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The economy of New York City encompasses the largest municipal and regional economy in the United States. In 2022, the New York metropolitan area generated a gross metropolitan product (GMP) of US$1.4trillion , with a population of 23.6 million people. Anchored by Wall Street in Lower Manhattan, New York City has been characterized as the world's premier financial center. The city is home to the New York Stock Exchange (NYSE, on Wall Street) and Nasdaq (headquartered in Times Square), the world's two largest stock exchanges by both market capitalization and trading activity.
New York City, anchored by Manhattan, is the world's leading center of banking, finance, and communication. Many of the world's largest corporations are headquartered in Manhattan. The borough contained over 500 million square feet (46.5 million m2) of office space in 2015, making it the largest office market in the United States. Midtown Manhattan, with nearly 400 million square feet (37.2 million m2) that same year, is the largest central business district in the world. New York City is distinctive for its high concentrations of advanced service sector firms in the law, accountancy, banking, and management consultancy fields. It is the top global center for the advertising industry, which is metonymously called "Madison Avenue". Silicon Alley, metonymous for New York's broad-spectrum high technology sphere, continues to expand. (Full article...)