New York at a Glance
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The Wall Street and NYSE are cornerstones of New York's financial sector.
The workforce of New York contributes to one of the largest urban economies worldwide. New York is a global financial center whose palpitations can plunge the whole world into an economic crisis.
With one in ten people working in the city’s private sector employed by a foreign corporation, the city is a major site for global business. International companies attract an international workforce: about 50% of all wage earners in New York are foreign-born.
For many foreign employees, working in New York undoubtedly has a glamorous element. The buzz of the big city and a competitive business environment make expat assignments in New York an unforgettable experience. For employers, a diverse and innovative workforce means recruiting the pick of the crop from a pool of highly skilled and well-qualified people.
The Financial Sector
Of course, we can only give you a brief overview of New York´s major industries in terms of their impact and their importance as employers for people working in New York. One of the biggest employers is the financial sector.
Financial services create about 35% of all income from employment in the Big Apple. There are over 324,000 financial service employees in New York. The city’s position as the global capital of financial service providers is only challenged by London and Tokyo.
However, with the world´s largest and second largest stock exchanges located in Manhattan, the city easily bears comparison with its two competitors. Moreover, 168 different banks from 50 countries, with countless employees working in New York, speak for themselves.
Other Major Employers
Unsurprisingly, tourism is also a major employer in New York. A record number of nearly 51 million domestic and international tourists visited New York in 2011. After the global economic crisis, the city’s government pledged to focus on tourism as a significant source of income for many people working in New York, with some success.
The metropolis boasts some of the world´s most expensive real estate. Employers working in the big office buildings located in Manhattan´s business hotspots can pride themselves on sitting at a desk in one of the most desirable office spaces in the world. Naturally, there are plenty of job opportunities for hard-nosed real estate professionals.
New York City could be called the media capital of the United States, as far as the number of people working in the creative industries is concerned. As a major center for the publishing industry as well as for music, television, and advertising, New York has a media workforce of several hundreds of thousands.
This nearly equals the number of people working in New York´s financial services sector. Design, architecture and fashion are also considered part of the creative industries – the latter alone providing jobs for over 160,000 people.
With 110 educational, 164 academic and 1,400 arts & cultural institutions, New York´s arts, non-profit and higher education sector features big on the employment market. Another important field of potential employers for qualified expats is the medical sector, with more than 100 hospitals and other healthcare providers.
The world´s largest concentration of academic institutions has attracted an abundance of bioscience companies to New York, allowing the high-tech industry to flourish. “Green” industries have made a relatively recent appearance in New York but are gaining popularity.
In line with an emerging global awareness of climate change issues, the NYC government put forward 30 initiatives to support attract “green” entrepreneurs. These initiatives are designed to make New York a healthier place to live.