New York City, New York
Big Business in the Big Apple
New York City is perhaps the most famous city on the planet. From the latest in high-end fashion to financial centers of power and a huge array of cultural landmarks and experiences – New York is bursting with activity and energy.
With nearly 8.5 million residents, NYC is the more populated city in the whole of the U.S. Here’s a closer look at life in the Big Apple, and why it’s a top destination for international entrepreneurs…
New York City, New York
A Rich, Multicultural City
Habitation in New York City dates back to late prehistory, with evidence for settlements as far back as 10,000 BC. By 1100 AD the region was populated by two cultures – the Iroquoian and Algonquian. European explorers first visited New York in the late 16th Century, including the Italian explorer Giovanni da Verrazzano, but it wasn’t settled by Europeans until 1624, when the Dutch West India Company sent 30 families to live and work in a small settlement. They named it “New Amsterdam” and it was sparsely settled until it was moved to Manhattan Island in 1626.
By 1760 the city began to expand to over 18,000 people and became known as New York City. In 1785 New York City became the first capital of the U.S, and was the site of the inauguration of George Washington as first U.S. President.
In 1792 the stock exchange was founded in NYC and it remains the largest stock exchange by market capitalization, with listed companies valued at $21.3 Trillion as of 2017.
By the 19th Century NYC had become the largest city in the Western Hemisphere. During the rest of the century New York City played an important role in the cotton economy. The need to transport goods led to the creation of a 363-mile long canal from Hudson River to Lake Erie, cementing its place as the trading capital of the nation.
New York’s multicultural flavor began during the 19th Century when immigrants from Germany and Ireland, and then from Eastern Europe arrived, settling in distinct ethnic neighborhoods. By the transition to the 20th Century, New York City expanded rapidly, consolidating different independent cities (such as Queens, the Bronx, Staten Island and Brooklyn), resulting in a population of over 3 million people.
After a period of deindustrialization after the Second World War, more immigrants arrived, revitalizing neighborhoods and adding to the eclectic population. Today, New York City is home to more than 8 million people, a third of which were born outside of the U.S.
NYC’s long history of welcoming people from abroad makes it a fantastic place for international entrepreneurs to settle.
The Financial Capital of the World
As you might expect from the financial capital of the world, New York has a bustling economy which has been only getting stronger in the last few decades. In fact, New York has enjoyed its longest expansion in 70 years during recent times, with over 702,000 jobs being added between 2009 and 2017.
New York’s current unemployment rate is 5.1%, compared to a national average of 5.2%, and has seen a 3.0% increase in the job market during 2017. Job growth is predicted at 40.8% in the next decade, higher than the national average of 38.0%
When it comes to Tax Rates, New York stacks up due to its varied Income Tax rate – between 4.0 and 8.2%, depending on your income. Sales Tax is higher than the national average at 10.0%, compared to 4.6%; however this is offset by the higher incomes for residents. Currently, the average income of a New Yorker is $32,459 per year, compared to a national average of $28,555.
Overall, New York City is enjoying a robust economy, with particular expansions in health care, technology, media and business services, while the securities industry also remains a driving force for the city’s growth. With Wall Street right at your doorstep, NYC also provides a unique opportunity to network with investors and financers looking for fresh ways to make money.
Winters can be Harsh, but Glorious Summers are Never far Away
New York has a humid subtropical climate, where the temperature and conditions can vary significantly day to day and during the course of the year.
The summers tend to be hot and moist and the winters cold, with temperatures often dropping to well below freezing during winter months. New York often experiences snow in the winter and has had over 30 inches of snow per year for the last 30 years. In the summer temperatures can reach 84°F on average, with the humidity adding to the sense of heat.
Spring tends to be a particularly pleasant time, with comfortable temperatures of around 77°F, though there can be quite a lot of variation in temperature on different days.
A Varied and Pricey Market – Make Sure you do Your Research
The cost of housing in New York can vary wildly, depending on whether you plan to live in the suburbs or in the New York metro area. Average costs of renting a two bedroom apartment is $1,638, however it’s likely this figure is skewed due to the inclusion of rentals further out of the city center. In Manhattan for example, the average cost of a two-bedroom apartment is $3,895.
It’s a similar picture when it comes to buying. The average house price in the New York metro area is $455,000, but this includes the prices of cheaper suburb housing.
By borough the average cost of housing in New York is:
Staten Island: $432,600
The Bronx: $369,400
The amount you end up paying for housing really will be dependent on where in NYC you intend to settle, so it’s worth spending some time checking out transport and commuter links as well as different boroughs.
Some of the World’s Best Educational Institutions
New York has a large public education system, but is unfortunately disparate in terms of quality. The 20,000 public schools in the area include some of the best rated in the country, and some of the worst rated. School place allocation is based on location and many of the wealthier boroughs are where the best public schools are located. So if you are planning to use public education it will be helpful to research which locations are best for the high-achieving public schools. There are some publically funded charter schools, however because they are extremely popular, admittance is decided through a lottery system.
When it comes to private schools, NYC has plenty to choose from and a good deal of them are very academically competitive. Waiting lists can be long and it’s not uncommon for there to be entrance exams, so early preparation is key. Private education in New York is costly, but of a high standard.
NYC has over 110 universities and colleges, many of which are highly rated in the U.S. and abroad. New York University (NYU) is currently ranked 43rd in the world rankings and counts a large amount of international students amongst its intake. Columbia University (Barack Obama’s Alma Mater) is an Ivy League School, as is Cornell University, both ranked 16th and 14th in the world respectively.
NYC’s reputation as one of the most competitive but dynamic cities in the world means that it draws more out of state college students than any other – and many of these graduates stay to chase up jobs and opportunities once they’ve completed college. If you’re looking for high-caliber millennials for your business, NYC has them in droves.
Public Transport all the way!
While San Francisco is often described as a city in love with cars, New York City has a reputation for the opposite, and a place where people just don’t drive. Of course this is not entirely justified since plenty of people drive in the central metro areas and also the suburbs.
Driving in New York City can be pricey however, with parking reaching over $533 per month on average in Manhattan. Gas is also higher than the national average and insurance can also be more pricey. If you do decide to drive in NYC make sure you get up to speed on the unique rules for the area and ensure that you pay attention to road signs so you don’t get caught out with parking tickets.
If driving doesn’t sound attractive to you, then New York has a wide range of public transportation options, from NYC cabs to the subway and buses. A MetroCard will give you access to all subway and bus routes in the city and the subway is open 24 hours a day, seven days a week.
You can get ferries to areas such as Staten Island, Brooklyn, Queens and New Jersey, as well as uptown or downtown Manhattan.
An Endless Amount of Things to See and do!
Whether you want to spend time at NYC’s iconic landmarks, such as The Statue of Liberty, The Empire State Building or Time Square, or prefer to relax with great food and culture, NYC has you covered for vibrant recreation.
New York is home to a host of world-class galleries and museums, such as the Metropolitan Museum of Art, with galleries hosting 5,000 years worth of art, and the MoMa (Museum of Modern Art) boasting art by icons such as Warhol, Picasso, Calder and Van Gough. It’s also home to the world’s largest natural history museum – the American Museum of Natural History, which has over 30 million exhibits.
Spending time in New York would not be complete without making Central Park your nature home-from-home. The famous park, located in Manhattan, is 843 acres in size and hosts a range of activities and features – from Central Park Zoo, to lakes, ponds, iconic statues and ice skating.
When it comes to eateries NYC has a dazzling array of food choices – from street vendors selling New York Bagels and Falafel, through ethnic food in Chinatown and high-end restaurants, as well as delicatessens and Parisian style Bistros.
New York is home to some of the world’s most famous sporting teams and New Yorkers tend to take their sport very seriously. It’s home to the headquarters of the NFL, Major League Baseball, the National Basketball Association and the National Hockey league, as well as Major League Soccer. So, whether you want to see the New York Yankees, The Mets, The New York Giants or the New York Nicks , you really are spoiled for choice.
If you love dance and theatre, then NYC is perfect for you. Home to the famous New York City Ballet, and Broadway – where musicals originated, there’s bound to be a show on that will delight and dazzle.
Overall, NYC has such a rich and vibrant cultural, entertainment and arts scene that it would be impossible to describe even a fraction of what’s on offer – No wonder one of its nicknames is “The City that Never Sleeps.”
- Population: 14,540,400
- Major Industries: Financial services, Media, Communications, Technology
- Gross Metro Product: $1,199.4 B
- Median Household Income: $67,411
- Median Home Price: $380,000
- Unemployment: 2%
- Job Growth (2017): 8%
- Cost of Living: 20% above nat’l avg
- College Attainment: 1%
- Net Migration (2017): -10,700
(Source: Forbes https://www.forbes.com/places/ny/new-york/)
Starting a business in the U.S. can be both exhilarating and exasperating. There is much to know and even more to learn, and the pace of the information coming at you can be overwhelming.
That’s where Mount Bonnell Advisors come in.
Would you like to live your very own American Dream? At Mount Bonnell, we can guide you through the labyrinth of regulation and red tape and out into the blue skies of a dream come true – the dream of living and working in America.
Whether it’s technical issues around tax or residency, or strategic ones involving business formation and growth, the experienced team at Mount Bonnell Advisors are here to help.
So make that dream a reality by booking a consultation today with Mount Bonnell Advisors. Let the adventure commence!