The most famous of the five boroughs of New York City, Manhattan is the smallest of them all. While Brooklyn has a greater population, Manhattan has more residents per square mile, making it the most densely populated. Covering more than the main island, the Manhattan borough also includes surrounding islands of Roosevelt Island, Randall’s Island, Ward’s Island, Governor’s Island, Liberty Island, Liberty Island, part of Ellis Island, U Thant Island, and a small bit on the mainland called Marble Hill. The borough outline matches exactly that of New York County, one of the original counties of New York State.
The Manhattan area was occupied by the Lenape Indians long before the 1524 meeting between the Native Americans and a European explorer. European settlements were founded in the area as early as 1624 via a trading post by the Dutch. New Netherlands expanded, and additional settlements eventually formed the foundation for the cosmopolitan mecca known today as New York City.
Real estate prices in the borough is extremely expensive because of its scarcity and its prestige. Housing in Manhattan follows that trend for the same reasons. However, high rent fees are countered by a high cost of living and wage index.
Progression and Vitalization
Manhattan in the economic heart of New York City, employing 2.3 million workers, swelling its daytime population to over 2.87 million. More than half the wages paid are to the 280,000 employees within the finance industry, the main employment path of the borough and the city.
More major businesses have their corporate headquarters in Manhattan than in any other metropolitan area in the country. 86% of the world’s largest global advertising agencies headquarter themselves in Manhattan, and Madison Avenue is virtually synonymous with advertising.
Economic Impact Category
Most jobs in Manhattan compose white collar positions. Finance, advertising, legal, and support industries compose approximately 80% of the borough’s employment statistics.
Manufacturing and construction complete the top three industries with roughly 40,000 and 32,000 workers, respectively.
Manhattan has long been known as a center point of culture and entertainment.
- Theaters: To many, Broadway equals entertainment. The apex of talented performances, world-class plays and musicals highlight stages every week.
- Lincoln Centeris home to the prestigious Metropolitan Opera whose performances exceed expectation and bring accolades the world over.
- Grand Central Terminal: Incorrectly known as Grand Central Station which is actually the nearby post office. Public transportation is a way of life in Manhattan with less than 24% of the households own cars, and Grand Central Station is the heart of the transportation system on the island. The subway and bus center of the borough sees millions of travelers and commuters every year. Grand Central Terminal is one of the most widely photographed landmarks in the city and has been featured in dozens of films.
High cost of living is muted in Manhattan by the highest wage index in the country. White collar jobs drive the borough’s economy and often acts as the trend-setter for most of the country. High-class living supplements world-class entertainment, driven together by an extensive and comprehensive transportation system well used by Manhattan’s permanent and daytime populations.