manhattan has increased by 71 per cent over the past five years. Read the rest of this entry »