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New
York, New York
Brian
Trumbore
President/Editor, StocksandNews.com
Crain's
New York Business just came out with its annual look
at all things New York (July 7, 2008 issue) and seeing
as the city is still the financial capital of the
world, despite the claims of London to the contrary,
some of the stats from the piece are noteworthy for
a column of this kind. ["The top six global financial
services firms are based in New York." "$27 trillion?the
market capitalization on the New York Stock Exchange,
is six times that of the London Stock Exchange."]
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"New
York is the most diverse city in the world, based
on the size of its foreign-born population and the
number of countries they come from"
"34.8%
of the population of NYC is white, 27.6% Hispanic/Latino,
23.7% African-American/Black, 11.6% Asian"
"40%
of Americans can trace their roots through Ellis Island.
Many world cities are immigrant gateways, but New
York embraces that identity like no other"
"19.7
million live in the New York metro region, making
it one of the world's largest"
"$9.02?amount
of every $100 that goes to state and local taxes -
the highest tax burden of any large U.S. city"
"New
York, Connecticut and New Jersey are the most-taxed
states in the nation." [Combining local, state and
federal taxes as a percentage of total income.]
"$67
billion?New York City expenditures in 2007, more than
the spending by 46 of the states"
"$14,115?average
income of the poorest fifth of New York City families,
9.5 times lower than the average income of the richest
fifth"
"$33.2
billion?.total Wall Street bonuses in 2007"
"25%...amount
of the world's gold bullion stored beneath the Federal
Reserve Bank on Wall Street"
"New
York City public school teachers are the lowest-paid
in the area?. $53,017 (2006) vs. $81,110 in Westchester
County"
"The
life expectancy for New Yorkers is longer than that
for the average American: 78.7 years versus 77.8"
"Top
five most affluent New Yorkers?David Koch (oil, commodities),
$17 billion; Carl Icahn, $14.5 billion; Michael Bloomberg,
$11.5 billion; Ronald Perelman, $10.0 billion; Rupert
Murdoch, $8.8 billion"
"The
Empire State Building houses over 1,000 businesses
and is designed as a lightning rod; it's struck about
100 times a year"
"In
the Midtown market, commercial space rent increased
67% in the past five years" [Leasing activity, though,
is now plummeting. In the case of Downtown space,
off 38% in Q1 '08 vs. Q1 '07.]
"NYC
construction spending (residential, nonresidential)
for 2003, $15.1 billion; for 2007, $25.3 billion"
"Foreclosures
across all five boroughs rose 12% in 2007 over 2006"
"The
Meal Deal: Avg. meal cost at the 20 most expensive
restaurants in NYC in '08 was $143.06; +109% from
'98 to '08 at these same restaurants"
"Broadway's
Biggest Hits?2007-08 season? 'Wicked'?avg. ticket
price $100.71? 'Jersey Boys'?avg. price $121.84"
"Average
daily room rate at Manhattan hotels was $190.26 in
2003; $303.99 in '07" [Over 86% hotel occupancy rate
these days]
"Hotel
tax revenues in NYC are estimated to bring in $371
million in 2008"
"NYC
brought in 46 million total tourists in 2007"
"A
full 91% of New Yorkers surveyed had visited a cultural
venue or attended a cultural or sporting event in
the previous 12 months." [53% had visited an art or
design museum.]
"81%
of New Yorkers have seen the 1961 movie version of
'West Side Story.'"
"Cost
of a monthly commute from Princeton, N.J. to Manhattan
is $366; from Syosset, L.I., $211"
"In
the past decade, the number of eastbound vehicles
using Port Authority bridges and tunnels has increased
only 4.9%"
Wall
Street History returns next week with an updated look
at the bull/bear sentiment readings.
Brian
Trumbore
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