If you are interested in finding a job in NYC or just want to learn more about its economy, then it pays to be more familiar with the city’s most successful industries! We have put together a guide to the top 5 industries that are thriving in New York City to help you learn all about them.
The financial services industry
Without a shred of doubt, the most famous of industries that are thriving in New York City is the financial industry. This is because the famous, or maybe even infamous, Wall Street is located here.
Wall Street has been at the forefront of the US financial industry practically since it was created. Of course, it’s not exactly Wall Street itself that’s famous, but the New York Stock Exchange located there. And to say its influence is limited to the US would be quite wrong. The influence of Wall Street, with its endless stream of banking institutions and the Exchange, is very much felt world-wide. That’s without even taking into account NASDAQ, another stock exchange based in New York City and just slightly behind the New York Stock Exchange in influence.
Interestingly enough, the various financial businesses in New York City have also taken the forefront when it comes to online and digital banking. Be it investing into crypto currencies or leading the development of major online banking platforms, New York City is among the biggest influences in the world here, too!
The final reflection of New York City’s influence on the US finance industry lies in the aforementioned banks. Bank of United States, the Bank of New York Mellon, and Bank of America Merrill Lynch are all based in the city.
The manufacturing industry
You might not believe us, but manufacturing is actually one of the industries that are thriving in New York City. The city is home to businesses that produce a whole host of different goods, from chemicals, to tech, to processed foods. Which, as the storage experts from Heart Moving NYC note, has also made warehousing and storage extremely accessible in the city.
We did mention it in passing, but tech manufacturing deserves a special mention. The city has seen a serious increase in the production of mobile devices, computer parts and products, and even video games and 3D printing.
Perhaps most notably however, New York City’s manufacturing industry is best known for its production of clothing. The city has a host of small and large boutique shops, and they offer much of the vibrancy NYC’s manufacturing industry boasts of.
Most of the city’s manufacturing is based in the Five Boroughs. A development that happened naturally over the years as the businesses ‘fled’ from the high costs and taxes of the more ‘central’ areas of the city.
The tech industry
We mentioned tech when talking about production already. What you need to understand is that New York City is not just extremely successful at producing hardware. The city is one of the leading hubs of software development and device innovation.
If you take the time to learn about New York City, you will quickly find out about the Silicon Alley. The allusion in its name should have already tipped you off, but the businesses here specialize in software development, game design, data security and even digital media. This is also the area where most tech startups in New York City make their home and thrive.
Most of the software development in NYC is focused on supporting the needs of the city’s businesses. For example, New York City is practically the headquarters of banking software innovation. Every year, new and promising startups pop up here, offering some sort of groundbreaking app or software that makes banking and financial management much easier. This, in turn, makes the rest of the city’s industries even more successful.
The healthcare industry
You might be shocked to hear that over a third of all New York State hospitals are located in NYC. Of course, the size and scope of the city does make them a necessity. But this also aptly reveals that healthcare is among industries that are thriving in New York City.
Not all of the healthcare industry in the city is focused on directly working with patients, however. In fact, a lot of it is dedicated to biomedical research. The New York City medical institutions receive a ton of funding from the National Institutes of Health yearly for research! The fact that they are second in grants given only to Boston should illustrate their success quite well!
Naturally, the healthcare industry here can only flourish due to the tireless support of other industries. This goes to show what good logistics partners can offer to a business! And also provides a potential way forward to cities that are struggling to grow their own healthcare industry.
The media industry
The final of the industries that are thriving in New York City is the media industry. Since NYC is among the world’s media capitals, this shouldn’t come as a surprise!
Be it television, online and physical publications, or even radio, New York City is very successful. It is home to HBO, NBC, AND Bloomberg, as well as a number of other important and popular television networks.
Of course, we’d be remiss if we didn’t mention New York City’s journalism. The New Yorker, Reader’s Digest, and New York Times are all popular even today. With their spread to digital platforms, their relevance has not faltered even in the digital age. They perfectly understand the value of using consumer insights for growth, and so we can expect them to continue to perform up to expectation!
All the various industries in New York City
The top 5 industries that are thriving in New York City don’t imply there are no other successful industries there! In fact, NYC is a city with an extremely thriving economy. And it plays host to a number of other successful industries too. This makes it much easier to find gainful employment here. And the high costs of living and housing in the city are a mere reflection of this.