Dark Truth About Newyork City USA | Reasons Why Is NYC So Expensive ? | Expensive City In The World

Dark Truth About Newyork City USA | Reasons Why Is NYC So Expensive ? | Expensive City In The World
New York, often called New York City or simply NYC, is the most populous city in the United States located at the southern tip of New York State, on one of the world's largest natural harbors. The city comprises five boroughs, each of which is coextensive with a respective county. It is a global city and a cultural, financial, high tech, entertainment, and media center with a significant influence on commerce, health care, scientific output, life sciences, research, technology, education, politics, tourism, dining, art, fashion, and sports. Home to the headquarters of the United Nations, New York is an important center for international diplomacy, and it is sometimes described as the world's most important city and the capital of the world.
New York City is a global hub of business and commerce, and is sometimes described as the capital of the world. Greater New York is the world's largest metropolitan economy, with a gross metropolitan product estimated at US$2.16 trillion in 2022. New York is a center for worldwide banking and finance, health care and life sciences, 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, 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 post Panamax from the expansion of the Panama Canal.
ECONOMY OF NEWYORK CITY
Many Fortune 500 corporations are headquartered in New York City, as are a large number of multinational corporations. New York City has been ranked first among cities across the globe in attracting capital, business, and tourists. New York City's role as the top global center for the advertising industry is metonymously reflected as Madison Avenue. The city's fashion industry provides approximately 180,000 employees with $11 billion in annual wages.
Significant other economic sectors include universities and non profit institutions. 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 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,and the American fashion industry continues to be metonymized as Seventh Avenue.
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