Throughout the course, we have learned about the different measures that are taken to ensure the economic conditions of the economy. For this project, I took a look at 5 states within the United States; New York, Maryland, Vermont, Rhode Island, and New Jersey. Through my research on these 5 states, I have concluded that I would rather live and work in New York. Before I started on this project, I already knew that I would go back to the state that I currently live in, which would be New York after finishing my bachelor’s degree.
New York City is constantly expanding and reinventing itself. The largest city in America is a melting pot for the world's cultures. With five boroughs and dozens of neighborhoods, New York City has endless options for entertainment, cuisine, and recreation. Its cost of living is among the highest in the US, and one local expert said that people often move to "the city that never sleeps" to "test the adage 'if you can make it here, you can make it anywhere.' As the financial capital of the US, the city is a global hub for dozens of Fortune 500 companies, including Pfizer, Verizon, and Morgan Stanley. Plus, the unemployment rate is at its lowest point since 2008.
New York is the core of business and commerce. New York is a primary center for banking, retail, world trade, tourism, real estate and much more. New York is also a center for advertising, music, digital media, and publishing industries. New York is full of life and adventure, there's always something to do, you don't even need a car because the subway can take you everywhere for one price- and there's so much diversity and culture everywhere. The rent is slightly affordable compared to cities in California. And there's this strange comfort to be living in New York, knowing that there's millions of people there and there's always noise and something going on.
New Jersey had the sixth-highest December 2017 unemployment rate of 5.0%. New York's Q3 2017 GDP per capita of $78,678 was the third highest in the country, and the GDP growth rate of 4.0% in that quarter was the fifth highest. Professionals who work in NYC generally make a higher salary then those from New Jersey. Due to the number of fortune 500 companies in NYC, professionals make much higher salaries if they work in the city for these companies. An average lawyer in NYC makes $102,000 a year. In New Jersey, the average lawyer makes only $86,000 in comparison.
When you live in NYC, the availability of stores, schools, hospitals, restaurants, museums, and pretty much anything else one could think of is either in walking distance or a short drive away. There are so many job opportunities and exposures lying in the heart of the city. Whether it be business, medicine, art, or fashion related, New York has you covered. When living in New York, you learn to adapt to your surroundings. In New York, you do not have to do your own laundry, or go to the supermarket, or own a car. You can drop your clothes off and have food delivered and call Uber with a click of a button. The subway runs all night and goes everywhere.
Financial services are highly concentrated in New York City. According to the New York Bureau of Labor Market Information, more than 90% of jobs in securities, commodities and other investments are located in downtown New York City. Nearly every such job outside of downtown is located in Long Island or the Hudson Valley region. All told, there are more than 330,000 financial services workers in New York. New York City’s economy picked up in the spring and summer of 2017, the new quarterly report found economic growth of 3.3% in the second quarter of this year — more than double the growth from the same quarter last year. The report also highlighted record-setting jobs numbers, rising venture capital investment, and leading economic indicators that point to growth. Average hourly earnings of all private employees in New York City, a proxy for personal income, rose 4.8% year-over-year (i.e. comparing the second quarter of 2017 to the second quarter of 2016) to $35.10. While overall wages rose in the 2nd quarter of 2017, Personal Income Tax revenues fell 2% on a year-over-year basis, driven by lower income from investments and other non-wage sources.
Maryland, Vermont, and New Jersey are known for high taxes. They are paying more than New York when it comes to paying taxes. Prices in Providence may have inflated. Renting a two-bedroom apartment in Providence will cost you around $1,700 a month. That is nearly three times the going rate in other states. And in a state with some of the worst roads in the nation, you could find yourself making multiple trips to the tire store. Getting your wheels balanced in Rhode Island is likely to run around $50, or more than three times the cost in other states.
It's true that there's more competition in New York than in most other cities, but there's also a host of opportunity. New York is a city in which you can make that opportunity. You can come here with a dream and work hard to achieve it. I can vouch that dreams do indeed come true here every single day. The infectious energy, the incredible people who reside here, and the once-in-a-lifetime experiences make New York a magical place.
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