Why Businesses Continue to Choose New York City and What’s Needed to Retain Them

For generations, New York City has been one of the world's leading centers of business and opportunity. It has long stood apart for its market size, workforce, and entrepreneurial atmosphere. At the same time, city leaders recognize that maintaining this competitive position requires continued investment and a commitment to addressing the challenges. 

At the recent Choose NYC Summit, city leaders made a compelling case for why businesses should continue to invest in the five boroughs. Jeanny Pak, interim president and CEO of the Economic Development Corporation (EDC), gave the introductory remarks. New York City Mayor Zohran Kwame Mamdani interviewed Hamdi Ulukaya, founder and CEO of Chobani, during a fireside chat.

A Global Economic Powerhouse

If New York City were its own country, it would rank among the world's largest economies. The city continues to demonstrate resilience, leading the nation in office leasing recovery while maintaining record levels of private-sector employment. Venture capital investment has also rebounded significantly, with billions of dollars flowing into businesses and startups across the city.

New York offers direct access to one of the largest consumer markets in the United States. Businesses benefit from proximity to millions of consumers, major corporate headquarters, and a dense network of suppliers, service providers, and strategic partners. The city is home to numerous Fortune 500 companies as well as more than 200,000 small and medium-sized businesses.

Access to Talent and Innovation

Talent remains one of the most important factors driving business decisions, and New York offers access to one of the deepest talent pools anywhere in the world. In the fireside chat, Ulukaya discussed founding Chobani in New York and maintaining its presence there. He noted that talent is attracted to New York and professionals come to the city to grow. Since 2021, more than 500,000 graduates have moved to New York and more than 1 million young people call the city home. 

Technology and innovation also continue to reshape the city's economy. New York has become one of the world’s leading technology hubs, supporting thousands of startups and hundreds of thousands of jobs. Whether in AI, life sciences, clean energy, financial technology, or advanced manufacturing, businesses increasingly view New York as a place where new ideas can become successful companies.

Growth Must Be Matched by Investment

While the city's strengths remain significant, business leaders and policymakers also acknowledge that New York cannot take its success for granted. Affordability continues to be a major concern for residents and employers alike. Housing costs, childcare expenses, public transportation, and quality-of-life issues all influence whether businesses choose to expand in the city and whether talented workers decide to stay. As City Council Speaker Julie Menin recently wrote, New York cannot become more affordable if New Yorkers do not have pathways to economic success. 

According to the Citizen Budget Commission, between 2019 and 2023 New York City lost a staggering $68 billion of net taxable income due to a massive imbalance in resident migration. Some taxpayers have left for other states including Texas and Florida. 

New York will need to attract and retain top earners and taxpayers to be able to fund the programs needed to make the city attractive and affordable for workers. As Mayor Mamdani explained, one of the focuses is to drive down the cost of doing business by creating more services, including making it easier to build housing in the city and delivering accessible childcare for workers. 

Looking Ahead

Perhaps New York City's greatest strength is its ability to adapt. Throughout its history, the city has overcome economic downturns, public health crises, and countless other challenges by continuing to innovate and invest in its future.

That does not mean the work is finished. Continued attention to affordability, infrastructure, public services, and quality of life will be essential if New York is to remain competitive with fast-growing cities across the country. As leaders at the Choose NYC Summit emphasized, the city's future depends on necessary investments to sustain its workforce. 

For generations, New York City has been one of the world's leading centers of business and opportunity. It has long stood apart for its market size, workforce, and entrepreneurial atmosphere. At the same time, city leaders recognize that maintaining this competitive position requires continued investment and a commitment to addressing the challenges. 

At the recent Choose NYC Summit, city leaders made a compelling case for why businesses should continue to invest in the five boroughs. Jeanny Pak, interim president and CEO of the Economic Development Corporation (EDC), gave the introductory remarks. New York City Mayor Zohran Kwame Mamdani interviewed Hamdi Ulukaya, founder and CEO of Chobani, during a fireside chat.

A Global Economic Powerhouse

If New York City were its own country, it would rank among the world's largest economies. The city continues to demonstrate resilience, leading the nation in office leasing recovery while maintaining record levels of private-sector employment. Venture capital investment has also rebounded significantly, with billions of dollars flowing into businesses and startups across the city.

New York offers direct access to one of the largest consumer markets in the United States. Businesses benefit from proximity to millions of consumers, major corporate headquarters, and a dense network of suppliers, service providers, and strategic partners. The city is home to numerous Fortune 500 companies as well as more than 200,000 small and medium-sized businesses.

Access to Talent and Innovation

Talent remains one of the most important factors driving business decisions, and New York offers access to one of the deepest talent pools anywhere in the world. In the fireside chat, Ulukaya discussed founding Chobani in New York and maintaining its presence there. He noted that talent is attracted to New York and professionals come to the city to grow. Since 2021, more than 500,000 graduates have moved to New York and more than 1 million young people call the city home. 

Technology and innovation also continue to reshape the city's economy. New York has become one of the world’s leading technology hubs, supporting thousands of startups and hundreds of thousands of jobs. Whether in AI, life sciences, clean energy, financial technology, or advanced manufacturing, businesses increasingly view New York as a place where new ideas can become successful companies.

Growth Must Be Matched by Investment

While the city's strengths remain significant, business leaders and policymakers also acknowledge that New York cannot take its success for granted. Affordability continues to be a major concern for residents and employers alike. Housing costs, childcare expenses, public transportation, and quality-of-life issues all influence whether businesses choose to expand in the city and whether talented workers decide to stay. As City Council Speaker Julie Menin recently wrote, New York cannot become more affordable if New Yorkers do not have pathways to economic success. 

According to the Citizen Budget Commission, between 2019 and 2023 New York City lost a staggering $68 billion of net taxable income due to a massive imbalance in resident migration. Some taxpayers have left for other states including Texas and Florida. 

New York will need to attract and retain top earners and taxpayers to be able to fund the programs needed to make the city attractive and affordable for workers. As Mayor Mamdani explained, one of the focuses is to drive down the cost of doing business by creating more services, including making it easier to build housing in the city and delivering accessible childcare for workers. 

Looking Ahead

Perhaps New York City's greatest strength is its ability to adapt. Throughout its history, the city has overcome economic downturns, public health crises, and countless other challenges by continuing to innovate and invest in its future.

That does not mean the work is finished. Continued attention to affordability, infrastructure, public services, and quality of life will be essential if New York is to remain competitive with fast-growing cities across the country. As leaders at the Choose NYC Summit emphasized, the city's future depends on necessary investments to sustain its workforce.