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New York Economy

 

New York City serves as an enormous engine for the global economy, and is home to more Fortune 500 companies than anywhere else in the country. Its estimated gross metropolitan product of US$488.8 billion in 2003 was the largest of any city in the United States and the sixth largest if compared to any U.S. state. If it were a nation, the city would have the 16th highest gross domestic product in the world, exceeding that of Russia ($433 billion).

New York is the national center for numerous industries. Most famously, it is the home of the three largest American stock exchanges (NYSE, NASDAQ, and AMEX) and a wide array of banking and investment firms. Though these companies have traditionally been located in the area around Wall Street in Lower Manhattan, many can also be found in Midtown and other parts of the city. In addition to the financial sector, New York is also the hub of the country's publishing, accounting, advertising, media, and legal industries.

 


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