New York City

== Economy ==
{{Main|Economy of New York City}}
[[File:Midtown_Manhattan_from_Weehawken_September_2021_001.jpg|thumb|[[Midtown Manhattan]] is the world's largest [[central business district]].<ref>{{cite news |url=https://www.reuters.com/business/new-york-widens-lead-over-london-top-finance-centres-index-2022-03-24/ |title=New York widens lead over London in top finance centres index |website=Reuters.com |date= March 24, 2022|access-date=June 25, 2022|last1= Jones|first1= Huw}}</ref>]]
[[File:Luchtfoto_van_Lower_Manhattan.jpg|thumb|[[Lower Manhattan]], including [[Wall Street]], the world's principal financial center,<ref name="NYCFinancialAndFintechCapitalWorld"/> and [[One World Trade Center]], the [[List of tallest buildings in the United States|tallest skyscraper in the United States]]]]

New York City is a global hub of business and commerce, and is sometimes described as the [[Caput Mundi#New York City|capital of the world]].<ref name="NewYorkCapitaloftheWorld1">{{cite news |first = Kenneth T. |last = Jackson |date = April 2, 2021 |title = Does New York Still Want to Be the Capital of the World? |newspaper = The Wall Street Journal |url = https://www.wsj.com/articles/does-new-york-still-want-to-be-the-capital-of-the-world-11617400766 |access-date = October 12, 2022 }}</ref> Greater New York is [[list of cities by GDP|the world's largest metropolitan economy]], with a [[gross metropolitan product]] estimated at US$2.16 trillion in 2022.<ref name="bea.gov"/><ref name="fred.stlouisfed.org"/> New York is a center for worldwide banking and finance, [[health care]] and [[life sciences]],<ref name="NYCHealthCareLifeSciences" /> [[medical technology]] and [[research]], retailing, world trade, transportation, tourism, real estate, [[new media]], [[traditional media]], advertising, [[legal services]], [[accountancy]], insurance, and the arts in the United States; while [[Silicon Alley]], [[Metonymy|metonymous]] for New York's broad-spectrum high technology sphere, continues to expand. The [[Port of New York and New Jersey]] is a major economic engine, benefitting [[Panamax|post-Panamax]] from the expansion of the [[Panama Canal]].<ref>{{Cite web |last=LaRocco |first=Lori Ann |date=2022-09-24 |title=New York is now the nation's busiest port in a historic tipping point for U.S.-bound trade |url=https://www.cnbc.com/2022/09/24/new-york-now-no-1-port-in-us-as-sea-change-in-trade-hits-west-coast.html |access-date=May 21, 2023 |website=CNBC |language=en}}</ref><ref>{{Cite web |title=Port of NYNJ Beats West Coast Rivals with Highest 2023 Volumes |url=https://maritime-executive.com/article/port-of-nynj-beats-west-coast-rivals-with-highest-2023-volumes |access-date=May 21, 2023 |website=The Maritime Executive |language=en}}</ref><ref>{{Cite web |title=Port of New York and New Jersey Remains US' Top Container Port |url=https://www.marinelink.com/news/port-new-york-new-jersey-remains-us-top-501852 |access-date=May 21, 2023 |website=Marinelink.com|date=December 28, 2022 }}</ref>

Many [[Fortune 500]] corporations are headquartered in New York City,<ref>[https://money.cnn.com/magazines/fortune/fortune500/2011/cities/ Fortune 500 2011: Cities with most companies]. [[CNNMoney]]. Retrieved July 21, 2011; ''[[Fortune (magazine)|Fortune]]'', Vol. 163, no. 7 (May 23, 2011), p. F-45</ref> as are a large number of [[multinational corporation]]s. New York City has been ranked first among cities across the globe in attracting [[Capital (economics)|capital]], business, and tourists.<ref>{{cite news |last = Kennedy |first = Simon |date = April 13, 2014 |title = Beijing Breaks into Top Ten in Rankings by A.T. Kearney |website = [[Bloomberg.com]] |url = https://www.bloomberg.com/news/2014-04-13/beijing-breaks-into-top-ten-in-rankings-by-a-t-kearney.html |access-date = April 13, 2014 |publisher = [[Bloomberg L.P]] }}</ref><ref>{{cite news |last = Kaske |first = Michelle |archive-url = https://web.archive.org/web/20120312173905/http://www.bloomberg.com/news/2012-03-12/new-york-city-tops-global-competitiveness-london-is-no-2-economist-says.html |url = https://www.bloomberg.com/news/articles/2012-03-12/new-york-city-tops-global-competitiveness-london-is-no-2-economist-says |title = New York City Tops Global Competitiveness Rankings, Economist Report Says |publisher = [[Bloomberg L.P.]] |date = March 12, 2012 |archive-date = March 12, 2012 |access-date = February 9, 2017 }}</ref> New York City's role as the top global center for the [[Advertising|advertising industry]] is metonymously reflected as ''[[Madison Avenue#Advertising industry|Madison Avenue]]''.<ref name="MadisonAveMetonym">{{cite web |title = Definition of Metonymy |url = https://www.chegg.com/homework-help/definitions/metonymy-39 |publisher = [[Chegg]] |access-date = November 23, 2021 |archive-date = July 31, 2020 |archive-url = https://web.archive.org/web/20200731204559/https://www.chegg.com/homework-help/definitions/metonymy-39 |url-status = dead }}</ref> The city's [[fashion industry]] provides approximately 180,000 employees with $11&nbsp;billion in annual wages.<ref>{{cite news |last = Fermino |first = Jennifer |date = February 7, 2014 |title = Mayor de Blasio announces $3M in grants for New York City's fashion industry |newspaper = [[Daily News (New York)|Daily News]] |location = New York |url = http://www.nydailynews.com/news/politics/de-blasio-announces-3m-grants-city-fashion-industry-article-1.1605556 |url-status = live |access-date = February 11, 2014 |archive-url = https://web.archive.org/web/20171011005433/http://www.nydailynews.com/news/politics/de-blasio-announces-3m-grants-city-fashion-industry-article-1.1605556 |archive-date = October 11, 2017 }}</ref>

Significant other economic sectors include universities and non-profit institutions. [[Manufacturing in the United States|Manufacturing]] declined over the 20th century but still accounts for significant employment. The city's apparel and [[garment industry]], historically centered on the [[Garment District, Manhattan|Garment District]] in Manhattan, peaked in 1950, when more than 323,000 workers were employed in the industry in New York. In 2015, fewer than 23,000 New York City residents were employed in the industry, although revival efforts were underway,<ref>{{cite news |first = Winnie |last = Hu |date = February 7, 2017 |title = New York Tries to Revive Garment Industry, Outside the Garment District |newspaper = [[The New York Times]] |url = https://www.nytimes.com/2017/02/07/nyregion/new-york-garment-industry-brooklyn.html |access-date = October 14, 2022 }}</ref> and the American fashion industry continues to be metonymized as ''[[Seventh Avenue (Manhattan)|Seventh Avenue]]''.<ref>{{cite web |url = https://www.apparelsearch.com/definitions/miscellaneous/seventh_avenue_new_york_fashion_avenue_definition.htm |title = Seventh Avenue New York:Fashion Avenue |publisher = Apparel Search |access-date = October 14, 2022 }}</ref> In 2017, the city had 205,592 employer firms, of which 22.0% were owned by women, 31.3% were minority-owned and 2.7% were owned by veterans.<ref name=QuickFacts>[https://www.census.gov/quickfacts/table/3651000,36,00 QuickFacts for New York city, New York; New York; United States], [[United States Census Bureau]]. Accessed January 12, 2024.</ref>

In 2022, the gross domestic product of New York City was $1.053 trillion, of which $781 billion (74%) was produced by Manhattan.<ref name="bea.gov"/> Like other large cities, New York City has a degree of [[income disparity]], as indicated by its [[Gini coefficient]] of 0.55 as of 2022.<ref>[https://data.census.gov/table?q=B19083:%20GINI%20INDEX%20OF%20INCOME%20INEQUALITY&g=160XX00US3651000 B19083 Gini Index of Income Inequality American Community Survey Universe: Households 2022: ACS 1-Year Estimates], [[United States Census Bureau]]. Accessed January 12, 2024.</ref><ref>{{Cite news |last = Honan |first = Katie |date = September 11, 2019 |title = New York City's Income-Inequality Gap Hasn't Changed, Report Says |language = en-US |work = [[The Wall Street Journal]] |url = https://www.wsj.com/articles/new-york-citys-income-inequality-gap-hasnt-changed-report-says-11568174460 |access-date = October 27, 2020 |issn = 0099-9660 }}</ref> In November 2023, the city had total employment of 4.75&nbsp;million of which more than a quarter were in education and health services.<ref>[https://www.bls.gov/regions/northeast/summary/blssummary_newyorkcity.pdf New York City Economic Summary], [[Bureau of Labor Statistics]], updated January 8, 2024. Accessed January 12, 2024.</ref> Manhattan, which accounted for more than half of the city's jobs, had an average weekly wage of $2,590 in the second quarter of 2023, ranking fourth-highest among the nation's 360 largest counties.<ref name=BLS2023Q3>[https://www.bls.gov/news.release/pdf/cewqtr.pdf County Employment And Wages – Second Quarter 2023], [[Bureau of Labor Statistics]], November 21, 2023. Accessed January 12, 2024.</ref> In 2022, New York City was home to the highest number of [[billionaire]]s of any city in the world, with a total of 107.<ref name=NYCMostBillionaires1>McEvoy, Jemima. [https://www.forbes.com/sites/jemimamcevoy/2022/04/05/where-the-richest-live-the-cities-with-the-most-billionaires-2022/ "Where The Richest Live: The Cities With The Most Billionaires 2022"], ''[[Forbes]]'', April 5, 2022. Accessed January 30, 2023. "New York City has taken back its crown. With 107 billionaire residents, worth over $640 billion, The Big Apple is home to more three-comma club members than any other city on the planet."</ref>

New York City is one of the relatively few American cities levying an [[income tax]] (about 3%) on its residents.<ref name="Localities_with_INCOME_tax">{{cite web |last = Moreno |first = Tonya |date = February 2, 2017 |title = U.S. Cities That Levy Income Taxes |url = https://www.thebalance.com/cities-that-levy-income-taxes-3193246 |url-status = live |archive-url = https://web.archive.org/web/20170308014312/https://www.thebalance.com/cities-that-levy-income-taxes-3193246 |archive-date = March 8, 2017 |access-date = December 20, 2017 |publisher = [[The Balance (website)|The Balance]] |quote = Fourteen states and the District of Columbia allow cities, counties, and municipalities to levy their own separate individual income taxes in addition to state income taxes. }}</ref><ref name="NYCTax">{{cite web |title = Personal Income Tax & Non-resident NYC Employee Payments |url = http://www1.nyc.gov/site/finance/taxes/personal-income-tax-and-non-resident-employees.page |access-date = December 19, 2017 |publisher = [[New York City Department of Finance]] |archive-date = August 27, 2022 |archive-url = https://web.archive.org/web/20220827134650/https://www1.nyc.gov/site/finance/taxes/personal-income-tax-and-non-resident-employees.page |url-status = dead }}</ref><ref name="NYC_tax_schedule">{{cite web |year = 2016 |title = New York City tax rate schedule |url = https://www.tax.ny.gov/pdf/current_forms/it/nyc_tax_rate_schedule.pdf |url-status = dead |archive-url = https://web.archive.org/web/20170308234704/https://www.tax.ny.gov/pdf/current_forms/it/nyc_tax_rate_schedule.pdf |archive-date = March 8, 2017 |access-date = December 15, 2017 |publisher = [[New York State Department of Taxation and Finance]] }}</ref>

=== Wall Street ===
{{main|Wall Street|Financial District, Manhattan}}
[[File:Gaming-Wall-Street BTS Prodigium-266.jpg|thumb|The [[New York Stock Exchange]] is the [[List of stock exchanges#Major stock exchanges|world's largest stock exchange]] per total [[market capitalization]] of [[Lists of companies listed on the New York Stock Exchange|its listed companies]].<ref name="NYSElargest"/><ref name="NYSEhighestcap"/>|alt=A large flag is stretched over Roman style columns on the front of a large building.]]

New York City's most important [[economic sector]] lies in its role as the headquarters for the [[Financial center|U.S. financial industry]], metonymously known as ''Wall Street''. [[Lower Manhattan]] is home to the [[New York Stock Exchange]], at [[New York Stock Exchange Building|11 Wall Street]], and the [[Nasdaq]], at [[One Liberty Plaza|165 Broadway]], representing the world's largest and second largest [[stock exchange]]s, respectively, when measured both by overall average daily trading volume and by total [[market capitalization]] of their listed companies in 2013.<ref name="NYSElargest">{{cite web |title = NYSE Listings Directory |url = https://www.nyse.com/about/listed/lc_ny_overview.html |archive-url = https://web.archive.org/web/20130621174531/http://www.nyse.com/about/listed/lc_ny_overview.html |archive-date = June 21, 2013 |access-date = June 23, 2014 |publisher = [[New York Stock Exchange]] }}</ref><ref name="NYSEhighestcap">{{cite web |title = 2013 WFE Market Highlights |url = http://www.world-exchanges.org/files/2013_WFE_Market_Highlights.pdf |archive-url = https://web.archive.org/web/20140327112731/http://www.world-exchanges.org/files/2013_WFE_Market_Highlights.pdf |date = January 28, 2014 |archive-date = March 27, 2014 |access-date = July 20, 2014 |publisher = [[World Federation of Exchanges]] }}</ref> In fiscal year 2013–14, Wall Street's [[securities industry]] generated 19% of New York State's tax revenue.<ref>{{cite web |date = March 11, 2015 |title = DiNapoli: Wall Street Bonuses Edge Up in 2014 |url = https://www.osc.state.ny.us/press/releases/mar15/031115.htm |access-date = July 15, 2015 |publisher = Office of the [[New York State Comptroller]] }}</ref>

New York City remains the largest global center for trading in [[public equity]] and [[Security (finance)|debt]] capital markets, driven in part by the size and [[Financial Development Index|financial development]] of the [[U.S. economy]].<ref name="CNY2007">{{cite report |url = http://www.nyc.gov/html/om/pdf/ny_report_final.pdf |title = Sustaining New York's and the US' Global Financial Services Leadership |publisher = [[New York City Economic Development Corporation]] |access-date = July 19, 2015 }}</ref>{{rp|31–32}}<ref>{{cite web |date = June 2013 |title = Total debt securities |url = http://www.bis.org/statistics/r_qa1306_hanx18.pdf |access-date = July 19, 2015 |publisher = [[Bank for International Settlements]] }}</ref> New York also leads in [[hedge fund]] management; [[List of private equity firms|private equity]]; and the monetary volume of [[mergers and acquisitions]]. Several [[Investment Banking|investment banks]] and [[Investment management|investment managers]] headquartered in Manhattan are important participants in other global financial centers.<ref name="CNY2007" />{{rp|34–35}} New York is the principal [[commercial bank]]ing center of the United States.<ref>{{cite news |last = Chaudhuri |first = Saabira |date = September 15, 2014 |title = Ranking the Biggest U.S. Banks: A New Entrant in Top 5 |newspaper = [[The Wall Street Journal]] |url = https://blogs.wsj.com/moneybeat/2014/09/15/ranking-the-biggest-u-s-banks-a-new-entrant-in-top-5/ |access-date = July 19, 2015 }}</ref>

Manhattan contained over 500&nbsp;million square feet (46.5&nbsp;million m<sup>2</sup>) of office space in 2018,<ref name="ManhattanOfficeSpace">{{cite web |first = Cynthia |last = Foster |date = December 7, 2018 |title = Q3 2018 U.S. Office Market Outlook |url = https://www2.colliers.com/en/Research/2018-Q3-US-Office-Market-Outlook-Report |access-date = April 13, 2019 |publisher = [[Colliers International]] |archive-date = April 14, 2019 |archive-url = https://web.archive.org/web/20190414022654/https://www2.colliers.com/en/Research/2018-Q3-US-Office-Market-Outlook-Report |url-status = dead }}</ref> making it the largest office market in the United States,<ref>{{cite web |title = Understanding The Manhattan Office Space Market |url = http://www.officespaceseeker.com/manhattan-office-space-market.html |access-date = July 20, 2014 |publisher = Officespaceseeker.com |archive-date = July 13, 2014 |archive-url = https://web.archive.org/web/20140713071533/http://www.officespaceseeker.com/manhattan-office-space-market.html |url-status = dead }}</ref> while [[Midtown Manhattan]], with 400&nbsp;million square feet (37.2&nbsp;million m<sup>2</sup>) in 2018,<ref name="ManhattanOfficeSpace" /> is the largest [[central business district]] in the world.<ref>{{cite web |title = Marketbeat United States CBD Office Report 2Q11 |url = http://www.cushwake.com/cwmbs2q11/PDF/off_us_cbd_2q11.pdf |archive-url = https://web.archive.org/web/20130508231043/http://www.cushwake.com/cwmbs2q11/PDF/off_us_cbd_2q11.pdf |archive-date = May 8, 2013 |access-date = July 20, 2014 |publisher = [[Cushman & Wakefield|Cushman & Wakefield, Inc]] }}</ref>

=== Tech and biotech ===
{{further|Tech:NYC|Tech companies in New York City|Biotech companies in New York City|Silicon Alley}}
[[File:Flatiron District.jpg|thumb|The [[Flatiron District]] is the cradle of [[Silicon Alley]], initially metonymous for the New York metropolitan region's high tech sector]]
[[File:Cornell_Tech_buildings_(41991).jpg|thumb|[[Cornell Tech]] on [[Roosevelt Island]]]]

New York is a top-tier global technology hub.<ref name=NewYorkCityDestinationNumberOneTechHub/><ref name=NYCTopTierTechHub>{{cite magazine |url=https://www.forbes.com/sites/bradthomas/2021/09/11/silicon-alley-provides-path-to-prosperity-for-new-york-city/?sh=728c3b7b5465 |title='Silicon Alley' Provides Path To Prosperity For New York City |first=Brad |last=Thomas |magazine=Forbes |date=September 11, 2021 |access-date=August 23, 2023 |quote=As it stands now, the city is second only to Silicon Valley as the largest technology ecosystem in the world.}}</ref> [[Silicon Alley]], once a metonym for the sphere encompassing the metropolitan region's [[high tech]]nology industries,<ref name=Dickey2013>{{cite web |url=http://www.businessinsider.com/silicon-alley-100-2013-2013-10?op=1 |title=SA 100 2013: The Coolest People In New York Tech |first1=Megan Rose |last1= Dickey |first2=Jillian |last2=D'Onfro |website=[[Business Insider]] |date=October 24, 2013 |access-date=July 30, 2014 |archive-url=https://web.archive.org/web/20140722170340/http://www.businessinsider.com/silicon-alley-100-2013-2013-10?op=1 |archive-date=July 22, 2014 |url-status=live }}</ref> is no longer a relevant moniker as the city's tech environment has expanded dramatically both in location and in scope since at least 2003, when tech business appeared in more places in Manhattan and in other boroughs, and not much [[silicon]] was involved.<ref name=Dickey2013 /><ref name=Ward2018>{{cite news |url=https://theculturetrip.com/north-america/usa/new-york/articles/the-history-of-new-yorks-silicon-alley |title=The History of New York's Silicon Alley |first=Peter |last=Ward |work=The Culture Trip |date=March 8, 2018 |access-date=August 23, 2023 |quote=when the revival began in 2003, tech companies didn't stick to the same areas. }}</ref> New York City's current tech sphere encompasses the array of applications involving universal applications of [[artificial intelligence]] (AI),<ref name="AI-NYC1A">{{cite web |url=https://www.nyc.gov/assets/cto/downloads/ai-strategy/nyc_ai_strategy.pdf |title=AI Strategy |work=City of New York |access-date=July 27, 2023}}</ref><ref name="AI-NYC1B">{{cite web|url=https://www.cnbc.com/2023/08/24/google-amazon-nvidia-amd-other-tech-giants-invest-in-hugging-face.html|title=Google, Amazon, Nvidia and other tech giants invest in AI startup Hugging Face, sending its valuation to $4.5 billion|author=Kif Leswing|publisher=[[CNBC]]|date=August 24, 2023|access-date=August 27, 2023|quote=Hugging Face, an AI firm based in New York, has raised $235 million at a $4.5 billion valuation from some of technology's biggest companies.}}</ref> broadband [[internet]],<ref>{{cite web |url=https://www.nyc.gov/assets/cto/downloads/internet-master-plan/NYC_IMP_1.7.20_FINAL-2.pdf |title=The New York City Internet Master Plan |work=City of New York |access-date=July 27, 2023}}</ref> [[new media]], [[financial technology]] (''fintech'') and [[cryptocurrency]], [[biotechnology]], [[game design]], and other fields within [[information technology]] that are supported by its [[entrepreneurship ecosystem]] and [[venture capital]] investments. [[Technology]]-driven [[startup companies]] and [[entrepreneur]]ial employment are growing in New York City and the region. The technology sector has been claiming a greater share of New York City's economy since 2010.<ref name="TechNYC1">{{cite news |first1 = Ben |last1 = Casselman |first2 = Keith |last2 = Collins |first3 = Karl |last3 = Russell |date = February 15, 2019 |title = Even Without Amazon, Tech Could Keep Gaining Ground in New York |newspaper = [[The New York Times]] |url = https://www.nytimes.com/interactive/2019/02/15/business/economy/nyc-tech-startups-amazon.html |access-date = February 16, 2019 }}</ref> [[Tech:NYC]], founded in 2016, is a non-profit organization which represents New York City's technology industry with government, civic institutions, in business, and in the media, and whose primary goals are to further augment New York's substantial tech talent base and to advocate for policies that will nurture tech companies to grow in the city.<ref>{{cite news |first = Jonathan |last = Schieber |date = May 24, 2017 |title = A Year After its Launch, TechNYC Has Become a Force in New York Politics |work = [[TechCrunch]] |url = https://techcrunch.com/2017/05/24/a-year-after-its-launch-technyc-has-become-a-force-in-new-york-politics/ |access-date = March 15, 2019 }}</ref>

New York City's AI sector raised US$483.6 million in venture capital investment in 2022.<ref name=NYCArtificialIntelligenceHub>{{cite web|url=https://www.crainsnewyork.com/technology/new-york-artificial-intelligence-firms-raised-whopping-4836m-2022|title=City AI firms bucked the VC downturn, raised a whopping $483.6M in 2022|author=Cara Eisenpress|publisher=Crain Communications|date=March 22, 2023|access-date=November 8, 2023}}</ref> In 2023, New York unveiled the first comprehensive initiative to create both a framework of rules and a [[chatbot]] to regulate the use of AI within the sphere of city government.<ref name=NYCArtificialIntelligenceGovernment>{{cite web|url=https://www.pymnts.com/artificial-intelligence-2/2023/new-york-city-unveils-ai-action-plan-that-develops-rules-framework/|title=New York City Unveils AI Action Plan that Develops Rules Framework|publisher=PYMNTS|date=October 16, 2023|access-date=November 8, 2023|quote=This comprehensive initiative is the first for a major U.S. city...As part of the plan, the city has piloted the first citywide AI chatbot to help business owners navigate government.}}</ref>

The [[Biotech and pharmaceutical companies in the New Jersey/New York metropolitan region|biotechnology]] sector is growing in New York City, based on the city's strength in academic [[scientific research]] and public and commercial financial support. On December 19, 2011, Mayor Michael R. Bloomberg announced his choice of [[Cornell University]] and [[Technion-Israel Institute of Technology]] to build a $2&nbsp;billion [[graduate school]] of [[applied science]]s called [[Cornell Tech]] on [[Roosevelt Island]] with the goal of transforming New York City into the world's premier technology capital.<ref>{{cite news |last = Pérez-Peña |first = Richard |date = December 19, 2011 |title = Cornell Alumnus Is Behind $350 Million Gift to Build Science School in City |newspaper = [[The New York Times]] |url = https://www.nytimes.com/2011/12/20/nyregion/cornell-and-technion-israel-chosen-to-build-science-school-in-new-york-city.html?scp=3&sq=cornell&st=cse |access-date = August 1, 2014 }}</ref><ref>{{cite web |last = Ju |first = Anne |date = December 19, 2011 |title = 'Game-changing' Tech Campus Goes to Cornell, Technion |url = https://news.cornell.edu/stories/2011/12/nyc-chooses-cornell-technion-build-tech-campus |access-date = August 1, 2014 |publisher = [[Cornell University]] }}</ref>

=== Real estate ===
[[File:New_York_-_panoramio_(117).jpg|thumb|[[Apple Fifth Avenue|Apple Store]] at [[Fifth Avenue]], one of the most expensive shopping streets in the world]]
New York City real estate is a safe haven for global investors.<ref name=NYCSafeHavenGlobalInvestors/> The total value of all New York City property was assessed at US$1.479&nbsp;trillion for the 2017 [[fiscal year]], an increase of 6.1% from the previous year; of the total market value for 2024, single family homes accounted for $765&nbsp;billion (51.7%), [[Housing cooperative|co-ops]], [[condominium]]s and apartment buildings totaled $351&nbsp;billion (23.7%) and commercial properties were valued at $317&nbsp;billion (21.4%).<ref>[https://www.nyc.gov/site/finance/about/press/press-release-fy24-tentative-assessment-roll.page ''Department Of Finance Publishes Fiscal Year 2024 Tentative Property Tax Assessment Roll''], [[New York City Department of Finance]], press release dated January 17, 2023. Accessed July 28, 2023. "The tentative assessment roll for FY24 shows the total market value of all New York City properties is $1.479 trillion, a 6.1 percent increase from Fiscal Year 2023. Property values for FY24 reflect real estate activity between January 6, 2022, to January 5, 2023, the taxable status date."</ref><ref name="NYC real estate">{{cite news |url = https://www1.nyc.gov/assets/finance/downloads/pdf/press_release/fy2017_tentative_assessment_roll.pdf |title = Department of Finance Publishes Fiscal Year 2017 Tentative Assessment Roll |publisher = [[New York City Department of Finance]] |date = January 15, 2016 |access-date = November 26, 2021 |quote = Today, Jacques Jiha, Commissioner for the Department of Finance, announced the publication of the Tentative Property Assessment Roll for fiscal year 2017, which shows the total Market Value for the upcoming year at about $1.072&nbsp;trillion, an increase of $102.5&nbsp;billion, or 10.6 percent from the 2016 Fiscal Year. }}</ref> [[Fifth Avenue]] in Midtown Manhattan commands the highest retail rents in the world, at {{convert|2000|$/ft2|$/m2}} in 2023.<ref>Boonshoft, Michael. [https://www.cushmanwakefield.com/en/news/2023/11/ny-fifth-avenue-retains-its-top-ranking-as-the-worlds-most-expensive-retail-destination "New York's Fifth Avenue Retains Its Top Ranking As The World's Most Expensive Retail Destination"], [[Cushman & Wakefield]], November 20, 2023. Accessed January 13, 2024. "New York's Fifth Avenue retains its top ranking as the world's most expensive retail destination, despite recording flat rental growth year-over-year (YOY)."</ref><ref>{{cite web |url=https://www.forbes.com/sites/markfaithfull/2022/11/25/new-yorks-fifth-avenue-worlds-most-expensive-shopping-street/?sh=cf0488a19a38|title=New York's Fifth Avenue World's Most Expensive Shopping Street|work=[[Forbes]]|date=November 25, 2022|access-date=January 13, 2024|author=Mark Faithfull}}</ref>

New York City has one of the highest [[cost of living|costs of living]] in the world, which is exacerbated by the city's housing shortage.<ref>Horowitz, Alex; and Staveski, Adam. [https://www.pewtrusts.org/en/research-and-analysis/articles/2023/05/25/new-yorks-housing-shortage-pushes-up-rents-and-homelessness "New York’s Housing Shortage Pushes Up Rents and Homelessness"], [[The Pew Charitable Trusts]], May 25, 2023. Accessed March 17, 2024. "Housing construction in New York City and its suburbs has lagged far behind that of other major cities and their suburbs, resulting in low housing availability and a vacancy rate of just 3%. New York City’s housing stock has only increased 4% since 2010, not nearly enough to keep up with its 22% increase in jobs. And from 2017 to 2021, New York City permitted 13 homes for every 1,000 residents in 2017, while Boston added 28, Washington, D.C., added 43, and Seattle added 67."</ref><ref>Morabito, Charlotte (June 24, 2024). [https://www.cnbc.com/2023/06/24/how-new-york-citys-sky-high-cost-of-living-stacks-up-to-london.html How New York City's sky-high cost of living stacks up to London], [[CNBC]]. Retrieved January 12, 2024.</ref> In 2023, one-bedroom apartments in Manhattan rented at a median monthly price of US$4,443.<ref>Duddridge, Natalie (August 11, 2023). [https://www.cbsnews.com/newyork/news/manhattans-average-rent-soared-to-record-5588-in-july/ Manhattan's average rent soared to record $5,588 in July]. CBS New York. Retrieved January 12, 2024.</ref> The median house price city-wide is over $1 million as of 2023.<ref>Barrett, George (August 2, 2023). [https://www.nyrealestatetrend.com/home-prices-and-property-values-in-new-york/ Home Prices and Property Values in New York]. NY Real Estate Trend. Retrieved January 12, 2024.</ref> As of 2023, there were 92,824 [[Homelessness in the United States|homeless people]] sleeping nightly in New York City's shelter system, with homelessness in the city reaching the highest levels since the [[Great Depression]].<ref>[https://www.coalitionforthehomeless.org/basic-facts-about-homelessness-new-york-city/ Basic Facts About Homelessness: New York City], [[Coalition for the Homeless]], updated December 2023. Accessed January 13, 2024. 'In recent years, homelessness in New York City has reached the highest levels since the Great Depression of the 1930s. In November 2023, there were 92,824 homeless people, including 33,365 homeless children, sleeping each night in New York City's main municipal shelter system. A total of 23,945 single adults slept in shelters each night in November 2023."</ref>

With 33,000 units available in 2023 among the city's 2.3 million rentable apartments, the vacancy rate was 1.4%, the lowest level since 1968 and a rate that is indicative of a shortage of available units, especially among those with rents below the median monthly rental of $1,650, where 1% of units were available.<ref>Zaveri, Mihir. [https://www.nytimes.com/2024/02/08/nyregion/apartment-vacancy-rate-housing-crisis.html "New York City’s Housing Crunch Is the Worst It Has Been in Over 50 Years Only 1.4 percent of the city’s rentals were available in 2023, according to new data, the lowest portion since 1968. The market was even tighter for lower-cost apartments."], ''[[The New York Times]]'', February 8, 2024. Accessed February 9, 2024. "The portion of rentals that were vacant and available dropped to a startling 1.4 percent in 2023, according to city data released on Thursday. It was the lowest vacancy rate since 1968 and shows just how drastically home construction lags behind the demand from people who want to live in the city.... Then, that number — about 33,210 units in 2023 — is divided by the roughly 2.3 million total rental homes in the city that are either available or occupied by tenants. The vacancy rate dropped to 1.4 percent even as the city added some 60,000 homes over the past two years, according to the city data."</ref>

=== Tourism ===
{{main|Tourism in New York City}}
[[File:Times_Square,_Broadway,_May_2016.jpg|thumb|[[Times Square]] is one of the world's leading tourist attractions with 50&nbsp;million tourists annually.<ref name=NYCvisitors/>]]
Tourism is a vital industry for New York City, and [[NYC & Company|NYC Tourism + Conventions]] represents the city's official bureau of tourism.<ref>[https://www.travelweekly.com/Travel-News/Travel-Agent-Issues/NYC-and-Company-changes-its-name "NYC & Company is now New York City Tourism + Conventions"], ''Travel Weekly'', March 28, 2023. Accessed January 17, 2024. "New York City's official destination marketing organization has changed its name to New York City Tourism + Conventions, dropping the NYC & Company name it's held since 1999."</ref> New York has witnessed a growing combined volume of international and domestic tourists, with as many as 66.6&nbsp;million visitors to the city per year, including as many as 13.5&nbsp;million visitors from outside the United States, with the highest numbers from the United Kingdom, Canada, Brazil, and China.<ref name=Tourism2021/> Multiple sources have called New York the most photographed city in the world.<ref name="NYCMostPhotographed1">{{cite web |date = January 19, 2022 |title = History in Photos: New York is the Most Photographed City in the World |url = https://nycity.media/history/history-in-photos-new-york-is-the-most-photographed-city-in-the-world.html |access-date = December 4, 2022 |quote = Not eliminate how many photos you have done well with your digital cameras, cell phones, and smartphones. And also in the professional area, New York has a non-sealing charm for filmmakers and photographers..Every year, there are 40,000 shoots for advertising, cinema films, TV shows, series, music videos, documentation. New York is considered the most photographed city in the world. And yet photographers, again and again, manage to take a new perspective in the megacity, to avoid an unusual motif to create an optics that fascinates. }}</ref><ref name="NYCMostPhotographed2">{{cite web |title = The Most Photographed Places In The World Based On Traveler Data |url = https://www.expedia.com/stories/most-photographed-places-in-the-world/ |access-date = December 3, 2022 |publisher = Expedia |quote = With visitors taking a slice of the Big Apple back home on their camera reel, it's hardly surprising that New York is the most photographed city in the world. }}</ref><ref name="NYCMostPhotographed3">{{cite news |last1 = Swanson |first1 = Ana |date = August 26, 2015 |title = The world's most photographed places |newspaper = [[The Washington Post]] |url = https://www.washingtonpost.com/news/wonk/wp/2015/08/26/the-worlds-most-photographed-places/ |access-date = September 25, 2022 }}</ref> ''[[I Love New York]]'' (stylized I <span style="color:red;">❤</span> NY) is both a [[logo]] and a song that are the basis of an [[advertising campaign]] and have been used since 1977 to promote [[tourism in New York City]],<ref>{{cite web |url = http://www.believermag.com/issues/200309/?read=interview_glaser |archive-url = https://web.archive.org/web/20150619204157/http://www.believermag.com/issues/200309/?read=interview_glaser |title = Chip Kidd talks with Milton Glaser |work = [[The Believer (magazine)|The Believer]] |date = September 2003 |access-date = July 8, 2015 |archive-date = June 19, 2015 }}</ref> and later to promote New York State as well. The [[trademark]]ed logo is owned by [[Empire State Development Corporation|New York State Empire State Development]].<ref>{{cite web |date = September 26, 2013 |title = I Love New York Logo |url = http://www.nysl.nysed.gov/emblems/iluvny.htm |access-date = July 8, 2015 |publisher = [[New York State Education Department]] |archive-date = September 6, 2015 |archive-url = https://web.archive.org/web/20150906091226/http://www.nysl.nysed.gov/emblems/iluvny.htm |url-status = dead }}</ref>

Many [[Lists of New York City landmarks|districts and monuments]] in New York City are major landmarks, including three of the world's ten-most-visited tourist attractions in 2023.<ref>{{Cite web |title=World's Most Visited Tourist Attractions, Ranked |url=https://www.farandwide.com/s/most-visited-tourist-destinations-bc849c0424864219 |access-date=2023-04-22 |website=Farandwide.com |language=en}}</ref> A record 66.6&nbsp;million tourists visited New York City in 2019, bringing in $47.4&nbsp;billion in tourism revenue. Visitor numbers dropped by two-thirds in 2020 during the pandemic, rebounding to 63.3&nbsp;million in 2023.<ref name=Tourism2021>[https://www.osc.ny.gov/reports/osdc/tourism-industry-new-york-city ''The Tourism Industry in New York City Reigniting the Return''], [[New York State Comptroller]] [[Thomas DiNapoli]], April 2021. Accessed December 29, 2023. "After reaching a record high of 66.6 million visitors in 2019 and generating $47.4 billion in spending, the number of visitors to New York City dropped by 67 percent and their spending declined by 73 percent in 2020.... New York City hosted 66.6 million visitors in 2019 (about 25 percent of the State's 265.5 million visitors that year), a tenth-consecutive annual record. In 2020, the pandemic and related behavioral and governmental restrictions caused the number to drop to 22.3 million, a 67 percent reduction (see Figure 1)."</ref><ref>David, Greg. [https://www.thecity.nyc/2023/09/05/tourists-china-hotel-rates/ "Tourists Are Back to NYC in Big Numbers"], [[The City (website)|The City]], September 5, 2023. Accessed December 29, 2023. "But the city will not surpass its 2019 record of 66.6 million visitors because once-numerous travelers from China remain few and far between and Americans are flocking to Europe in unprecedented numbers.... Still, the numbers show a rebound with the official forecast from the tourism agency NYC & Co. still predicting 63.3 million visitors this year, up 12% from last year."</ref> Major landmarks in New York City include the [[Metropolitan Museum of Art]], the [[Statue of Liberty]], the [[Empire State Building]], and Central Park.<ref>[https://www.lux-review.com/most-popular-landmarks-in-new-york/ Most Popular Landmarks in New York], ''LUXlife Magazine'', November 5, 2021</ref> Times Square is the brightly illuminated hub of the [[Theater District, Manhattan|Broadway Theater District]],<ref>{{Cite encyclopedia |title = Times Square |encyclopedia = [[Encyclopædia Britannica]] |url = https://www.britannica.com/EBchecked/topic/596253/Times-Square |access-date = May 10, 2011 }}</ref> and a major center of the world's [[entertainment industry]].<ref>{{Cite web |title = New York Architecture Images—Midtown Times Square |url = http://www.nyc-architecture.com/MID/MID-TimesSquare3.htm |archive-url = https://web.archive.org/web/20170125164419/http://www.nyc-architecture.com/MID/MID-TimesSquare3.htm |archive-date = January 25, 2017 |access-date = May 10, 2011 |publisher = 2011 nyc-architecture }}</ref> that attracts 50&nbsp;million visitors annually to one of the world's busiest pedestrian intersections.<ref name=NYCvisitors>Alikpala, Gidget. [https://en.as.com/latest_news/the-top-10-most-visited-tourist-attractions-in-the-usa-n/ "The top 10 most visited tourist attractions in the USA"], ''[[As (newspaper)|As]]'', September 4, 2023. Accessed January 13, 2024. "Central Park, New York- 42 million annual visitors... Times Square, New York- 50 million annual visitors. At number one is Times Square, one of the most iconic locations in the world."</ref>

=== Media and entertainment ===
{{Main|Media in New York City}}
{{further|New Yorkers in journalism}}
[[File:New_York,_2019_(48621790492).jpg|thumb|[[Rockefeller Center]], one of Manhattan's leading [[Media in New York City|media and entertainment hubs]]]]
[[File:Freedom_Of_Speech_(256854761).jpeg|thumb|[[The New York Times Building|The headquarters]] of [[the New York Times Company]], publisher of ''[[The New York Times]]'']]
New York City has been described as the [[show business|entertainment]]<ref name=NYCTheCapitaloftheWorld/><ref name=NYCTheEntertainmentCapitaloftheWorld>{{cite book |title = New York City Skyscrapers |first = Richard |last = Panchyk |publisher = Arcadia Publishing |year = 2010 |isbn = 9781439638620 |url = https://books.google.com/books?id=01rPeuHXpeQC&pg=PT180 }}</ref><ref>{{cite book |title = New York: The Movie Lover's Guide: The Ultimate Insider Tour of Movie New York |first = Richard |last = Alleman |publisher = Crown/Archetype |year = 2013 |page = 95 |isbn = 9780804137782 |url = https://books.google.com/books?id=f_0Z5SxTKLkC&pg=PA95 }}</ref> and [[digital media]] capital of the world.<ref>{{cite web |url = https://www.lgbtqnation.com/2017/05/first-nyc-pridefest-will-televised/ |title = ABC will broadcast New York's pride parade live for the first time |first = Dawn |last = Ennis |publisher = [[LGBTQ Nation]] |date = May 24, 2017 |access-date = December 21, 2020 |quote = Never before has any TV station in the entertainment and news media capital of the world carried what organizer boast is the world's largest Pride parade live on TV. }}</ref> It is a center for the [[advertising]], [[Music of New York City|music]], [[List of New York City newspapers and magazines|newspaper]], digital media, and publishing industries and is the largest media market in North America.<ref>{{cite press release |title = Tampa Bay 12th Largest Media Market Now |publisher = Tampa Bay Partnership |date = August 26, 2005 |url = http://www.tampabay.org/press.asp?rls_id=991& |access-date = September 1, 2008 |url-status = dead |archive-url = https://web.archive.org/web/20080928205103/http://www.tampabay.org/press.asp?rls_id=991& |archive-date = September 28, 2008 }}</ref> Many of the world's largest [[media conglomerate]]s are based in the city, including [[Warner Bros. Discovery]], the [[Thomson Reuters Corporation]], the [[Associated Press]], [[Bloomberg L.P.]], the [[News Corp]], [[The New York Times Company]], [[NBCUniversal]], the [[Hearst Corporation]], [[AOL]], [[Fox Corporation]], and [[Paramount Global]]. Seven of the world's top eight global [[advertising agency]] networks have their headquarters in New York.<ref>{{cite web |url = http://adage.com/datacenter/datapopup.php?article_id=116384 |archive-url = https://web.archive.org/web/20070602212322/http://adage.com/datacenter/datapopup.php?article_id=116384 |title = Top 10 Consolidated Agency Networks: Ranked by 2006 Worldwide Network Revenue |work = [[Advertising Age]] |access-date = June 8, 2007 |archive-date = June 2, 2007 }}</ref>

More than 200 newspapers and 350 consumer magazines have an office in the city,<ref name="NYC Media" /> and the publishing industry employs about 11,500 people, with an economic impact of $9.2&nbsp;billion.<ref>Milliot, Jim. [https://www.publishersweekly.com/pw/by-topic/industry-news/financial-reporting/article/91028-new-report-finds-nyc-publishing-bookselling-jobs-fell-between-2010-and-2020.html "New Report Finds NYC Publishing, Bookselling Jobs Fell Between 2010 and 2020"], ''[[Publishers Weekly]]'', December 1, 2022. Accessed January 30, 2024. "According to the study, book publishers generated $9.2 billion of economic output in 2020, ahead of the other publishing sub-sectors: periodical publishers ($6.3 billion); internet publishers ($2.8 billion); and newspaper publishers (2.5 billion).... The number of people employed in New York publishing houses dipped by 1.7% between 2010 and 2020, falling to 11,500."</ref> The two national daily newspapers with the largest daily [[Circulation (newspaper)|circulations]] in the United States are published in New York: ''[[The Wall Street Journal]]'' and ''[[The New York Times]]'' broadsheets.<ref>Majid, Aisha. [https://pressgazette.co.uk/media-audience-and-business-data/media_metrics/top-25-us-newspaper-circulations-down-march-2023/ "Top 25 US newspaper circulations: Largest print titles fall 14% in year to March 2023"], ''[[Press Gazette]]'', June 26, 2023. Accessed January 13, 2024. "News Corp's business-focused ''The Wall Street Journal'' (609,654) and ''The New York Times'' (296,329) remain the biggest dailies in the US."'</ref> With 132 awards through 2022, ''The Times'' has won the most [[Pulitzer Prize]]s for journalism<ref>[[David Folkenflik|Folkenflik, David.]] [https://www.npr.org/2022/05/08/1097097620/new-york-times-pulitzer-ukraine-walter-duranty "''The New York Times'' can't shake the cloud over a 90-year-old Pulitzer Prize"], [[NPR]], May 8, 2022. Accessed January 13, 2024. "''The New York Times'' is looking to add to its list of 132 Pulitzer Prizes — by far the most of any news organization — when the 2022 recipients for journalism are announced on Monday."</ref> and is considered the U.S. media's [[newspaper of record]].<ref>[https://ropercenter.cornell.edu/new-york-times The New York Times], [[Roper Center for Public Opinion Research]]. Accessed January 13, 2024. "Nicknamed The Gray Lady, The Times is long regarded within the industry as a national 'newspaper of record'."</ref> [[Tabloid (newspaper format)|Tabloid]] newspapers in the city include the ''[[New York Daily News]]'', which was founded in 1919 by [[Joseph Medill Patterson]],<ref>{{cite encyclopedia |url = https://www.britannica.com/EBchecked/topic/412434/New-York-Daily-News |title = New York Daily News (American newspaper) |encyclopedia = [[Britannica.com]] |access-date = May 4, 2013 }}</ref> and the ''[[New York Post]]'', founded in 1801 by [[Alexander Hamilton]].<ref>Allan Nevins, ''The Evening Post: Century of Journalism'', Boni and Liveright, 1922, p. 17.</ref><ref>[https://www.loc.gov/item/lcwaN0011417/ ''New York Post''], [[Library of Congress]]. Accessed January 13, 2024. "The New York Post is an American daily newspaper, primarily distributed in New York City and its surrounding area. It is the 13th-oldest and seventh-most-widely circulated newspaper in the United States. Established in 1801 by federalist and Founding Father Alexander Hamilton, it became a respected broadsheet in the 19th century, under the name New York Evening Post."</ref>

{{As of|2019}}, New York City was the second-largest center for [[filmmaking]] and television production in the United States, producing about 200 feature films annually. The industry employed more than 100,000 people in 2019, generating $12.2&nbsp;billion in wages and a total economic impact of $64.1&nbsp;billion.<ref>[https://www.nyc.gov/assets/mome/pdf/mome-nyc-film-tv-industry-study-executive-summary.pdf ''New York City Film and Television Industry Economic Impact Study 2021''], New York City Mayor's Office of Media and Entertainment. Accessed January 30, 2024. "In 2019, New York City’s film and television industry was directly responsible for 100,200 jobs, $12.2 billion in wages, and $64.1 billion in direct economic output."</ref> By volume, New York is the world leader in [[independent film]] production—one-third of all American independent films are produced there.<ref>{{cite web |title = New York Film Academy, New York City |url = http://www.nyfa.edu/filmschools/newyork.php |url-status = dead |archive-url = https://web.archive.org/web/20120126210946/http://www.nyfa.edu/filmschools/newyork.php |archive-date = January 26, 2012 |access-date = February 8, 2012 |publisher = [[New York Film Academy]] }}</ref><ref name="NYC Media">{{cite web |year = 2005 |title = Request for Expressions of Interest |url = http://www.govisland.com/PDFs/RFEI/RFEI.pdf |archive-url = https://web.archive.org/web/20080802030053/http://www.govisland.com/PDFs/RFEI/RFEI.pdf |archive-date = August 2, 2008 |access-date = February 11, 2014 |publisher = [[Governors Island|Governors Island Preservation and Education Corporation]] }}</ref>

New York is a major center for [[non-commercial educational]] media. [[NYC Media]] is the official public radio, television, and online media network and broadcasting service of New York City,<ref>{{cite web |title = About NYC Media |url = https://www1.nyc.gov/site/media/about/about.page |access-date = July 23, 2019 |website = [[NYC Media]] |publisher = City of New York }}</ref> and has produced several original [[Emmy Award]]-winning shows covering music and culture in city neighborhoods and city government. The oldest [[public-access television]] channel in the United States is the [[Manhattan Neighborhood Network]], founded in 1971.<ref>{{cite web |title = Community Celebrates Public Access TV's 35th Anniversary |url = http://www.mnn.org/en/community-celebrates-public-access-tvs-35th-annive |url-status = dead |archive-url = https://web.archive.org/web/20100825122105/http://www.mnn.org/en/community-celebrates-public-access-tvs-35th-annive |archive-date = August 25, 2010 |access-date = October 28, 2010 |publisher = [[Manhattan Neighborhood Network|Mnn.org]] }}</ref> [[WNET]] is the city's major public television station and produces a third of national [[Public Broadcasting Service]] (PBS) television programming.<ref>[https://www.nyc-arts.org/organizations/thirteen-wnet/ Thirteen/WNET], [[NYC Arts]]. Accessed January 30, 2024. "Channel Thirteen is the flagship television station of the Public Broadcasting Service—a national, commercial-free, viewer-supported network known for its productions of top-notch programming in the arts and culture (Masterpiece Theater; Great Performances), science and nature (NOVA; Stephen Hawking's Universe), news and public affairs (News Hour with Jim Lehrer; ITN World News) and the humanities (The 1900 House; The American President). Thirteen/WNET produces about a third of the prime-time public-television programming aired in the United States, for which it often taps the unmatched cultural resources of New York City."</ref> [[WNYC]], a [[public radio]] station owned by the city until 1997,<ref>Darrow, Peter H. [https://www.wnyc.org/story/going-public-story-wnycs-journey-independence/ "Going Public: The Story of WNYC’s Journey to Independence"], [[WNYC]], May 10, 2018. Accessed January 30, 2024. "From July 1924 until January 1997 WNYC was owned and operated by the City of New York. This is the story of how it became a self-supporting independent non-profit organization."</ref> has the largest public radio audience in the United States.<ref>{{cite web |date = August 28, 2006 |title = Top 30 Public Radio Subscribers – Spring 2006 Arbitron |url = http://www.rrconline.org/reports/pdf/Sp06%20eRanks.pdf |access-date = September 1, 2008 |publisher = [[Radio Research Consortium]] |archive-date = January 13, 2013 |archive-url = https://web.archive.org/web/20130113222054/http://www.rrconline.org/reports/pdf/Sp06%20eRanks.pdf |url-status = dead }}</ref>