{"id":97293,"date":"2024-11-20T12:06:41","date_gmt":"2024-11-20T20:06:41","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=97293"},"modified":"2024-11-20T12:58:02","modified_gmt":"2024-11-20T20:58:02","slug":"new-york-major-industries","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/new-york-major-industries\/","title":{"rendered":"10 Major New York Industries to Consider if You\u2019re Working in or Moving to the Empire State"},"content":{"rendered":"

Moving to the Empire State<\/span><\/a> is an exciting prospect, whether you’re browsing <\/span>homes for sale in Albany<\/span><\/a> or <\/span>apartments in Manhattan<\/span><\/a>. New York is renowned for its dynamic economy, powered by industries that lead nationally and globally. From finance to healthcare, major industries in New York offer diverse opportunities for career growth. The state’s urban centers and cultural hubs attract professionals and families alike. With a robust economy and vibrant cities, New York is an ideal place for homebuyers and renters considering a move.<\/span><\/p>\n

\"aerial<\/p>\n

New York at a glance: Home prices, income, and employment<\/span><\/h2>\n\n\n\n\n\n
\n

Median home sale price<\/b><\/a><\/p>\n<\/td>\n

$805,288<\/span><\/td>\n<\/tr>\n
\n

Median household income<\/b><\/a><\/p>\n<\/td>\n

\n

$82,095<\/span><\/p>\n<\/td>\n<\/tr>\n

Unemployment rate<\/b><\/a><\/td>\n\n

4.2%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Top employers in New York<\/span><\/h3>\n
    \n
  1. City of New York: <\/b>333,000 employees<\/span><\/li>\n
  2. New York City Department of Education:<\/b> 135,000 employees<\/span><\/li>\n
  3. State University of New York:<\/b> 90,000 employees<\/span><\/li>\n
  4. Northwell Health:<\/b> 79,000 employees<\/span><\/li>\n
  5. Metropolitan Transportation Authority:<\/b> 75,000 employees<\/span><\/li>\n<\/ol>\n

    10 major industries in New York<\/b><\/h2>\n

    1. Commercial banking<\/span><\/h2>\n

    Major Companies:<\/b> JPMorgan Chase (New York City), Citibank (New York City), M&T Bank (Buffalo).<\/span><\/p>\n

    Commercial banking in New York supports both local businesses and global financial networks. Major employers include JPMorgan Chase, Citibank, and Bank of America, which have significant operations in the state. Jobs in this industry include financial analysts, loan officers, and customer service representatives. The commercial banking sector employs thousands across the state, with New York City being a global banking hub. Professionals in this field benefit from competitive salaries and extensive career advancement opportunities.<\/span><\/p>\n

    Thinking about moving to New York for a job in this industry? Consider <\/b>homes for sale in New York<\/b><\/a> or <\/b>Buffalo<\/b><\/a><\/p>\n

    2. Portfolio management and investing<\/span><\/h2>\n

    Major Companies:<\/b> BlackRock (New York City), Morgan Stanley (New York City), Goldman Sachs (New York City).<\/span><\/p>\n

    Portfolio management and investing are vital to New York’s economy, with major firms managing trillions in assets. Notable employers include BlackRock and Goldman Sachs, offering roles in investment analysis, risk management, and technology. This industry is known for its high-paying jobs and strong demand for expertise in financial markets. Whether you’re seeking urban living or suburban charm, this thriving sector makes New York an attractive place to call home.<\/span><\/p>\n

    Thinking about moving to New York for a job in this industry? Consider <\/b>homes for sale in New York<\/b><\/a> or <\/b>New Rochelle<\/b><\/a><\/p>\n

    \"public<\/p>\n

    3. Colleges and universities<\/span><\/h2>\n

    Major Institutions:<\/b> Columbia University (New York City), Cornell University (Ithaca), University at Buffalo (Buffalo).<\/span><\/p>\n

    New York boasts a robust higher education sector with over 200 colleges and universities. Institutions like Columbia University and Cornell University offer employment for educators, administrators, and research staff. These universities also contribute significantly to local economies, creating jobs in technology transfer and student services. Moving to New York offers access to prestigious academic environments and the cultural benefits of living in <\/span>college towns<\/span><\/a>.<\/span><\/p>\n

    Thinking about moving to New York for a job in this industry? Consider <\/b>homes for sale in New York<\/b><\/a> or <\/b>Ithaca<\/b><\/a><\/p>\n

    4. Health and medical insurance<\/span><\/h2>\n

    Major Companies:<\/b> UnitedHealthcare (locations in the state), Aetna (locations in the state), Fidelis Care (Queens).<\/span><\/p>\n

    The health and medical insurance industry plays a crucial role in New York\u2019s economy. Fidelis Care, with headquarters in Queens, is one of the leading employers in this sector. Jobs include claims processing, actuarial analysis, and customer support roles. As healthcare continues to expand, this industry offers stable employment and competitive salaries. Access to excellent healthcare networks also makes <\/span>New York an appealing place to live<\/span><\/a>.<\/span><\/p>\n

    Thinking about moving to New York for a job in this industry? Consider <\/b>homes for sale in Queens<\/b><\/a> or <\/b>Brooklyn<\/b><\/a><\/p>\n

    5. Public education<\/span><\/h2>\n

    Major Employers:<\/b> New York City Department of Education (New York City), Buffalo Public Schools (Buffalo), Rochester City School District (Rochester).<\/span><\/p>\n

    Public education in New York is one of the largest employers in the state, providing jobs for teachers, counselors, and administrators. The New York City Department of Education alone employs over 135,000 people, making it the nation’s largest school district. The state’s focus on educational quality attracts families looking for excellent schools. From urban centers to suburban districts, the public education system enhances New York’s appeal for potential homebuyers.<\/span><\/p>\n

    Thinking about moving to New York for a job in this industry? Consider <\/b>homes for sale in Buffalo<\/b><\/a> or <\/b>Rochester<\/b><\/a><\/p>\n

    \"life<\/p>\n

    6. Life insurance<\/span><\/h2>\n

    Major Companies:<\/b> MetLife (New York City), Guardian Life (New York City), New York Life Insurance (New York City).<\/span><\/p>\n

    New York\u2019s life insurance industry serves millions nationwide, with companies like MetLife and New York Life headquartered in the state. This sector provides jobs in underwriting, sales, and actuarial science. In 2023, life insurance companies <\/span>contributed billions<\/span><\/a> to the state’s economy. The stability of this industry makes New York a top destination for professionals in financial services.<\/span><\/p>\n

    Thinking about moving to New York for a job in this industry? Consider <\/b>homes for sale in New York<\/b><\/a> or <\/b>Yonkers<\/b><\/a><\/p>\n

    7. Healthcare<\/span><\/h2>\n

    Major Employers:<\/b> NewYork-Presbyterian (New York City), Mount Sinai Health System (New York City), Northwell Health (New Hyde Park).<\/span><\/p>\n

    Healthcare is a cornerstone of New York\u2019s economy, employing roughly <\/span>1.2 million people statewide<\/span><\/a>. Roles range from nurses and technicians to administrators and medical researchers. Institutions like NewYork-Presbyterian are renowned for advanced medical care and innovation. Access to world-class healthcare facilities is a major draw for those considering a move to New York.<\/span><\/p>\n

    Thinking about moving to New York for a job in this industry? Consider <\/b>homes for sale in Flora Park<\/b><\/a> or <\/b>New Hyde Park<\/b><\/a><\/p>\n

    8. Property, casualty, and direct insurance<\/span><\/h2>\n

    Major Companies:<\/b> Travelers (locations in the state), Chubb (New York City locations), Allstate (locations in the state).<\/span><\/p>\n

    The property, casualty, and direct insurance industry provides essential coverage for homes and businesses across New York. Major employers like Travelers and Allstate offer roles in claims adjustment, customer service, and risk assessment. In 2023, the industry supported<\/span> thousands of jobs<\/span><\/a> and contributed significantly to local economies. With its economic diversity, New York remains a prime location for professionals in this field.<\/span><\/p>\n

    hinking about moving to New York for a job in this industry? Consider <\/b>homes for sale in New York<\/b><\/a> or <\/b>Brooklyn<\/b><\/a><\/p>\n

    9. Private equity<\/span><\/h2>\n

    Major Companies:<\/b> KKR (New York City), Apollo Global Management (New York City), Blackstone Group (New York City).<\/span><\/p>\n

    Private equity firms in New York drive innovation by funding startups and restructuring businesses. Leading employers like KKR and Blackstone offer roles in investment strategy, legal compliance, and portfolio management. This high-growth industry attracts professionals with expertise in finance and entrepreneurship. New York\u2019s position as a global financial leader makes it an unparalleled place for private equity careers.<\/span><\/p>\n

    Thinking about moving to New York for a job in this industry? Consider <\/b>homes for sale in New York<\/b><\/a> or <\/b>Mt. Vernon<\/b><\/a><\/p>\n

    10. Media streaming and social networks<\/span><\/h2>\n

    Major Companies:<\/b> Spotify (New York City), Vimeo (New York City), BuzzFeed (New York City).<\/span><\/p>\n

    New York is home to thriving media streaming and social network industries, with major employers like Spotify and Vimeo headquartered in the city. Opportunities in this field range from content creation to engineering and marketing. The industry reflects New York\u2019s status as a cultural and technological hub. Professionals relocating to the state gain access to cutting-edge companies and a vibrant urban lifestyle.<\/span><\/p>\n

    Thinking about moving to New York for a job in this industry? Consider <\/b>homes for sale in Manhattan<\/b><\/a> or <\/b>Queens<\/b><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    If you’re thinking about moving to New York for work, here are the industries and employers that power the state’s economy.<\/p>\n","protected":false},"author":557,"featured_media":97459,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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