New York City is one of the most diverse and cosmopolitan cities in the world. Countless industries power the economy of New York City, but the city's leading economic sectors include fashion, clean technology and energy, financial services, food manufacturing, and media and emerging technologies, according to the New York City Economic Development Corporation.
New York City is a world-renown hub for high fashion with a backbone of top-tier factories, fashion and design schools and premium brand retailers. The industry accounts for 6 percent of the city's workforce and generated $10.9 billion in wages in 2012, the NYCEDC reports. The city also is a world-leading financial center and home to the New York Stock Exchange and the NASDAQ exchange. According to the U.S. Bureau of Labor Statistics (bls.gov), more than 436,700 people worked in the financial activities sector in April of 2014.
Employment for other main industries in New York City are as follows:
- Trade, transportation and utilities: 608,000 employees
- Education and health services: 841,500 employees
- Professional and business services: 651,000 employees.
New York City Population and Wage Outlook
New York City is far and away the largest city in the United States with an estimated population of more than 8.4 million residents in 2013, the U.S. Census Bureau reports. Median household income from 2008 through 2012 in the "City That Never Sleeps" was $51,865.
Cost of living in New York City is notably higher than most other parts of the country. As such, wages for many professions run high as well. According to the BLS, the following professions -- some of which may be entered after successful graduation from New York City vocational or NYC trade schools -- paid the following average hourly wages in May of 2013:
- Registered nurses: $39.54
- Electrician: $35.88
- Radiologic technologists: $33.54
- Legal assistants: 26.09
- Automotive body repairers: $17.84
- Bartenders: $10.32
Average weekly wages vary greatly by borough in NYC. For instance, wages in Queens in the first quarter of 2013 were $894, while weekly wages in Manhattan were $2,448.
Students who are interested in joining one of these fields may wish to complete a degree or certificate program at New York City vocational schools or NYC trade schools prior to joining the city's workforce.
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Education and Earnings
|# Enrolled in College||502,982|
|Median Earnings Without High School Degree||$20,388|
|Median Earnings With High School Degree||$28,781|
|Median Earnings With Associate Degree||$36,454|
|Average Commute Time||41 minutes|
|% Commutes by Walking||10%|
|% Commutes by Bicycle||1.2%|
|% Commutes by Public Transportation||56.5%|
|Median Housing Cost||$1,403|
|Median Gross Rent||$1,340|
|Median House Value||$538,700|