Queens, is a borough of New York City with well over two million residents, which continues to enjoy the second largest economy of the five New York Boroughs.

Main Economic Drivers In Queens

Queens boasts the most diversified economy in NYC, with no single dominant industry. One of the key drivers of the economy in Queens economy is the airline industry, which shows persistent growth year on year. Health and social care, busines services and  retail trade continue to boost the economy.

Like the other four boroughs of New York City, has benefited significantly from the Start-Up NY program. Thanks to the availability of state resources to technology and medical start-ups, Queens has seen a sharp rise in the number of new entrepreneurs who have come into the area.

Manhattan been New York City’s most successful borough for a quite some time. One of the reasons for Manhattan’s success is its ports and trade businesses. Along with the incoming and outgoing trade, there are the associated business that pop up such as customs brokers and trade agents. Thanks to its seaports, Manhattan has always had a strong financial foundation to rely on.

Manhattan is also known for its skyscrapers and dynamic downtown region. The terrorist attacks of September 11, 2001 destroyed the World Trade center and its iconic Twin Towers. But in place of the destruction, another iconic Manhattan office complex has risen and stands as a testament to the durability of the Manhattan economy. With so much going for it at any given time, it is easy to understand why people are so excited about the economic future of Manhattan.

Main Economic Drivers In Manhattan

The seaports are always alive with activity, but the main economic driver in Manhattan is its downtown real estate. When the real estate values in Manhattan fell in 2011, the area experienced a financial challenge that saw a major part of its economy go stagnant. But as downtown property values increase, so do the fortunes of the Manhattan economy.

Another economic driver for Manhattan has been the significant success of the Start-Up NY campaign. This is an initiative by New York State to entice technology and medical start-ups to base themselves in New York State colleges and other parts of the state. The result has been a significant increase in technology companies in Manhattan’s downtown office spaces and this new influx of business is driving up the real estate prices.

Updated 7th October, 2014 from Archive 2010

The City of New York is home to a number of CBD’s or Central Business Districts, each providing unique business opportunities and incentives.

Midtown Manhattan

Midtown Manhattan is located in the central portion of the city of Manhattan. It is home to some of the most important business centers in the world, including the Empire State Building and Chrysler Building. The majority of NYC’s skyscrapers and business buildings are located in Midtown Manhattan. Other popular areas in Midtown Manhattan include Times Square, Fifth Avenue and Broadway. The United Nations Headquarters and Rockefeller Center are also located in Midtown Manhattan.

Lower Manhattan

Lower Manhattan is home to the “Financial District” of NYC. Lower Manhattan is also known as the “financial capital” of the world. Anyone who is an investment banker in NYC likely works in Lower Manhattan. The Twin Trade Towers are located in Lower Manhattan, and the 9/11 memorial is now located there. Wall Street is another popular street located in Lower Manhattan. It is common to see busy investment bankers walking around the New York Stock Exchange during the day.

Surrounding Lower Manhattan, one can find areas like Greenwich Village, Little Italy, Chinatown, TriBeCa, West Village, the Meatpacking District and East Village. Beautiful, gated residential communities can also be found near the Financial District. These developments include Gramercy Park and Peter Cooper Village.

Brooklyn is the most highly populated of all of New York City’s boroughs along with being the second largest. In recent years the face of Brooklyn has changed from that of a hard-working blue collar employee, to a white collar professional. Thanks to some of the business initiatives started by New York City, the entire area has become a haven for technology start-ups. But Brooklyn is a borough that has added little something extra to its economic success and that has helped it to grow faster than many of the other boroughs.

See our article on New York Central Business Districts (CBD’s)

As a business owner, it is important that you are aware of New York tax laws that may impact your business. For example, those who operate a restaurant may need to ensure that wait staff properly claim tips in their annual income taxes. Those who hire employees on a contractual basis may need to report these hires to the IRS. Here are some of the basic employee tax laws and regulations that every New York employer should understand.

After a bout of turmoil in the early part of the 21st century, the financial sector in New York has definitely taken a turn toward the positive. With positive growth in most sectors of the city and state’s economy, New York has seen positive gains in all sectors. However, the gains found in the financial services sector of New York have been among the most significant. Not only has this growth been significant, but it has also been intrinsically linked to the growth felt by New Yorkers coming out of the great recession of 2008.

The Financial Sector is Hiring

It’s a well-established fact that New York financial firms are providing some of the most attractive salaries available in the financial services sector today. However, it’s also important to note that these companies are still actively hiring people even as recovery continues. Every tier of the financial services sector is seeing positive gains from the lowest-tier traders to the highest executive positions. In fact, as the years roll on it’s actually been found that these companies are hiring more rather than less. This could be attributed to a number of factors, but consumer confidence in the financial markets has played a key role here.

As consumer confidence has started to come back, large and midsize financial firms have found themselves in a position to bring on a larger work force. Since confident investors make confident investments, the flow of money going into new markets has continued to grow and this has led to a number of positive results. For one, those seeking investors have found a more attractive environment to start a business in. Another benefit has been that this higher amount of cash flow in the markets has allowed for companies to bring in a larger amount of experienced traders.

New York City is one of the top business locations in the world and plays host to some of the most important business conferences and seminars annually. Below you will find some of the key business conferences for 2014.

NYC Real Estate Investor Orientation

The Importance of a Professional Meeting Venue

When you are having a big meeting, seminar, or other important business event, you need to make sure that you’re holding it somewhere that exudes professionalism. After all, the places you choose to hold major meetings in say a lot about the success of your business. If you want to impress your clients or business partners, then you should take a moment to look into these great venues.

TKP New York Conference Center

The TKP is a brand new conference center opening up in the heart of Manhattan. Thanks to its unique location, people attending your big meeting will have an immense range of lodging, food and entertainment choices when meetings are not in session. This is especially great when you are holding longer seminar or conference events.

One of the major benefits that this event offers is the sheer scale of its facilities. Anyone who’s visited midtown Manhattan knows how small and space-efficient the meeting rooms are there. After all, you need to use space wisely when you’re building onto an island with a population of millions. This venue provides some of the most spacious meeting space in the city, all with a wonderful view overlooking the lights and sounds of Manhattan.

The technology industry has found a welcoming home in New York. In fact, New York has become one of the most popular destinations in the world for tech businesses over the past few years. This includes both greater New York state and New York City. As a result, a steadily growing segment of the population here is employed by some type of technology-based business.

Tech Companies in New York

Tumblr

Tumblr is a microblogging platform that has gained immense popularity since its inception in 2007. As the number of venture capital firms in New York City rose over the past few years, CEO David Karp has been able to make some amazing upgrades to the service. What was once a small blogging service is now a multi-million dollar blogging company with over 100 employees.