NYC: a capital of global investment
There’s no question about it — New York City (NYC) is the US capital for international business. Whether you’re a major multinational or a startup, NYC offers limitless opportunities for growth.
And nowhere is that more apparent than in the foreign direct investment (FDI) space, with NYC attracting new foreign investment to expand its footprint in new and emerging growth industries. New York is #1 globally for FDI strategy, #2 for venture FDI, #3 globally for FDI inflows, and #3 among US states in foreign direct investment jobs — with the bulk of those 500,000+ jobs concentrated in NYC.
And the momentum is only building — annual inflow of FDI in the city has grown steadily from $1bn in 2003 to $8.9bn in 2019, a compound annual growth rate of 14%. During the same period, the number of new jobs created by foreign businesses grew by an average of 9% annually.
Plus, NYC’s FDI scene is rapidly diversifying. The growing life sciences sector, bolstered by the City’s $1bn public investment through LifeSci NYC, has seen rapid growth in FDI, with investment surging to an all-time high of $160m in 2021 — pointing to the resilience of this sector and its growing importance to the city’s economy.
The NYC difference
It’s no wonder why NYC is an international leader in FDI. If you’re a global business, it’s crucial to establish yourself in a global city, where you’ll have access to the customers, talent pool, networks, and capital resources you need to succeed — and no place can deliver those like New York. As the largest city in the US, with the nation’s biggest consumer base and a gross metropolitan product of $1.66tn, the city’s economy produces more value than the entire economies of countries like Canada and Indonesia.
“In today’s globalised economy, the entire world is your customer base,” said Dan Clark, director of business development for the New York City Economic Development Corporation. “A global city like New York puts you in the best position to capitalise on the wealth of knowledge, labour, capital, human resources and connections that are the key to business success.”
The city also boasts a population of more than eight million (with a greater metropolitan area population of 20 million); is home to the headquarters of 47 Fortune 500 companies; has the third-largest maritime port in the nation; and offers direct service to more than 400 destinations worldwide via LaGuardia Airport (LGA), John F. Kennedy International Airport (JFK), and nearby Newark Liberty International Airport (EWR), in addition to two major rail transportation centres providing connections to cities across the US. These advantages create a hive of connection and opportunity that can’t be found anywhere else.
Diversity and talent
It’s the breadth and variety of talent, experience, and backgrounds that set NYC apart. Above all, NYC is driven — and defined by — diversity. And that that makes a huge difference for international business: NYC’s workforce is 45% foreign-born, from over 150 countries, with over 700 languages spoken across the city.
That diversity is key to the city’s unparalleled talent pool — at more than four million, the nation’s largest. But it’s not just the size of the city’s talent pool: It’s the quality. Roughly 3.2 million New Yorkers hold a Bachelor’s degree or higher — more than Los Angeles, San Francisco, Philadelphia, DC and Boston combined.