WHY NYC?

From its exceptional array of growth sectors, its talent pool, affordability, and unprecedented safety record among big cities, New York City is an excellent location choice for companies that seek to establish or expand their presence in the United States.

UNPARALLELED ECONOMY

New York City’s economy is unparalleled, rivaling most of the world’s nations with its sheer size and diversity. The New York metropolitan area’s gross metropolitan product was over $1.2 trillion in 2007, exceeding the GDP of many nations. New York City has one of the world's largest international business communities, with 2,600 international businesses employing 275,000 people Over 200 banks from more than 40 countries 48 percent of New York City’s workforce is foreign born 18 out of the top 20 foreign branches of international banks 1 out of 10 private sector jobs in New York with a foreign company

DIVERSE ECONOMY

While the financial services make up a significant portion of the City’s total wages and tax revenue, approximately one-fifth of the City’s residents works in professional and business services, and another fifth works in health services. New York City is the global capital of fashion and has more headquarters of fashion designers and retailers than any other city. More than 75 major fashion trade shows and market weeks take place in NYC annually, attracting hundreds of thousands of visitors to the City, with over 100,000 coming from abroad. New York City’s Fashion Week at Bryant Park attracts an estimated 35,000 international visitors from over 30 countries each year, and 50 percent of NYC Fashion Week’s shows feature the work of international designers. Two of the three largest global marketing agencies, Omnicom Group and Interpublic Group, are headquartered in the City, in addition to global media giants including Viacom, Time Warner, and News Corporation. Not only is New York City a business capital, it is also home to some of the finest hospitals and scientific research centers in the world. Research centers and hospitals in New York receive a total of ~$1.3 billion in National Institute of Health funding each year, making its funding second only to Boston-Cambridge, Mass.

ROBUST REAL ESTATE

With more than 550 million square feet of commercial office space within its five boroughs, NYC makes up the largest real estate market in the United States. And in addition to being one of the most reliable and robust markets in the United States, New York real estate is also a growing market with tremendous potential. One-sixth of the City has been re-zoned to create more opportunities for business, with projects like the Hudson Yards expansion slated to provide 40 million square feet of new commercial space and the World Trade Center with an additional 10 million square feet of office space. On both a global and domestic front, New York City was voted the most attractive destination for real estate investment dollars coming from outside the United States, according to the latest survey published by the Association of Foreign Investors in Real Estate.

LOW COST OF LIVING

In 2007, NYC was rated the lowest cost big city, and average rent in both Midtown and Lower Manhattan is one of the most affordable when compared to other world-class cities. Large Global Cities Ranked by Cost (1 = Most Expensive)     Rank City Country 1 Moscow Russia 2 London United Kingdom 3 Seoul South Korea 4 Tokyo Japan 5 Hong Kong China 6 Copenhagen Denmark 7 Geneva Switzerland 8 Osaka Japan 9 Zurich Switzerland 10 Oslo Norway 11 Milan Italy 12 St. Petersburg Russia 13 Paris France 14 Singapore Singapore 15 New York City USA

CONNECTED

In 2007, over 3.8 million foreign travelers entered the United States through New York City, making the City the primary port of entry for foreign passengers and the world’s North American travel hub. More residents use mass transit in New York City than in any other American city. This is a testament to the transit system’s sophisticated, efficient network of buses, subways, and trains that reach virtually every corner of the New York metropolitan region. The City is home to one of the largest subway systems in the world, with 720 miles of track, 26 subway lines, 468 subway stations, and 6.4 million daily riders. The City also has 4,600 buses serving 243 bus lines.

SAFEST BIG CITY

The Bloomberg Administration firmly believes that a city has to be safe before economic development and businesses can flourish. This administration has doubled down on its effort to make sure that happens: New York’s crime rate has decreased by 77% over the past 20 years, far outpacing the national average, making New York the safest big city in the United States.

PREPARED FOR FUTURE GROWTH

With an expected 2030 population of 9.1 million, annual tourist visitors expected to reach 65 million, and mass transit ridership currently at a 50-year high, New York City faces serious sustainability challenges. In response to these current and anticipated challenges, Mayor Michael Bloomberg launched PlaNYC, a 127-initiative blueprint to help the City achieve sustainable growth over the next 25 years and to meet the vast energy, water, transport, housing, and sustainable environmental needs that will allow the City to flourish. New York City is investing in its future on several fronts, from economic diversity to safety, public schools to infrastructure, making it an intelligent destination for businesses operating in virtually any industry in the world to invest in their own futures.

WHO’S HERE

New York City is a diverse hub for well-educated, ambitious individuals, with a student population approaching 600,000 and 110 academic institutions. And in the six years since the Mayor took control of the City’s public school system, graduation rates have increased by 20 percent, reading scores by 25 percent, and math scores by over 60 percent.  The New York City metropolitan area attracts more international students than any other US region. In 2007, more than 50,000 international students were enrolled in academic institutions in the New York metro area. That same year, Columbia University and New York University had the second and third largest international student populations in the country.  Over 800,000 people in the New York metropolitan area have  tech-related jobs, making it the largest tech workforce in North America and spanning several sectors, including financial services, media, health services, and the arts. The result is an intelligent, diverse and innovative workforce with a mind toward the future of the business world. Over 13,000 licensed physicians practice in New York City 131 Nobel Laureates have roots in New York City 24 Nobel Laureates are graduates of New York’s public schools 3 in 5 Manhattan residents have a bachelor’s degree 1 in 4 Manhattan residents have an advanced degree The City’s academic institutions award the most post-graduate life sciences degrees annually in the US.

ADDITIONAL RESOURCES

NYCEDC RESOURCES

NYCEDC's International Business Resources Guide will walk you through the most common issues that small and medium-sized newcomers to the New York business community face during their expansion process. NYCEDC has compiled a listing of NYC Business Resources and NYC Culture & Living Resources to provide more information about NYC. To learn about particular industries in New York City, please visit our Industry Overviews. We offer a variety of informative newsletters, including Economic Snapshot, NYCVISION, Energy & Telecom, and Bioscience Bulletin. Visit our newsletter sign-up page to subscribe.

OTHER RESOURCES

There are also a number of resources designed to guide you through the process of establishing a business in NYC. EasyStart Business Guide in New York City Developed by NYC Business Solutions (an initiative of the NYC Department of Small Business Services), this guide covers most aspects of starting a business in New York City. It includes contact information for the agencies you will need to work with throughout the establishing process. New York State Employer’s Guide  Employer's Guide to Unemployment Insurance, Wage Reporting, and Withholding Tax. Links to other resources pertaining to Visas and employee-related matters. Citizen and Immigration Resources US Citizen and Immigration Services website.

BUSINESS INCENTIVES

NYCEDC also offers information about a variety of New York City business incentives designed to help businesses thrive. Visit our Financing & Incentives section.

CONTACT INFORMATION

We encourage you to learn more about the benefits New York City offers, and about how NYCEDC can provide you with assistance and many useful tools that will allow you to make an intelligent, informed location decision for your company. For more information, please contact us at info@nycedc.com. NYCEDC's international team will help you navigate all aspects of NYC business. For more information, please contact: Ann Li Vice President, Business Development ali@nycedc.com