New York City has certainly earned its nickname as the “City that Never Sleeps.” With the plethora of museums, attractions, restaurants, hotels, theaters, entertainment and shopping, residents and tourists can easily fill a 24-hour day.
The city is the largest regional economy in the country and the second largest city economy in the world. The financial, insurance, and real estate industries are the backbone of the economy, with more creative outlets like journalism, publishing, fashion and publishing providing strong structural support.
At the corner of Wall and Broad Street in downtown Manhattan sits the New York Stock Exchange--the largest stock exchange in the world by dollar volume and has more than 2,700 listed securities.
Tourism plays a key role in the city’s economic vibrancy, in 2006 tourism brought in $24.71 billion and generated $16 billion in wages. More than 368, 0000 jobs are supported by visitor spending and the average New Yorker family benefited an average $953 in tax savings coming from tourists.
FOX Business Vice President of Business News and a anchor Alexis Glick heads back to her hometown to prove American prosperity is alive and well.
By the Numbers
An all-day subway pass will cost you $7 for unlimited rides
Adults wanting to climb the Empire State Building will have to dish out $17.61 before tax
Looking for a java jolt? Starbucks houses 178 in the city
Lady Liberty is over 121 years old and stands 151 feet tall
Hail a taxi: 12,779 yellow medallion cabs prowled the city in 2006
Looking for a little green space in the city? Central Park is 843 acres and is worth $528,783,552,000
The city’s median household in 2006 was an estimated $60,000
Last year 46 million visitors flocked to the city
The metropolitan area had an estimated gross metropolitan product of $1.13 trillion in 2005
[foxizvideo 3193549]
A Glance In the Rearview Mirror
1.) What has changed about your hometown the most since you left?
First of all, I never left New York City. I grew up on the Lower East Side. Went to grammar school downtown, high school on the Upper East Side and graduated from Columbia University. Since I was little a lot has changed about New York City. Much of that due to the great prosperity and wealth that brought record numbers of tourists and record amounts of jobs on Wall Street. Some of that is already starting to change. That is very sad to see but a reality given the difficult financial times that are hitting all of us.
2.) What one characteristic in your life now do you credit your hometown for planting in you?
The ability to dream big. More than one third of New York cities 8 million citizens are foreign born. This is the land of opportunity. New York City is a place where people from all different walks of life come to live and pursue the American Dream. Anything is possible.
3.) What do you miss the most?
Nothing. I am still here and will probably remain here for the rest of my life.
4) Given the chance, would you move back? Why?
Wouldn't live anywhere else. I love the melting pot that is New York City. I am thrilled that my children are growing up on the streets of Manhattan learning about the diverse culture, the strong work ethic, the conviction and passion with which each and every New Yorker approaches their life. I am deeply honored to call myself a born and bred New Yorker.
5.) What economic opportunity has your hometown lost?
In the current economic climate we are losing jobs. The latest projections call for 165,000 job losses and as many as 35,000 of them in the financial sector. New York City has remained relatively immune to this credit crisis until now. Tourism is still very strong but I suspect that will change somewhat. The dollar is strengthening versus other currencies and the Globe is preparing itself for a Worldwide recession. New York will always have the arts, sports, entertainment and many other world renowned businesses. We will be fine. 6.) What does your hometown not get enough credit for?
The people. We hustle and bustle and rush from one place to another but this is the city that rallied together post 9/11. We will never be the same. We will always know that we are vulnerable. As a result I think we have figured out how to help one another more, to embrace each others differences and to support each other in good times and in bad times. We are gracious, friendly, passionate and generous. New York City is a wonderful place to live or visit but the people of New York make it what it is not the skyscrapers, not the history, not the island itself, the people.
The City That Never Sleeps
While tourist flock to the Times Square to the showcase of lights, billboards and glitz, New Yorkers look at is over-crowded sidewalk space that can make you late to a meeting if you have to maneuver it. There are 200% more people gracing the area than in 1980 and approximately $4.9 billion is spent in Times Square on shows, dining and hotels.
More than 25% of the cities hotels call Times Square home, offering more than 15,000 rooms.
The flashy real estate makes up a measly 0.1% of the city’s land area, but houses 5% of the city’s jobs and generates 10% of its economic output.
Close to 80% of travelers visit Times Square and 17,000 New Yorkers reside in the Times Square boundaries . Source: Times Square Alliance
As a life long new yorker I find that the city has become nothing more then a tourist attraction.
The meat and guts of this city are long gone. Its become a place for the super rich or young groups of
20 somethings living together in a small hovels paying way to much rent.
Then of course are the rent controlled tenured new yorkers who pay way under the going rate for huge apartments and raise hell when they talk of any kind of increase to market value.
We are over TAXED for everything. How about the $10 toll to drive over the Verrazano Narrows bridge. The BQE is a mess, the airports stink, cant take your kids to a Rangers game unless you want to shell out 200-300 bucks for the night. I can go on and on but I think I will just move to a better place.
November 14, 2008 at 4:28 pm
mike kreider
There is no city like New York, period. Don't be fooled either..the people there are very friendly and helpful to strangers for the most part. I travel there several times a year and look forward to each visit.
November 14, 2008 at 11:00 am
Michael
I am a former born and raised New Yorker who has been living in Texas since 1991. I miss my family, however, the New York I grew up in does not exsist any longer. I realize many people living in the city today are scared about Wall Street, however, the real jobs and opportunities are in the middle and south of this great country of ours.
Thanks
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D.O.D
As a life long new yorker I find that the city has become nothing more then a tourist attraction. The meat and guts of this city are long gone. Its become a place for the super rich or young groups of 20 somethings living together in a small hovels paying way to much rent. Then of course are the rent controlled tenured new yorkers who pay way under the going rate for huge apartments and raise hell when they talk of any kind of increase to market value. We are over TAXED for everything. How about the $10 toll to drive over the Verrazano Narrows bridge. The BQE is a mess, the airports stink, cant take your kids to a Rangers game unless you want to shell out 200-300 bucks for the night. I can go on and on but I think I will just move to a better place.
mike kreider
There is no city like New York, period. Don't be fooled either..the people there are very friendly and helpful to strangers for the most part. I travel there several times a year and look forward to each visit.
Michael
I am a former born and raised New Yorker who has been living in Texas since 1991. I miss my family, however, the New York I grew up in does not exsist any longer. I realize many people living in the city today are scared about Wall Street, however, the real jobs and opportunities are in the middle and south of this great country of ours. Thanks