In the last several years, the retail business in New York, especially in New York City, has undergone upheavals. There has been a significant decline in commercial real estate prices in the city renowned as one of the “Big Four” fashion capitals, which has resulted in an increasing number of international retailers from Asia and Europe moving to the city.
Bloomingdale’s, Calvin Klein, Kate Spade, Macy’s, and Tiffany & Co. already have their headquarters in NYC, but the average square foot price of premium property on Madison Avenue has dropped several hundred dollars, providing the retail business in New York a much-needed boost.
New York City’s construction workforce has grown by more than 30 percent since 2013 and earnings have climbed by more than 9 percent since 2015, making the city’s construction business one of the fastest growing in the country. Labour shortages (down 1% from 2015 to 2016) and several new building projects in the five boroughs also contributed to the rise.
The entertainment business is a bright spot in New York City’s burgeoning economy. New York’s Film Tax Credit Program, according to a recently released study, has resulted in the creation of over 70,000 new employment and an increase in state income of over $12 billion in the last four years, a 22% increase over the preceding year. Even while New York City’s film sector generates billions of dollars in cash for the city’s five boroughs, Broadway is also seeing an uptick in ticket sales. Broadway plays have generated $1.7 billion in revenue in the past year.
In terms of box office revenue, the musicals dominate with a $1.44 billion share.
Brooklyn has lately been a hotbed for the New York City film industry, with a number of high-profile productions having shot there. Brooklyn has had an almost 5% increase in film licences in the last five years, while Manhattan has seen a 9% decrease.
Betting on sports is also growing in popularity as a means of entertainment. For New Yorkers who want to gamble on sports online, there are now a slew of options. It’s important that people place wagers on sports online in NY using trustworthy guides about offshore sportsbooks for individuals who want a straightforward approach to gambling. You may place bets on sports from the comfort of your own home or on the go. The most followed sport in the world is football. Since football is so popular, football league fans benefit the most from mobile betting apps as they can place bets from the stadium.
As the global economy continues to develop, so does the consulting business, which was valued at about $250 billion in 2016. More than $60 million was earned in the United States by consultants in 2017 alone, and that figure is predicted to rise to at least $87 million by 2025. Digital technology’s rapid advancement is opening up new possibilities for consulting firms and helping them to expand.
Deloitte Consulting, one of the world’s leading consulting companies, recently reported a revenue rise of 11% over the previous year, making New York a major player in the consulting business. $43 billion has been racked up so far this year.
With over 5.5 million companies worldwide and twice as much revenue as the US GDP, the professional services sector is expanding at a fast pace. The professional services industry’s old business models have been disrupted by advances in technology, giving for greater options for growth.
Nearly 650,000 people work in New York’s professional services business, making it a major employer. Deloitte, KPMG, PWC and Nielson are four of the world’s leading professional services companies based in New York City.
Several aspects of the city’s transportation system are undergoing change right now. In response to years of concerns about excessive traffic and competition from ride-sharing services, Mayor Bill de Blasio signed a new rule that prohibits the city from providing new licences to ride-sharing drivers for a year. According to the Taxi and Limousine Commission, the major purpose of the new legislation is to reduce the number of cars on the road.
The New York City subway system has long been a source of frustration for riders, even before the uproar over ride-sharing services erupted. The city’s infrastructure is in dire need of $100 billion in renovations due to a slew of problems, including late trains and antiquated equipment.
Increasingly, the healthcare sector is outpacing both manufacturing and retail in terms of job creation in the United States. Healthcare in New York is a major force in the city’s economy, thanks in part to the city’s reliance on cutting-edge technology to create new products and services. MedStartr, StartUp Health, the New York eHealth Collaborative and Everyday Health are all based in New York City.
New York City’s real estate market is returning as a buyer’s market after a fourth-quarter downturn at the end of last year. Real estate investors are flocking to New York, specifically New York City, because the city’s commercial and residential real estate sellers have lowered their asking prices to entice buyers interested in snatching up Manhattan’s and the city’s other prime properties. About 30% of the city’s active listings have seen their asking prices drop significantly.
Since last quarter, home prices have risen a little more than 5 percent, and they are predicted to rise another 6 percent in the next year. Because of the levelling of prices and the impact of the new tax plan’s reduced corporate taxes, the commercial real estate market in New York is also gently rising.