Term Project Requirements:
Title: Economy and Employment Prospects
(Chapter 1- at least 1 page and a quarter): Discuss the state of your local economy (New York, USA) now and future expectations with dates and reference verification
(Chapter 2- at least 1 page and a quarter): State of local business in your area (NYC) currently and future expectations with references
(Chapter 3- at least 1 page and a quarter): State of your desired or chosen profession (Media Studies, TV/FILM Production, Video Editing) Current, future Prospects, expected Outcomes and provide references
(Chapter 4)- Conclusion (at least half page)
New York’s City Economy
Located at the heart of the United States of America, New York is the second largest municipal city. New York is a highly developed economy that attracts investors from all across the around the world. The city is a global leader in the world of business, commerce, finance and banking. With a population of 20.3 million, the city generates a Gross metropolitan product of approximately US$1.55 trillion annually. The city is home to the world’s largest corporation that invests and operates in the financial centers. The city is home to one of the largest financial institutions housed by the Wall Street. New York houses the New York Stock Exchange and the NASDAQ the city is home to the largest stock exchanges in terms of capitalization and trading activities. As of 2012, the Gross metropolitan product was approximately US$1.33 trillion. Most of its Gross Domestic Product is generated in the two largest counties New York and New Jersey. In furtherance, Manhattan boasts robust and well banking, finance and commerce that are the backbone of the world’s economy. Many of the world’s largest corporations and private firms are headquartered in Manhattan, New York. Within the same year, Manhattan was considered the leading financial provider with the most extensive and booming central business district.
Furthermore, New York has gained much popularity due to the presence of advance financial, law banking, accountancy, management consultancy sectors. It is also marked as the global leader in advertising and printing field. The advertising and printing field is universally recognized as the Madison Avenue or Silicon Alley
The New York economy is anchored on five key variables: finance, high technology, healthcare and insurance. These industries play a central role in the growth and capitalization of the Gross metropolitan product of the city. Also, the city houses the top creative sectors in the US; it attracts crowds from all over the world, for cultural and festival activities all year round. New York comprises of a highly oriented job market ranging from the digital media, fashion, architecture, and design and advertising that is a significant contributor to the vibrant economy. As of September 2018, the unemployment rate in New York stood at 4.0%. Despite the continuous advancement in technology, the city still accounts for a growing share of the employment rate in the US. Most of the world’s most extensive finance, banking, real estate and technological are centered in the New York; thus, there is a vast network of industries that uptake majority of the population in New York. The city also serves as the nation’s center for journalism, mass media and publishing.
The Port of New York and New Jersey is a significant economic driver with annual income index of between 6.7 to 7million. Besides the city is home to a diverse and complex medical research, technology institutions and universities. Although the majority of companies operate as a non-profit organization, they are pertinent structures for economic growth. Following decades of specializing and production of chocolates, New York has become the world-leading exporter of chocolate. With the industry accumulating up to US$234 million, the trade has become a critical aspect of economic growth.
In the wake of COVID 19 crisis, New York’s city economy has faced a significant downturn. Recent reports show that the diverse job market will face unparalleled growth amidst the ongoing global pandemic. Although cities across the country are affected, New York is facing the highest unemployment rate, which simultaneously affects the economy. The New York economy is expected to take a relatively long time to due to continued closure of the tourism, transport, manufacturing, banking and finance sector that are essential for a healthy economy. In the recent past, there has been an unparalleled decline in the manufacturing and production industries due to the lack of man power as many people are abiding by the COVID regulations. Economists, analysts project US economy is expected to undergo a significant downturn due to the unprecedented decrease in the manufacturing and production industries. It is also evident that the COVID 19 crisis has drastically affected the booming and thriving tourism industry, which is a significant economic engine for the city. In the last quarter of 2020, the New York’s city economy will likely be slow and protracted characterized by periodic rise and fall of Wall Street (Patrick, 2020).
Although New York City is home to global corporation, it also comprises of a vast network of small businesses that are significant contributors to the New York Gross metropolitan product. Most of these industries operate in the tourism, real estate, manufacturing, fashion and banking sector. Currently, the surge of the COVID 19 has drastically affected many small businesses due to the numerous restrictions enacted to halt the spread of the disease. Small businesses that rely on the vibrant fashion, tourism, and transportation industry have been forced to close down or lay off workers due to stay afloat (Thomas, 2020). Despite the concerted efforts of the New York Mayor to cushion small business from the unprecedented changes, it has become a formidable task ensuring the survival of the business. According to a survey conducted by Moody’s Analytics, it will take Ney York approximately two years for small businesses in the region to recover their economic losses. Small businesses are expected to rebound if only they change their models and structures.
Media studies are a complex and dynamic phenomenon that has the potential to change different aspects of our lives. Media studies entail analysis of the way media influence people’s lives and businesses. Media studies endeavor to bridge the gap between film, TV and printing and production thus making tangible change in the society. Media is an ever-changing phenomenon that requires the purposeful use of tv and film to emphasize and reinforce the message. New York is referred to a nation’s center for media, journalism and printing. These are powerful facets of mass medial that are pertinent in shaping individuals and cultures (Fielding University, 2020). Having a well-integrated media is a significant economic, political and social engine to establish rigid systems that facilitate the proper running of a city or nation. Rigid information frameworks, networks allow the constructive change in all fields of an economy. This is achieved by gaining practical knowledge and using to create solutions for sustainable growth.
The New York economy boasts a vibrant and thriving media industry. Home to the world’s leading film and TV production corporations the city possesses a strong competitive advantage in global news and trends. Through the complex use media and high technology, New York City is leveraging on digital solutions to gain first-hand information in today’s fast-changing world. This information is analyzed to form insightful statistics that influence capitalization and trading activities in Wall Street, Silicon Valley, the NASDAQ and the New York Stock Exchange. Although media forms a significant share of New York’s city economy technology, real states, biotechnology, financial technology, software development are all pertinent in the greater growth of the economy. Media studies combine all these to derive tailor-made approaches that spike economic growth.
New York’s city is a distinctive economy that leverages on the considerable fortunes to maintain n a thriving technology sector, vibrant tourism industry, numerous investors and a booming Wall Street. New York boasts a diversified economy that offers a robust job market, transport and manufacturing industry. However, with the advent of the COVID 19 crisis, most of the sectors have been rendered liabilities with fading hope of revival. Currently, small businesses are at the verge of closing down due to massive losses experiences amidst the COVID 19 pandemic. New York’s city economy has been stack and is approximated that will take more than two years to regain its economic prowess. Although the City’s Mayor has implemented numerous strategies to dig out small businesses from the financial hole, it has become a dominant issue in the city. For my major in college, I am focused on learning more about the Media sector in New York. Media studies provide the appropriate tools and techniques to influence the behavior of people to make sustainable change in society. With the continuous surge of the COVID, 19 businesses are expected to be more losses that will dramatically affect New York’s economy.
References
Fielding University. (2020). Media Studies. Retrieved from Fielding University: https://www.fielding.edu/our-programs/school-of-psychology/media-psychology-certificate/?gclid=CjwKCAiA4o79BRBvEiwAjteoYPONKqbSZ8lilbkxZ04LFa3aPfFWGQKI4De_mNfi3xHODMC1ur0u-BoCV4AQAvD_BwE
Patrick, M. (2020, October). Why N.Y.C.’s Economic Recovery May Lag the Rest of the Country’s. Retrieved from New York Times: https://www.nytimes.com/2020/10/26/nyregion/nyc-unemployment.html
Thomas, D. (2020). Small Business in New York State:. Retrieved from Office of the New York State Controller: https://www.osc.state.ny.us/files/reports/special-topics/pdf/economic-small-business-2016.pdf
