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Explainer

NYC: A Capital of Global Business

May 05 2021
Columbus Circle

There’s no question about it—New York City is the US capital for international business. Whether you’re a major multinational or a startup, NYC offers limitless opportunities for growth.

And there’s never been a better time to invest here. The capacity for transformation and ability to adapt and, innovate, and recover is embedded in NYC’s DNA. It’s why for hundreds of years people have come to this city from all over the world to test their ideas, take risks, start new lives, and make their dreams a reality.

The Center of Everything

There are cities—and then there’s New York City. Its diversity, connectivity, entrepreneurial spirit, and sheer scale make it the center of commerce, culture, innovation—in short, the center of everything.

If you’re a global business, it’s crucial to establish yourself in a global city, where you’ll have access to the customers, talent pool, networks, and capital resources you need to succeed. NYC is the largest city in the country, with the nation’s biggest consumer base. With a gross metropolitan product (GMP) of $1.66 trillion, the city’s economy produces more value than the entire gross state product of Texas. If NYC was a country, its economy would be the tenth-largest in the world, beating out the entire economies of Canada and Russia.

NYC’s business advantages include:

  • A city population of 8+ million in addition to over 20 million in the greater metropolitan area—enabling your business to tap into the largest customer base in the US
  • 200K+ small to medium businesses, not to mention the headquarters of 47 Fortune 500 companies—offering a hive of connection and a collaborative environment that can’t be found anywhere else
  • The third-largest maritime port in the nation, providing ready access for shipping and receiving products from across the globe
  • Direct service to more than 400 destinations worldwide via LaGuardia Airport (LGA), John F. Kennedy International Airport (JFK), and nearby Newark Liberty International Airport (EWR), in addition to two major rail transportation centers providing connections to cities across the US
New York City cargo

Driven by Diversity

But it’s not just size that sets NYC apart. It’s the breath and variety of talent, experience, and backgrounds that make it thrive. Above all, NYC is driven—and defined by—diversity. And that that makes a huge difference for international business.

Our truly global, expansive population allows you test your ideas at scale, with an audience that represents the world:

  • The city’s workforce is 45 percent foreign-born, from over 150 countries.
  • There are over 200 languages spoken in NYC – we speak your language.

Not only will you be able to tap into a worldwide customer base, you’ll also have access to NYC’s unmatched talent pool.

NYC is home to the nation’s largest workforce, at over four million, with roughly 3.2 million New Yorkers holding a bachelor’s degree or higher—more than Los Angeles, San Francisco, Philadelphia, DC, and Boston combined.

A VC and FDI Hub

These built-in advantages are causing major players in the venture capital (VC) and foreign direct investment (FDI) world to take notice, helping NYC expand its footprint in new and emerging growth industries. New York is:

This has made NYC an entrepreneurship capital—and a place where top startups come to get funded.

UrbanTech

A Culture of Innovation

With so much ready access to capital and world-class talent, it’s no wonder that NYC has nurtured a thriving culture of innovation. The density of connection and collaboration is what makes this possible, with the city serving as the crossroads of academic research, public investment, and private entrepreneurship. Some of the top universities in the world are located here, including the City University of New York (CUNY), the largest public university system in the world; Columbia; and NYU. And beyond developing the homegrown talent base in NYC, these universities also play a key role in the long-term growth of the NYC economy by forging close partnerships with the private sector.

For example, the Columbia-IBM Center for Blockchain and Data Transparency leverages cutting-edge academic research at Columbia University to facilitate secure data sharing; invent new business models, services, and policies; and incubate start-ups to commercialize the applications of blockchain technology.

The collaborative environment fostered by programs like this has made NYC a prime destination for the innovation offices of global companies—including Raytheon, Samsung, Mastercard, PepsiCo, and Capital One.

Make Your NYC Connection

We know that with so much opportunity awaiting you in NYC, it can seem overwhelming. But that’s where the Business Development team at NYCEDC comes in. We’re here to help you hit the ground running in NYC.

As a mission-driven organization dedicated to creating shared prosperity across NYC, we can help you succeed in the diverse NYC business ecosystem by:

Learn more about NYC's business advantages by visiting edc.nyc/why-nyc. Discover how we can help you find your path in NYC by visiting edc.nyc/make-it-happen-nyc.

Get in Touch

No matter who your customers are or what kind of talent you need, NYC is the place to build the future of your business.

Daniel Clark, Director of Business Development

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