Business Outlook

New York City is the financial center of the US’s $8.5 trillion economy. The city is home to 20 of the top 25 foreign branches of international banks, eight of the world’s top ten securities firms and 436 international banks, representing every major country.

The New York Stock Exchange is the world’s largest exchange marketplace for equities. Indeed, the financial community and its ancillary services such as accounting, insurance, law and real estate are the cornerstone of the New York economy.

Also, New York is the number-one media market in the US, with nearly 7% of the nation’s television-viewing households. Thirty-five New York-based radio stations and 100+ regional stations reach more than 14 million listeners. Three of the Big Five music recording companies have their headquarters here.

Film and television production in New York has shown impressive growth over the past five years. Overall shooting days for feature films, television shows, commercials, music videos and student films has gone up dramatically. Today, one-third of all independent films are produced in New York. It is the largest publishing center in the United States; the book publishing industry alone employs nearly 13,000 within New York’s five boroughs. There are 46 medical schools and major research institutions, 64 hospitals and medical centers. Also, High Tech is a $9.2 billion industry in New York City.

Foreign direct investment in New York was $8.6 billion in 1994, representing 18% of all foreign investment within the nation. With New York serving as home to the United Nations, representing 185 countries and nearly 100 consulates, international business leaders do business in the city.

New York historically has had, and continues to have, a large and varied emigrant population. Foreign executives find that a highly educated and trained multi-lingual workforce is the norm. The United Kingdom, Japan, Canada, France, Germany, Italy, the Netherlands, and Switzerland collectively account for 85% of all foreign direct investment.

The United Kingdom has its greatest presence in advertising and publishing. It represents approximately 30% of all foreign-owned businesses. In recent years, Japan has increased its New York City presence, most notably in the areas of real estate, banking, and advertising.

Japan has also made its mark in New York’s financial industry, as it accounts for 38% of all foreign assets in the city. Canada is the city’s third largest investor, representing 13.8% of all foreign-owned businesses in the city. These include Air Canada, and Harlequin Books.

Overall, international companies in New York employ more than 200,000 people. This figure is equivalent to nearly 6% of the city’s total employment in the private sector. Because of the significant contribution by the Financial Service Industry to the New York economy, most businesses are affected by any downturn or weakness in this sector.