[23] Greater New York, known as the financial capital of the world, is also the hub of multiple industries, including health care, pharmaceuticals, and scientific output in life sciences,[24][25] international trade, publishing, real estate, education, fashion, entertainment, tourism, law, and manufacturing; and if the New York metropolitan area were an independent sovereign state, it would constitute the eighth-largest economy in the world.
[27][31] According to Forbes, in 2014, the New York metropolitan area was home to eight of the top ten ZIP Codes in the United States by median housing price, with six in Manhattan alone.
The Hudson Valley and Connecticut are sometimes grouped together and referred to as the Northern Suburbs, largely because of the shared usage of the Metro-North Railroad system.
Although prevailing winds in winter are offshore, and temper the moderating effects of the Atlantic Ocean, the Atlantic and the partial shielding by the Appalachians from colder air keep the New York area warmer in the winter than inland North American metropolitan areas located at similar or lesser latitudes including Pittsburgh, Cincinnati, and Indianapolis.
The South Fork, in particular, comprises numerous towns and villages known collectively as "The Hamptons" and has an international reputation as a "playground for the rich and famous", with some of the wealthiest communities in the United States.
In 2015, according to Business Insider, the 11962 zip code encompassing Sagaponack, within Southampton, was listed as the most expensive in the U.S. by real estate-listings site Property Shark, with a median home sale price of $5,125,000.
[86] During the summer season, many celebrities and the wealthy visit or reside in mansions and waterfront homes, while others spend weekends enjoying the beaches, gardens, bars, restaurants, and nightclubs.
Southern Westchester County contains more densely populated areas and includes the cities of Yonkers, Mount Vernon, New Rochelle, and White Plains.
Many of the suburban communities of Westchester are known for their affluence and expense (some examples: Bronxville, Scarsdale, Chappaqua, Armonk, Pound Ridge, Katonah, and Briarcliff Manor).
After years of lingering pollution, cleanup efforts to improve the Hudson River water quality are currently planned and will be supervised by the United States Environmental Protection Agency (EPA).
[90][91] The region also encompasses a significant portion of the Jersey Shore, including the cities of Red Bank, Long Branch, and Asbury Park.
The ice sheet scraped away large amounts of soil, leaving the bedrock that serves as the geologic foundation for much of the New York metropolitan region today.
The Statue of Liberty in New York Harbor greeted millions of immigrants as they came to America by ship in the late 19th and early 20th centuries[110] and is a globally recognized symbol of the United States and its democracy.
New York newspapers were read around the country as media moguls James Gordon Bennett, Sr., Joseph Pulitzer and William Randolph Hearst battled for readership.
The Broadway Theater District began to develop with the opening of the New York Subway in 1904 and, by the early part of the twentieth century, had been made world-famous as New York's theatrical and entertainment center through popular musical productions like Ziegfeld Follies and Show Boat and the opening of multiple large, extravagantly decorated theatres in the area spanning Broadway from 47th to 42nd Streets.
Businesses led an exodus from Lower Manhattan because of this but were replaced by an increased number of high-rise residences and a building boom in New York continues to this day.
On October 29 and 30, 2012, Hurricane Sandy caused extensive destruction in the metropolitan area, ravaging portions of the Atlantic coastline with record-high storm surge, severe flooding, and high winds, causing power outages for millions of residents via downed trees and power lines and malfunctions at electrical substations, leading to gasoline shortages and snarling mass transit systems.
Damage to New York and New Jersey in terms of physical infrastructure and private property as well as including interrupted commerce was estimated at several tens of billions of dollars.
[114] The storm and its profound impacts have prompted the discussion of constructing seawalls and other coastal barriers around the shorelines of the metropolitan area to minimize the risk of destructive consequences from another such event in the future.
Asian Americans in New York City, according to the 2010 Census, number more than one million, greater than the combined totals of San Francisco and Los Angeles.
[140][141] The Han Chinese population constitutes the fastest-growing ethnicity in New York State; multiple satellites of the original Manhattan Chinatown (紐約華埠), in Brooklyn (布鲁克林華埠), and around Flushing, Queens (法拉盛華埠), are thriving as traditionally urban enclaves, while also expanding rapidly eastward into suburban Nassau County.
[31][182] Finance, international trade, new and traditional media, real estate, education, fashion and entertainment, tourism, biotechnology, and manufacturing are the leading industries in the area.
The New York metropolitan area's most important economic sector lies in its role as the headquarters for the U.S. financial industry, metonymously known as Wall Street.
[193] Lower Manhattan is the third-largest central business district in the United States and is home to both the New York Stock Exchange, on Wall Street, and the NASDAQ, at 165 Broadway, representing the world's largest and second largest stock exchanges, respectively, when measured both by overall average daily trading volume and by total market capitalization of their listed companies in 2013.
[195] In July 2013, NYSE Euronext, the operator of the New York Stock Exchange, took over the administration of the London interbank offered rate from the British Bankers Association.
High technology startup companies and employment are growing in New York and across the metropolitan region, bolstered by the city's emergence as a global node of creativity and entrepreneurship, social tolerance,[199] and environmental sustainability,[200][201] as well as New York's position as the leading Internet hub and telecommunications center in North America, including its vicinity to several transatlantic fiber optic trunk lines,[202] the city's intellectual capital, and its extensive outdoor wireless connectivity.
[203] Verizon Communications, headquartered at 140 West Street in Lower Manhattan, was at the final stages in 2014 of completing a US$3 billion fiberoptic telecommunications upgrade throughout New York City.
[204] The biotechnology sector is also growing in the New York metropolitan region, based upon its strength in academic scientific research and public and commercial financial support.
[205][206] By mid-2014, Accelerator, a biotech investment firm, had raised more than US$30 million from investors, including Eli Lilly and Company, Pfizer, and Johnson & Johnson, for initial funding to create biotechnology startups at the Alexandria Center for Life Science, which encompasses more than 700,000 square feet (65,000 m2) on East 29th Street and promotes collaboration among scientists and entrepreneurs at the center and with nearby academic, medical, and research institutions.
Local television channels broadcasting to the New York market include WCBS-TV 2 (CBS), WNBC 4 (NBC), WNYW 5 (FOX), WABC-TV 7 (ABC), WWOR-TV 9 (MyNetworkTV), WPIX 11 (CW), WNET 13 (PBS), WNYE-TV 25 (NYC Media) and WPXN-TV 31 (Ion).