New York City Info

The Big Apple’s economic hub  E-mail
Written by Aditya Rangroo   
Thursday, 14 October 2010 10:02

Times Square is considered the nodal point for finance in New York City. It is situated in Manhattan at the intersection of Broadway and Seventh Avenue and extends from West 42nd to West 47th Streets.  Times Square is predominated by commercial buildings, and many enterprises are set up at the heart of the Times Square. Reputed enterprises such as Samsung, Toshiba, Daktronics among all have billboard advertisings at Times Square. It is no surprise that Times Square has huge buildings with glittering extravaganza that creates a euphoric atmosphere around the place. However, being one of the most popular places in the world, Times Square plays an important role in sustaining and increasing the economy of the New York City. 

Business analysts and financial watch dogs believe that Times Square provides a fair share of revenue not only to the New York City but also to the American economy. The economy of New York City depends on Times Square. Also, being New York’s major tourist attraction, many visitors across the world come to visit Times Square. Business analysts feel that jobs in Times Square are the future of the NYC economy, as presently 70 per cent of these jobs are in finance and in the creative sector. In addition to the jobs, activities happening across Times Square obliquely employs 190,000 workers from NYC. 

A study conducted by the HRA states that Times Square represents 0.1 per cent of the New York’s land, and 5 per cent of NYC jobs are located in Times Square. The entire region of Times Square generates 10 per cent of the total economy of NYC. Times Square adds $1.1 billion in yearly taxes to NYC, and $1.3 billion to annual taxes to the whole New York State. The study also reveals that around $14.9 billion are spend in Times Square every year for Broadway shows, hotels, retails and billboard commercials. Times Square is definitely the economic centre of NYC.

Times Square is also popular for having variety of restaurants. There are a large number of bars, pubs, and restaurants that are running across the area, which in turn generate a fair share of revenue to the city. Among the popular restaurants, Ruby Foo is famous for Chinese food,  Bubba Gump Shrimp Company is famous for seafood. These are few popular names of the restaurants where large number of visitors come for dinning that leads to increase the demand of food & industry sector across midtown. 

The most important factor which makes Times Square very popular and economically indispensible is tourism. Tourism is seen as a momentous part of the economy to grow. Times Square is the most important tourist destination in NYC. There are large numbers of tourists visiting Times Square. According to the HRA report, more than 80 per cent tourists visit Times Square in the whole NYC and they spend more than $18 billion during their stay in New York City. Also, the residents prefer to stay close to the Times Square region, as HRA points that currently more than 17,000 residents are residing in Times Square. Moreover, 5,500 units have been constructed since 1996 due to the high demand and presently 7,000 units are in the process of being constructed. Besides, NYC has an identity in the form of Times Square, tens of millions viewers see Times Square every day through TV programs such as Good Morning America.

The above mentioned factors are enough reason to draw the attention of corporations to invest in Times Square which will increase the market value of the area, and lead to a stronger economy in NYC

Photo courtesy of Joey Franco