New York, often called New York City to distinguish it from New York State, or NYC for short, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over 300.46 square miles (778.2 km2), New York City is also the most densely populated major city in the United States. Located at the southern tip of the State of New York, the city is the center of the New York metropolitan area, the largest metropolitan area in the world by urban area. With over 20 million people in its metropolitan statistical area and approximately 23 million in its combined statistical area, it is one of the world's most populous megacities. New York City has been described as the cultural, financial, and media capital of the world, significantly influencing commerce, entertainment, research, technology, education, politics, tourism, art, fashion, and sports, and is the most photographed city in the world. Home to the headquarters of the United Nations, New York is an important center for international diplomacy, and has sometimes been called the capital of the world.
Situated on one of the world's largest natural harbors, New York City is composed of five boroughs, each of which is coextensive with a respective county of the State of New York. The five boroughs—Brooklyn(Kings County), Queens (Queens County), Manhattan (New York County), the Bronx (Bronx County), and Staten Island (Richmond County)—were created when local governments were consolidated into a single municipal entity in 1898. The city and its metropolitan area constitute the premier gateway for legal immigration to the United States. As many as 800 languages are spoken in New York, making it the most linguistically diverse city in the world. New York is home to more than 3.2 million residents born outside the United States, the largest foreign-born population of any city in the world as of 2016. As of 2019, the New York metropolitan area is estimated to produce a gross metropolitan product (GMP) of $2.0 trillion. If the New York metropolitan area were a sovereign state, it would have the eighth-largest economy in the world. New York is home to the highest number of billionaires of any city in the world.
Many districts and monuments in New York City are major landmarks, including three of the world's ten most visited tourist attractions in 2013. A record 66.6 million tourists visited New York City in 2019.
New York City is the most populous city in the United States, with 8,804,190 residents incorporating more immigration into the city than outmigration since the 2010 United States census. More than twice as many people live in New York City as compared to Los Angeles, the second-most populous U.S. city, and within a smaller area. New York City gained more residents between 2010 and 2020 (629,000) than any other U.S. city, and a greater amount than the total sum of the gains over the same decade of the next four largest U.S. cities, Los Angeles, Chicago, Houston, and Phoenix, Arizona combined. New York City's population is about 44% of New York State's population, and about 39% of the population of the New York metropolitan area. The majority of New York City residents (5,141,538, or 58.4%) were living on Long Island in 2020, in Brooklyn or Queens.
Hispanic or Latino of any race: 29.1%
White (non-Hispanic): 32.1%
Black (non-Hispanic): 24.3%
Approximately 37% of the city's population is foreign born, and more than half of all children are born to mothers who are immigrants as of 2013. In New York, no single country or region of origin dominates. The ten largest sources of foreign-born individuals in the city as of 2011 were the Dominican Republic, China, Mexico, Guyana, Jamaica, Ecuador, Haiti, India, Russia, and Trinidad and Tobago, while the Bangladeshi-born immigrant population has become one of the fastest growing in the city, counting over 74,000 by 2011.
Asian Americans in New York City, according to the 2010 census, number more than one million, greater than the combined totals of San Francisco and Los Angeles. New York contains the highest total Asian population of any U.S. city proper. The New York City borough of Queens is home to the state's largest Asian American population and the largest Andean (Colombian, Ecuadorian, Peruvian, and Bolivian) populations in the United States, and is also the most ethnically diverse urban area in the world.
In 2012, 6.3% of New York City was of Chinese ethnicity, with nearly three-fourths living in either Queens or Brooklyn, geographically on Long Island. A community numbering 20,000 Korean-Chinese (Chaoxianzu or Joseonjok) is centered in Flushing, Queens, while New York City is also home to the largest Tibetan population outside China, India, and Nepal, also centered in Queens. Koreans made up 1.2% of the city's population, and Japanese 0.3%. Filipinos were the largest Southeast Asian ethnic group at 0.8%, followed by Vietnamese, who made up 0.2% of New York City's population in 2010. Indians are the largest South Asiangroup, comprising 2.4% of the city's population, with Bangladeshis and Pakistanis at 0.7% and 0.5%, respectively. Queens is the preferred borough of settlement for Asian Indians, Koreans, Filipinos and Malaysians, and other Southeast Asians; while Brooklyn is receiving large numbers of both West Indian and Asian Indian immigrants.
New York City has the largest European and non-Hispanic White population of any American city. At 2.7 million in 2012, New York's non-Hispanic White population is larger than the non-Hispanic White populations of Los Angeles (1.1 million), Chicago (865,000), and Houston (550,000) combined. The non-Hispanic White population was 6.6 million in 1940. The non-Hispanic White population has begun to increase since 2010.
The European diaspora residing in the city is very diverse. According to 2012 Census estimates, there were roughly 560,000 Italian Americans, 385,000 Irish Americans, 253,000 German Americans, 223,000 Russian Americans, 201,000 Polish Americans, and 137,000 English Americans. Additionally, Greek and French Americans numbered 65,000 each, with those of Hungarian descent estimated at 60,000 people. Ukrainian and Scottish Americans numbered 55,000 and 35,000, respectively. People identifying ancestry from Spain numbered 30,838 total in 2010.
People of Norwegian and Swedish descent both stood at about 20,000 each, while people of Czech, Lithuanian, Portuguese, Scotch-Irish, and Welsh descent all numbered between 12,000 and 14,000. Arab Americans number over 160,000 in New York City, with the highest concentration in Brooklyn. Central Asians, primarily Uzbek Americans, are a rapidly growing segment of the city's non-Hispanic White population, enumerating over 30,000, and including more than half of all Central Asian immigrants to the United States, most settling in Queens or Brooklyn. Albanian Americans are most highly concentrated in the Bronx.
The wider New York City metropolitan statistical area, with more than twenty million people, about fifty percent more than second-place Los Angeles, is also ethnically diverse, with the largest foreign-born population of any metropolitan region in the world. The New York region continues to be by far the leading metropolitan gateway for legal immigrants admitted into the United States, substantially exceeding the combined totals of Los Angeles and Miami.
The metropolitan area is also home to 20% of the nation's Indian Americans and at least 20 Little India enclaves, and 15% of all Korean Americans and four Koreatowns; the largest Asian Indian population in the Western Hemisphere; the largest Russian American, Italian American, and African American populations; the largest Dominican American, Puerto Rican American, and South American and second-largest overall Hispanic population in the United States, numbering 4.8 million; and includes multiple established Chinatowns within New York City alone.
Ecuador, Colombia, Guyana, Peru, and Brazil were the top source countries from South America for legal immigrants to the New York City region in 2013; the Dominican Republic, Jamaica, Haiti, and Trinidad and Tobago in the Caribbean; Egypt, Ghana, and Nigeria from Africa; and El Salvador, Honduras, and Guatemala in Central America. Amidst a resurgence of Puerto Rican migration to New York City, this population had increased to approximately 1.3 million in the metropolitan area as of 2013.
Since 2010, Little Australia has emerged and is growing rapidly representing the Australasian presence in Nolita, Manhattan. In 2011, there were an estimated 20,000 Australian residents of New York City, nearly quadruple the 5,537 in 2005. Qantas Airways of Australia and Air New Zealandhave been exploring the possibilities of long-haul flights from New York to Sydney and Auckland, respectively, which would both rank among the longest non-stop flights in the world. A Little Sri Lanka has developed in the Tompkinsville neighborhood of Staten Island. Le Petit Sénégal, or Little Senegal, is based in Harlem. Richmond Hill, Queens is often thought of as "Little Guyana" for its large Guyanese community, as well as Punjab Avenue (ਪੰਜਾਬ ਐਵੇਨਿਊ), or Little Punjab, for its high concentration of Punjabi people. Little Poland is expanding rapidly in Greenpoint, Brooklyn.
HOUSING UNITS: 7,679,307
OWNER-OCCUPIED HOUSING UNIT RATE: 32.7%
MEDIAN VALUE OF HOUSING UNIT: $654,300
MEDIAN GROSS RENT: $1,443
New York has seen the job market increase by 0.5% over the last year. Future job growth over the next ten years is predicted to be 30.7%, which is lower than the US average of 33.5%.
Tax Rates for New York
The Sales Tax Rate for New York is 8.9%. The US average is 7.3%.
The Income Tax Rate for New York is 10.3%. The US average is 4.6%.
Tax Rates can have big impact when Comparing Cost of Living.
Income and Salaries for New York City
The average income of a New York resident is $32,459 a year. The US average is $28,555 a year.
The Median household income of a New York resident is $52,737 a year. The US average is $53,482 a year.
New York City is a global hub of business and commerce, as a center for banking and finance, retailing, world trade, transportation, tourism, real estate, new media, traditional media, advertising, legal services, accountancy, insurance, theater, fashion, 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 also a major economic engine, handling record cargo volume in 2017, over 6.7 million TEUs.
Many Fortune 500 corporations are headquartered in New York City, as are a large number of multinational corporations. One out of ten private sector jobs in the city is with a foreign company. 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.
Other important sectors include medical research and technology, non-profit institutions, and universities. Manufacturing accounts for a significant but declining share of 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 manufacture of garments, accessories, and finished textiles, although efforts to revive the industry were underway. Food processing is a $5 billion industry that employs more than 19,000 residents.
Chocolate is New York City's leading specialty-food export, with up to $234 million worth of exports each year. Entrepreneurs were forming a "Chocolate District" in Brooklyn as of 2014, while Godiva, one of the world's largest chocolatiers, continues to be headquartered in Manhattan.
New York City's most important economic sector lies in its role as the headquarters for the U.S. financial industry, metonymously known as Wall Street. The city's securities industry, enumerating 163,400 jobs in August 2013, continues to form the largest segment of the city's financial sector and an important economic engine, accounting in 2012 for 5.0 percent of the city's private sector jobs, 8.5 percent ($3.8 billion) of its tax revenue, and 22 percent of the city's total wages, including an average salary of $360,700. Many large financial companies are headquartered in New York City, and the city is also home to a burgeoning number of financial startup companies.
Lower Manhattan is home to the New York Stock Exchange, at 11 Wall Street, and the NASDAQ, at 165 Broadway, representing the world's largest and second largest stock exchanges, respectively, when measured both by overall average daily trading volume and by total market capitalization of their listed companies in 2013. Investment banking fees on Wall Street totaled approximately $40 billion in 2012, while in 2013, senior New York City bank officers who manage risk and compliance functions earned as much as $324,000 annually. In fiscal year 2013–14, Wall Street's securities industry generated 19% of New York State's tax revenue.
New York City remains the largest global center for trading in public equity and debt capital markets, driven in part by the size and financial development of the U.S. economy. New York also leads in hedge fundmanagement; private equity; and the monetary volume of mergers and acquisitions. Several investment banks and investment managers headquartered in Manhattan are important participants in other global financial centers. New York is also the principal commercial banking center of the United States.
Many of the world's largest media conglomerates are also based in the city. Manhattan contained over 500 million square feet (46.5 million m2) of office space in 2018, making it the largest office market in the United States, while Midtown Manhattan, with 400 million square feet (37.2 million m2) in 2018, is the largest central business district in the world.
Tech and biotech
Tech companies in New York City, Biotech companies in New York City, and Silicon Alley, centered in Manhattan, has evolved into a metonym for the sphere encompassing the New York City metropolitan region's high technology industries involving the Internet, new media, telecommunications, digital media, software development, game design, financial technology ("FinTech"), and other fields within information technology that are supported by its entrepreneurship ecosystem and venture capital investments. In 2015, Silicon Alley generated over $7.3 billion in venture capital investment across a broad spectrum of high technology enterprises, most based in Manhattan, with others in Brooklyn, Queens, and elsewhere in the region.
High technology startup companies and employment are growing in New York City and the region, bolstered by the city's position in North America as the leading Internet hub and telecommunications center, including its vicinity to several transatlantic fiber optic trunk lines, New York's intellectual capital, and its extensive outdoor wireless connectivity. Verizon Communications, headquartered at 140 West Street in Lower Manhattan, was at the final stages in 2014 of completing a $3 billion fiberoptic telecommunications upgrade throughout New York City. As of 2014, New York City hosted 300,000 employees in the tech sector. The technology sector has been claiming a greater share of New York City's economy since 2010. Tech:NYC, founded in 2016, is a non-profit organization which represents New York City's technology industry with government, civic institutions, in business, and in the media, and whose primary goals are to further augment New York's substantial tech talent base and to advocate for policies that will nurture tech companies to grow in the city.
The biotechnology sector is also growing in New York City, based upon the city's strength in academic scientific research and public and commercial financial support. On December 19, 2011, Mayor Michael R. Bloomberg announced his choice of Cornell University and Technion-Israel Institute of Technology to build a $2 billion graduate school of applied sciences called Cornell Tech on Roosevelt Island with the goal of transforming New York City into the world's premier technology capital. By mid-2014, Accelerator, a biotech investment firm, had raised more than $30 million from investors, including Eli Lilly and Company, Pfizer, and Johnson & Johnson, for initial funding to create biotechnology startups at the Alexandria Center for Life Science, which encompasses more than 700,000 square feet (65,000 m2) on East 29th Street and promotes collaboration among scientists and entrepreneurs at the center and with nearby academic, medical, and research institutions. The New York City Economic Development Corporation's Early Stage Life Sciences Funding Initiative and venture capital partners, including Celgene, General Electric Ventures, and Eli Lilly, committed a minimum of $100 million to help launch 15 to 20 ventures in life sciences and biotechnology.
Real estate is a major force in the city's economy, as the total value of all New York City property was assessed at US$1.072 trillion for the 2017 fiscal year, an increase of 10.6% from the previous year, with 89% of the increase coming from market effects. The Time Warner Center is the property with the highest-listed market value in the city, at $1.1 billion in 2006. New York City is home to some of the nation's—and the world's—most valuable real estate. 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.
In 2014, Manhattan was home to six of the top ten ZIP codes in the United States by median housing price. Fifth Avenue in Midtown Manhattan commands the highest retail rents in the world, at $3,000 per square foot ($32,000/m2) in 2017. In 2019, the most expensive home sale ever in the United States achieved completion in Manhattan, at a selling price of $238 million, for a 24,000 square feet (2,200 m2) penthouse apartment overlooking Central Park.
Tourism is a vital industry for New York City, which has witnessed a growing combined volume of international and domestic tourists, receiving an eighth consecutive annual record of approximately 62.8 million visitors in 2017. Tourism had generated an all-time high $61.3 billion in overall economic impact for New York City in 2014, pending 2015 statistics. Approximately 12 million visitors to New York City were from outside the United States, with the highest numbers from the United Kingdom, Canada, Brazil, and China.
I Love New York (stylized I ❤ NY) is both a logo and a song that are the basis of an advertising campaign and have been used since 1977 to promote tourism in New York City, and later to promote New York State as well. The trademarked logo, owned by New York State Empire State Development, appears in souvenir shops and brochures throughout the city and state, some licensed, many not. The song is the state song of New York.
Major tourist destinations in Manhattan include Times Square; Broadway theater productions; the Empire State Building; the Statue of Liberty; Ellis Island; the United Nations Headquarters; the World Trade Center (including the National September 11 Museum and One World Trade Center); museums such as the Metropolitan Museum of Art; green spaces such as Central Park and Washington Square Park; the Stonewall Inn; Rockefeller Center; ethnic enclaves including the Manhattan Chinatown, Koreatown, Curry Hill, Harlem, Spanish Harlem, Little Italy, and Little Australia; luxury shopping along Fifth and Madison Avenues; and events such as the Halloween Parade in Greenwich Village; the Brooklyn Bridge (shared with Brooklyn); the Macy's Thanksgiving Day Parade; the lighting of the Rockefeller Center Christmas Tree; the St. Patrick's Day parade; seasonal activities such as ice skating in Central Park in the wintertime; the Tribeca Film Festival; and free performances in Central Park at Summerstage.
Points of interest in the boroughs outside Manhattan include numerous ethnic enclaves; Flushing Meadows-Corona Park and the Unisphere in Queens; the Bronx Zoo; Coney Island, Brooklyn; and the New York Botanical Garden in the Bronx. Manhattan was on track to have an estimated 90,000 hotel rooms at the end of 2014, a 10% increase from 2013. In October 2014, the Anbang Insurance Group, based in China, purchased the Waldorf Astoria New York for $1.95 billion, making it the world's most expensive hotel ever sold.
Media and entertainment
New York City has been described as the media capital of the world. The city is a prominent location for the American entertainment industry, with many films, television series, books, and other media being set there. As of 2012, New York City was the second largest center for filmmaking and television production in the United States, producing about 200 feature films annually, employing 130,000 individuals. The filmed entertainment industry has been growing in New York, contributing nearly $9 billion to the New York City economy alone as of 2015. By volume, New York is the world leader in independent film production—one-third of all American independent films are produced there. The Association of Independent Commercial Producers is also based in New York. In the first five months of 2014 alone, location filming for television pilots in New York City exceeded the record production levels for all of 2013, with New York surpassing Los Angeles as the top North American city for the same distinction during the 2013–2014 cycle.
New York City is also a center for the advertising, music, newspaper, digital media, and publishing industries and is also the largest media market in North America. Some of the city's media conglomerates and institutions include Time Warner, the Thomson Reuters Corporation, the Associated Press, Bloomberg L.P., the News Corporation, The New York Times Company, NBCUniversal, the Hearst Corporation, AOL, and Viacom. Seven of the world's top eight global advertising agency networks have their headquarters in New York. Two of the top three record labels' headquarters are in New York: Sony Music Entertainment and Warner Music Group. Universal Music Group also has offices in New York. New media enterprises are contributing an increasingly important component to the city's central role in the media sphere.
More than 200 newspapers and 350 consumer magazines have an office in the city, and the publishing industry employs about 25,000 people. Two of the three national daily newspapers with the largest circulations in the United States are published in New York: The Wall Street Journal and The New York Times, which has won the most Pulitzer Prizes for journalism and is considered the U.S. media's "newspaper of record". Tabloid newspapers in the city include The New York Daily News, which was founded in 1919 by Joseph Medill Patterson, and The New York Post, founded in 1801 by Alexander Hamilton. The city also has a comprehensive ethnic press, with 270 newspapers and magazines published in more than 40 languages. El Diario La Prensa is New York's largest Spanish-language daily and the oldest in the nation. The New York Amsterdam News, published in Harlem, is a prominent African American newspaper. The Village Voice, historically the largest alternative newspaper in the United States, announced in 2017 that it would cease publication of its print edition and convert to a fully digital venture. The television and radio industry developed in New York and is a significant employer in the city's economy. The three major American broadcast networks are all headquartered in New York: ABC, CBS, and NBC. Many cable networks are based in the city as well, including CNN, MSNBC, MTV, Fox News, HBO, Showtime, Bravo, Food Network, AMC, and Comedy Central. News 12 Networks operated News 12 The Bronx and News 12 Brooklyn. The City of New York operates a public broadcast service, NYC Media, which has produced several original Emmy Award-winning shows covering music and culture in city neighborhoods and city government. WBAI, with news and information programming, is one of the few socialist radio stations operating in the United States.
New York is also a major center for non-commercial educational media. The oldest public-access television channel in the United States is the Manhattan Neighborhood Network, founded in 1971. WNET is the city's major public television station and a primary source of national Public Broadcasting Service(PBS) television programming. WNYC, a public radio station owned by the city until 1997, has the largest public radio audience in the United States.