

Despite the loss of the World Trade Center buildings, New York has remained
at the core of national and international financial dealings and has continued
as the global center of corporate headquarters in finance and services, media,
entertainment and telecommunications, manufacturing, and trade. Profits on Wall
Street, however, are not expected to equal the heights achieved in 2003, and
financial services jobs are on the decline at present. Hundreds of nationwide
corporations make their home in New York, from finance to insurance to advertising.
New York City leads the country in the number of Fortune 500 and 1000 companies
headquartered there, including 8 of the world's top 10 securities firms, and
about two-fifths of the country's 50 leading law firms, as well as 219 banks
representing every major country. The city's biggest industry is publishing,
with more printing plants than anywhere else in the United States and approximately
13,000 employees. New York's clothing industry is headquartered in the Garment
District near Times Square, where hundreds of factories employ more than 100,000
people. In recent years, the high-tech and "new media" industries have taken
a $9.2 billion toehold in the city, particularly in what is being termed Silicon
Alley—Upper Manhattan, Brooklyn, Queens, and Staten Island. New York City has
supported growth in this arena through its Digital NYC: Wired to the World program
that assists with construction and remodeling efforts that result in affordable
spaces with ready access to the Internet. New York City offers hundreds of thousands
of miles of installed fiber-optic cable, enabling businesses to communicate
with clients around the globe. Life science research and development is seeing
a similar surge in activity, as the headquarters of at least three of the world's
primary pharmaceutical companies have located within midtown Manhattan. Pfizer
has announced ambitious expansion plans that will reportedly result in 2,000
new jobs by 2009, along with new office space and an extensive makeover for
its current headquarters. Alongside cutting-edge research, professional services
firms related to financial consultation or legal issues of intellectual property
also flourish. New York tourism contributes greatly to the local economy, fueled
by huge advertising campaigns and interest in the site of the 9/11 tragedy.
Hotel room occupancy rates are steadily increasing to more than 85 percent,
and traffic through the area's airports broke the 8,000,000 mark in early 2005.
Many tourists visit the city in order to experience its art and culture, resulting
in a leisure and hospitality industry with more than 600,000 workers. Television
and film production in New York City constitutes another growth industry, demonstrating
a significant increase in the number of overall shooting days for movies, videos,
advertisements, and television programs. Almost 150 studios and stages support
the industry, and film production costs in the city are now so reasonable that
they rival those of Los Angeles. Three of the "Big Five" music recording businesses
have headquarters in New York City. Items and goods produced: published goods,
apparel, chemicals, food products, furniture, machinery, paper products, textiles