History

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Geography

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The economy of New York City encompasses the largest municipal as well as regional economy in the United States. Anchored by Wall Street, in Lower Manhattan, New York City has been characterized as the world's premier financial center, and is home to the New York Stock Exchange and NASDAQ, the world's largest stock exchanges by market capitalization and trading activity. In 2012, the New York City Metropolitan Statistical Area generated a gross metropolitan product (GMP) of over US$1.33 trillion, while the Combined Statistical Area produced a GMP of over US$1.55 trillion, both ranking first nationally by a wide margin and being roughly equivalent to the GDP of South Korea. The city's economy accounts for the majority of the economic activity in the states of New York and New Jersey./p>

Manhattan is the leading center of banking, finance, and communication in the United States and is the location of the New York Stock Exchange (NYSE) on Wall Street. Many of the world's largest corporations locate their home offices in Manhattan. Manhattan contained over 500 million square feet (46.5 million m2) of office space in 2015,[8] making it the largest office market in the United States, while Midtown Manhattan, with nearly 400 million square feet (37.2 million m2) in 2015, is the largest central business district in the world. New York City is distinctive for its high concentrations of advanced service sector firms in fields such as law, accountancy, banking and management consultancy, and is the top global center for the advertising industry, which is metonymously referred to as "Madison Avenue"; while Silicon Alley, metonymous for New York's broad-spectrum high technology sphere, continues to expand.

The financial, high technology, real estate, insurance, and health care industries form the basis of New York's economy. The city is also the most important center for mass media, journalism and publishing in the United States, and is the preeminent arts center in the country. Creative industries such as digital media, advertising, fashion, design and architecture account for a growing share of employment, with New York City possessing a strong competitive advantage in these industries.Manufacturing, although declining, remains consequential

Real estate is a significant component of the New York City economy. In 2006 the total value of New York City property was $807.5 billion The Google building, 111 Eighth Avenue is the property with the highest-listed m arket value in the city, at $1.8 billion in 2006. In a 2009 assessment "conducted to help governments and major companies place employees on international assignments", the consulting firm Mercer ranked New York City 49th worldwide in quality of living; the survey factored in political stability, personal freedom, sanitation, crime, housing, the natural environment, recreation, banking facilities, availability of consumer goods, education, and public services including transportation.

Some of the most expensive office space in the United States is located in New York City. 450 Park Avenue was sold on July 2, 2007, for $510 million, about $1,589 per square foot ($17,104/m²), breaking the barely month-old record for an American office building of $1,476 per square foot ($15,887/m²) set in the June 2007 sale of 660 Madison Avenue. Manhattan had 353.7 million square feet (32,860,000 m²) of office space in 2001.

Midtown Manhattan is the largest central business district in the world. New York City has long been the leading business center in the United States, but with the city's fiscal crisis in the 1970s a new trend began to develop resulting in corporate headquarters and subsidiaries gradually moving to the suburbs and other regions.

In 2005 there were 602 stand-alone headquarter operations for major companies in the city. Many international corporations are headquartered in the city, including more Fortune 500 companies than any other city. It is also the home of JetBlue Airways, headquartered in the Long Island City neighborhood of Queens.

Out of the 500 U.S. corporations with the largest revenues in 2010, as listed by Fortune magazine in May 2011, 45 had headquarters in New York City and another 12 elsewhere in New York state (total 57). In the 1997 Fortune 500, 46 corporations had New York City headquarters, out of 61 corporations headquartered in New York state.