NYC subway blurry

NYC Economy Key Statistics

Posted on October 20, 2013 ยท Posted in General News

Everyone knows that New York City is a big place but when you look at some of the city’s statistics that go beyond population and density, you get a unique perspective on the city’s role in the global economy.

Gross City Product (GCP) – Moody’s estimates that the Gross City Product for the NYC metropolitan area is roughly $784 billion. Think about that for a second, three-quarters of a trillion dollars in economic output. In fact the city’s output is so large that if NYC was a country, we would have the world’s 17th largest economy.

Employment / Payrolls – NYC counts nearly 4 million people on its payrolls which is larger than 39 of the 50 states.

Office Space – Everything is bigger in Texas? Nah everything is bigger in New York. The city currently has roughly 393 million square feet of office space (including new construction) while the entire country of Canada has just 418 million square feet. We have nearly the entire square footage of Canada’s office market on Manhattan alone. When you factor in suburbs we basically match them.

Productivity – Our workers are 30 percent more productive than the average American. We produce 5.2 percent of the nation’s overall output with just 4 percent of the workers. Talk about a return on investment!

Education – When you think of college in the northeast, you generally think of Boston but when it comes to overall enrollment we have around 500,000 students working toward their degree. That’s larger than entire population of most US cities.

Evolving Economy – Since 1990 the city has seen tremendous growth in education, healthcare, professional/business services and hospitality. Each one of those sectors has grown more than 33 percent with some sectors seeing growth nearing 70%. The development of Times Square as a tourist destination has become one of the focal points for the growth of the hospitality industry.

Overall New York City has one of the most modern, efficient and productive economies in the world and I look forward to seeing the city continue to develop over the next 20 years.

Photo credit: sdp