page_title: Economy of New York City
section_title: Tech and biotech
hierarchical_section_title: Economy of New York City / Tech and biotech
caption_attribution_description: English: Flatiron District
context_page_description: The economy of New York City encompasses the largest municipal and regional economy in the United States. Anchored by Wall Street in Lower Manhattan, New York City has been characterized as the world's premier financial center. It is home to the New York Stock Exchange and NASDAQ, the world's two largest stock exchanges by both market capitalization and trading activity. In 2012, the New York metropolitan area generated a gross metropolitan product of over US$1.33 trillion with a population of 20.3 million people. The Combined Statistical Area produced a GMP of over US$1.55 trillion. Both are ranked first nationally by a wide margin and being roughly equivalent to the GDP of South Korea at less than half its population. The city's economy accounts for most of the economic activity in both the states of New York and New Jersey.
  Manhattan is the world's leading center of banking, finance, and communication. It is home to the New York Stock Exchange on Wall Street. Many of the world's largest corporations are headquartered in Manhattan. The borough contained over 500 million square feet of office space in 2015, making it the largest office market in the United States.
context_section_description: Silicon Alley, centered in Manhattan, has evolved into a metonym for the sphere encompassing the New York City metropolitan region's high technology industries involving the Internet, new media, telecommunications, digital media, software development, biotechnology, game design, financial technology ("FinTech"), and other fields within information technology that are supported by its entrepreneurship ecosystem and venture capital investments. In 2015, Silicon Alley generated over US$7.3 billion in venture capital investment across a broad spectrum of high technology enterprises, most based in Manhattan, with others in Brooklyn, Queens, and elsewhere in the region. High technology startup companies and employment are growing in New York City and the region, bolstered by the city's position in North America as the leading Internet hub and telecommunications center, including its vicinity to several transatlantic fiber optic trunk lines, New York's intellectual capital, and its extensive outdoor wireless connectivity. Verizon Communications, headquartered at 140 West Street in Lower Manhattan, was at the final stages in 2014 of completing a US$3 billion fiberoptic telecommunications upgrade throughout New York City. As of 2014, New York City hosted 300,000 employees in the tech sector. The technology sector has been claiming a greater share of New York City's economy since 2010.
  The biotechnology sector is also growing in New York City, based upon the city's strength in academic scientific research and public and commercial financial support. On December 19, 2011, then Mayor Michael R. Bloomberg announced his choice of Cornell University and Technion-Israel Institute of Technology to build a US$2 billion graduate school of applied sciences called Cornell Tech on Roosevelt Island with the goal of transforming New York City into the world's premier technology capital. By mid-2014, Accelerator, a biotech investment firm, had raised more than US$30 million from investors, including Eli Lilly and Company, Pfizer, and Johnson & Johnson, for initial funding to create biotechnology startups at the Alexandria Center for Life Science, which encompasses more than 700,000 square feet (65,000 m²) on East 29th Street and promotes collaboration among scientists and entrepreneurs at the center and with nearby academic, medical, and research institutions. The New York City Economic Development Corporation's Early Stage Life Sciences Funding Initiative and venture capital partners, including Celgene, General Electric Ventures, and Eli Lilly, committed a minimum of US$100 million to help launch 15 to 20 ventures in life sciences and biotechnology.
caption: Silicon Alley, once centered around the Flatiron District, is now metonymous for New York's high tech sector, which has since expanded beyond the area.[35]
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