New York Metropolitan Area - Economy

Economy

The regional economy is a center in international banking and commerce. It is the largest in the United States and one of the most important in the world. New York is considered a global city. In 2012, New York City topped the first Global Economic Power Index, published by The Atlantic (to be differentiated from a namesake list published by the Martin Prosperity Institute), with cities ranked according to criteria reflecting their presence on similar lists as published by other entities. Finance, international trade, media, real estate, manufacturing, tourism, biotechnology, and education are the leading industries in the area. Other industries include entertainment and news media. In 2010, the gross metropolitan product was $1.28 trillion dollars, second only to Tokyo, and is larger than all but 14 countries.

Along with its wealth, the area has a cost of living that is among the highest in the United States. Changes in house prices for the area are publicly tracked on a regular basis using the Case–Shiller index; the statistic is published by Standard & Poor's and is also a component of S&P's 10-city composite index of the value of the residential real estate market.