The New York metropolitan area's most important economic sector lies in its role as the headquarters for the U.S. financial industry, metonymously known as Wall Street. Anchored by Wall Street, in the Financial District of Lower Manhattan, New York has been called both the most economically powerful city and the leading financial center of the world,[34][195][196][197][198] and the city is home to the world's two largest stock exchanges by total market capitalization, the New York Stock Exchange and NASDAQ.[192][193] 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 percent of the city's private sector jobs, 8.5 percent (US$3.8 billion) of its tax revenue, and 22 percent of the city's total wages, including an average salary of US$360,700.[199]
Manhattan had approximately 520 million square feet (48.1 million m2) of office space in 2013,[200] making it the largest office market in the United States,[201] while Midtown Manhattan is the largest central business district in the nation.[202]
Lower Manhattan is the third-largest central business district in the United States and is home to both the New York Stock Exchange, on 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.[193] Wall Street investment banking fees in 2012 totaled approximately US$40 billion,[203] while in 2013, senior New York bank officers who manage risk and compliance functions earned as much as US$324,000 annually.[204]
Many Wall Street firms have added or moved auxiliary financial or technical operations into Jersey City, to take advantage of New Jersey's relatively lower commercial real estate and rental prices, while offering continued geographic proximity to Manhattan's financial industry ecosystem.[206]
The biotechnology sector is also growing in the New York metropolitan region, based upon its strength in academic scientific research and public and commercial financial support. On December 19, 2011, then-New York mayor Michael Bloomberg announced his choice of Cornell University and Technion-Israel Institute of Technology to build Cornell Tech, a US$2 billion graduate school of applied sciences on Roosevelt Island, Manhattan with the goal of transforming New York into the world's premier technology capital.[214][215] By mid-2014, Accelerator, a biotech investment firm, had raised more than US$30million 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 (65,000m2) 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 US$100million to help launch 15 to 20 ventures in life sciences and biotechnology.[216]Westchester County has also developed a burgeoning biotechnology sector in the 21st century, with over US$1 billion in planned private investment as of 2016,[217] earning the county the nickname Biochester.[218]
The Port of New York and New Jersey is the port district of the New York metropolitan area, encompassing the region within approximately a 25-mile (40km) radius of the Statue of Liberty National Monument. A major economic engine for the New York metropolitan area, the port includes the system of navigable waterways in the estuary along 650 miles (1,050km) of shoreline in the vicinity of New York and the Gateway Region of northeastern New Jersey, as well as the region's airports and supporting rail and roadway distribution networks. The Port of New York and New Jersey handled a maritimecargo volume in the ten months through October 2022 of over 8.2million TEUs, benefitting post-Panamax from the expansion of the Panama Canal, and accelerating ahead of California seaports in monthly cargo volumes.[219][220]
Water purity and availability
Water purity and availability are a lifeline for the New York metropolitan region. New York City is supplied with drinking water by the protected Catskill Mountainswatershed.[221] As a result of the watershed's integrity and undisturbed natural water filtration system, New York is one of only four major cities in the United States the majority of whose drinking water is pure enough not to require purification by water treatment plants.[222] The Croton Watershed north of the city is undergoing construction of a US$3.2 billion water purification plant to augment New York's water supply by an estimated 290 million gallons daily, representing a greater than 20% addition to the city's current availability of water.[223] The ongoing expansion of New York City Water Tunnel No. 3, an integral part of the New York City water supply system, is the largest capital construction project in the city's history,[224] with segments serving Manhattan and The Bronx completed, and with segments serving Brooklyn and Queens planned for construction in 2020.[225] Much of the fresh water for northern and central New Jersey is provided by reservoirs, but numerous municipal water wells exist which accomplish the same purpose.
According to the 2010 American Community Survey, of the 14,973,063 persons in this area over 25 years of age, 14.8% (2,216,578) had a graduate or professional degree, 21.1% (3,166,037) had a bachelor's degree, 6.4% (962,007) had an associate degree, 16.0% (2,393,990) had some college education but no degree, 26.8% (4,009,901) had a high school diploma or equivalent, 14.8% (2,224,557) had less than a high school education.[236] In 2010, CNN Money ranked the area as one of the top 10 smartest regions in the United States.[237]
The depth and intricacy of the transportation network in the New York region parallels the size and complexity of the metropolis itself.
In 2013, the New York-Newark-Jersey City metropolitan statistical area (New York MSA) had the lowest percentage of workers who commuted by private automobile (56.9 percent), with 18.9 percent of area workers traveling via rail transit. During the period starting in 2006 and ending in 2013, the New York MSA had a 2.2 percent decline of workers commuting by automobile.[238]
Rail
About one in every three users of mass transit in the United States and two-thirds of the nation's rail riders live in the New York metropolitan area.[239][240]
New York City Subway
The New York City Subway is the largest rapid transit system in the world when measured by stations in operation, with 472, and by length of routes. In 2006 it was the third largest when measured by annual ridership (1.5billion passenger trips in 2006),[241] However, in 2013, the subway delivered over 1.71 billion rides,[242] but slipped to being the seventh busiest rapid transit rail system in the world.[243] New York's subway is also notable because nearly the entire system remains open 24 hours a day, in contrast to the overnight shutdown common to systems in most cities, including Hong Kong,[244][245]London, Seoul,[246][247]Tokyo, and Toronto.[248]
The metropolitan area is also fundamentally defined by the areas from which people commute into New York. The city is served by three primary commuter rail systems, and is provided intercity rail transit with Amtrak.
The following table shows all train lines operated by these commuter railroads in the New York metropolitan area. New Jersey Transit operates an additional train line in the Philadelphia metropolitan area. (Shown counterclockwise from the Atlantic Ocean):
Alexander Hamilton Bridge connecting the Trans-Manhattan Expressway in the Washington Heights section of Manhattan and the Cross-Bronx Expressway, as part of Interstate 95
Bayonne Bridge (part of NY 440 and NJ 440), underwent a $1 billion project to raise the roadway by 64 feet to 215 feet to allow taller container ships to pass underneath to access seaports in New York City and northern New Jersey.[257]
Brooklyn–Battery Tunnel (part of I-478), officially renamed the Hugh L. Carey Tunnel, in honor of the former New York State governor – connects Brooklyn and lower Manhattan (financial district).
Driscoll Bridge (part of the Garden State Parkway), with a total of 15 travel lanes and 6 shoulder lanes, the widest motor vehicle bridge in the world by number of lanes[259] and one of the world's busiest.
Ed Koch Queensboro Bridge (part of NY 25) – renamed in honor of former New York Mayor Edward I. Koch, also known informally as the "59th Street Bridge". Connects Queens and the east side of Manhattan.
George Washington Bridge (part of I-95 and US 1-9/46), the world's busiest motor vehicle bridge[252][253] and one of the world's widest, with 14 lanes.[259]
Manhattan Bridge, connecting Brooklyn to Chinatown, Manhattan, carries four tracks of the B,D,N, andQtrains of the New York City Subway, in addition to seven lanes of traffic.
Tappan Zee Bridge (part of I-87, I-287, and the New York State Thruway), the longest bridge in New York State; underwent a $4 billion replacement.[260]
Triborough Bridge (part of I-278), officially renamed the Robert F. Kennedy (RFK) Bridge – connects the three boroughs of Manhattan, Bronx and Queens (hence its name).
Williamsburg Bridge, carries 2 tracks of the J,M, andZtrains of the New York City Subway, in addition to 8 lanes of traffic – connects Williamsburg, Brooklyn, and the Lower East Side or Manhattan.
The following smaller airports are also in the metro area and provide daily commercial service:
Commuter usage
According to the 2010 American Community Survey, 54.3% (5,476,169) of commuters used a car or other private vehicle alone, 7.0% (708,788) used a carpool, 27.0% (2,721,372) used public transportation, 5.5% (558,434) walked to work, 2.0% (200,448) used some other means of transportation such as a bicycle to get to work.[261]
New York has been described as the cultural capital of the world by the diplomatic consulates of Iceland[271] and Latvia[272] and by New York's own Baruch College.[273] A book containing a series of essays titled New York, culture capital of the world, 1940–1965 has also been published as showcased by the National Library of Australia.[274]Tom Wolfe has quoted regarding New York's culture that "Culture just seems to be in the air, like part of the weather."[275]
Although Manhattan remains the epicenter of cultural life in the metropolitan area, the entire region is replete with prominent cultural institutions, with artistic performances and ethnically oriented events receiving international attention throughout the year.
The New York metropolitan area is extensive enough so that its own channels must compete with channels from neighboring television markets (including Philadelphia, Scranton/Wilkes-Barre, and Hartford) within its outlying counties. Cable companies offer such competition in the Pennsylvania portion, Connecticut, and a few counties in central New Jersey.
860 & 959: Serves the rest of Connecticut not served by 203 or 475.
201: Serves most of Bergen County, as well as parts of Essex, Hudson, and Passaic in NorthernNew Jersey, and is overlaid with 551.
973: Serves portions of Bergen, Essex, Hudson, Morris, Passaic, Sussex, and portions of Union County in Northern New Jersey, and is overlaid with 862.
908: Serves communities in Union County, Somerset County, northern parts of Middlesex County, Hunterdon County, Warren County, and Morris County as well as some cell phones in Monmouth County in Central New Jersey.
732: Serves Middlesex County, Somerset County, portions of Union County, Monmouth and northern Ocean counties in Central New Jersey; overlaid with 848.
609 & 640: Serves Mercer County and parts of Middlesex, Monmouth, and Ocean Counties in Central New Jersey.
↑Mean monthly maxima and minima (i.e. the expected highest and lowest temperature readings at any point during the year or given month) calculated based on data at said location from 1991 to 2020.
↑Official weather observations for Central Park were conducted at the Arsenal at Fifth Avenue and 64th Street from 1869 to 1919, and at Belvedere Castle since 1919.[56]
↑Many of the places on this list are towns in New York, but oftentimes only specific villages or hamlets within the towns are significant.
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