Why NYC

Talent and Consumers

New York City has the scale, talent, and consumers to help any business thrive—regardless of its size or sector. We’re the largest city in the country, with the nation’s biggest consumer base. With a gross municipal product (GMP) of over $2 trillion, our economy produces more value than the entire gross state product of Florida and represents about nine percent of the entire US economy. If NYC was a country, it’s economy would be the ninth largest in the world, beating out the entire economies of several major countries, including South Korea and Australia.

Of the 8.5 million people who call New York City home, roughly 3.4 million have a bachelor’s degree or above—more than Los Angeles, San Francisco, Washington D.C., Philadelphia, and Boston combined. More than 565,000 recent college graduates are working in the city, with about one-third graduating from colleges in the city, making New York City the top destination for young talent. 

And with over 500,000 current college students studying in NYC, one in eight New Yorkers is either a college student or recent college graduate. This depth and breadth of talent in NYC means companies can find the people they need faster than they can in other cities.

Investors recognize that this unmatched combination of size and talent is a recipe for success. That’s why the city attracted over $97 billion in venture capital funding between 2021 and 2023.

A Market Going Strong

Following the pandemic, the NYC economy has proven to be as resilient as the city itself. In 2025, the city recorded roughly 4.3 million private sector jobs, a record high, while the unemployment rate has fallen to 4.9 percent, down from 5.6 percent in 2024. 

Additionally, office leasing reached 33.9 million square feet in the first three quarters of 2025, the highest since 2019, and both Midtown and Midtown South office leasing have fully recovered to pre-pandemic levels. 

Citywide office vacancy has now declined for four out of the past six quarters, falling from 15.6 percent in Q1 2024 to 14.7 percent in Q3 2025. The New York City metro area leads all national metros in net office absorption over the past six quarters, meaning more square feet were leased than vacated here compared to all other metros. You can read more about these trends and insights through NYCEDC’s annual State of the Economy report.

An International Hub

It’s not just size that sets NYC apart. It’s the breadth and variety of talent, experience, and backgrounds that make it thrive. Above all, NYC is driven—and defined by—diversity. New Yorkers speak over 200 languages, across a workforce that is 43 percent foreign-born. These built-in advantages contribute to New York’s status as a hub for international business that features 136 diplomatic missions, including embassies, consulates, and high commissions of various countries. Our global, expansive population allows international companies to test their ideas at scale, with an audience that represents the world.