Each city works in different way. These have their main businesses in different areas in which people are specialised in. But, how different can be the New York economy from the London’s economy or the Sydney’s economy? We are going to find out that right away:
This economy is the third-largest economy of the United States. Its GDP growth has been influenced by these main businesses:
Financial Services: have you heard of Wall Street? This sector is not a leader in total amount of employees but it is the most influential. Why? Their employees can earn an average of four time the amount of the average of New York. There are more than 300,000 financial services workers in this city.
Health Care: this industry has more employees than any other in this city. However, the median wage of these jobs falls below state averages.
Professional and Technical Services: it includes different professional groups such as lawyers, accountants, mechanics and also marketers. This sector is beholden to the success of other industries. It is the only industry that made the faster-than-average job growth rate, faster-than-average salary growth rate and average weekly wage above the state average.
It is a growing economy that has different main businesses giving the greatest contributions to jobs in the local economy. Some of this main industries are:
Tourism: this sector is one of the biggest, receiving half of all international visitors of Australia every year. Also gives to Sydney a good national and international reputation as a beautiful place to visit.
Creative and digital: it counts with over 61,000 employees. These include design, architecture, music, advertising, gaming, broadcasting, performing arts, visual arts, interactive content and software development.
International Education: Sydney is the chosen city of around 35,000 students every year. Contributes more than $ 1.6 billion to the local economy. This sector not only contributes to the economy but also to the culture and community.
It is the centre of UK’s economy and has a fundamental part of contribution to the country’s financial growth and stability. Some of its main businesses are:
Fashion: in fashion world, London is one of the leaders. It counts with 46,400 employees. Internationally renowned designers like Vivienne Westwood, Stella McCartney and Jimmy Choo are living and working in London. The London Fashion Week is one of the most famous fashion events in the world and is host in London.
Technology: London relies in the financial sector a lot, and because of it, it has invested in communications infrastructure. It is one of the most technologically advanced cities in the world.
Media Industry: it is one of the largest media industries in Europe. All the UK’s major media organizations are based in this city.
New York: Financial Services, Health Care and Professional and Technical Services
Sydney: Tourism, Creative and Digital and International Education.
London: Fashion, Technology and Media Industry.