Commerce and Industry
New York City leads all other United States cities in retail and wholesale trade, publishing, and banking and finance, and is a leading manufacturing center. New York City is also a major world center for commerce and finance.
Most manufacturing plants are small or medium-sized. Measured both by employment and by product value, Manhattan accounts for about 60 per cent of the city's manufacturing; Brooklyn and Queens account for most of the rest.
The manufacturing of clothing is one of the largest industries in New York, and in production the city leads the nation. It centers principally in Manhattan's garment district---an area roughly bounded by 29th and 42nd streets on the south and north and Avenue of the Americas (Sixth Avenue) and Eighth Avenue on the east and west. Women's dresses and coats, fur goods, knitted outerwear, and accessories are the most important items.
About equally important is printing and publishing. Many of the nation's books, magazines, newspapers, legal and financial documents, and other printed materials are produced here. Manhattan is the center of publishing activity. Jobs in the printing and clothing industries combined account for a large percentage of all manufacturing employment in the city.
Electrical and electronic equipment, chemicals, and foods rank high in value. Also important are paper products, leather goods, scientific instruments, machinery, and miscellaneous goods, including toys and jewelry.
New York's retail trade is unsurpassed nationally. Manhattan establishments account for about 35 per cent of the trade. Those in Brooklyn, Queens, and the Bronx account for virtually all the rest.
Manhattan's central business district is the main focus of retail trade. It centers between Third and Tenth avenues on the east and west, and Canal and 59th streets on the south and north. Here are many of the World's most famous shops, galleries, and Stores. Shoppers come great distances to purchase fine clothing, jewelry, silverware, paintings and sculpture, and other goods.
About 7 per cent of all wholesale trade in the United States is conducted in New York. Dry goods, apparel, nonferrous metals, and jewelry are leading items. Most of New York's wholesale establishments are in Manhattan, but Brooklyn and Queens are of some importance.
Manhattan is the banking and financial center of the United States and one of the world's leading financial centers. Many of the nation's largest commercial banks, including the giant Citibank and Chase Manhattan Bank, are located here. Also in New York is the largest of all Federal Reserve banks.
The city dominates securities trading. Of all stock and bond sales made in the nation through security exchanges, the vast majority are made through the New York Stock Exchange and the American Stock Exchange.
In New York are many of the largest brokerage houses, insurance underwriting firms, management consulting services, accounting firms, credit information and collection bureaus, and other financial businesses.
Although there are relatively few port facilities still operating within New York City itself, the city has long been a major center for handling the business aspects of foreign trade.
Business establishments in this category range from hotels, advertising agencies, and theaters to barbershops and dry-cleaning plants. New York is especially noted for its variety and quality of restaurants. Total receipts from services are particularly large compared to those of virtually all other cities, mainly because of the large number of businesspeople, tourists, and conventioneers who visit New York each year.
