Are New York’s Most Innovative Industries Built for Success?

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New York's Most Innovative Industries

New York is one of the most talked-about states in the U.S. and it is not just popular but for good reasons. It has a very fine conglomerate of people from different walks of life which makes it a city running with ideas. Its economy is ranked as one of the strongest and it is the second-largest contributor to the U.S. GDP with 8.2% coming second only to California. This strong economic stance has been hugely supported by the increasing number of industries in the state. One thing working in New York’s favor is its support of new businesses.

Statistics show that in the year 2017, small businesses accounted for about 99% of the two million companies in the state. Another thing working in its advantage is the diversification of its economy. So many industries are thriving and doing well. From construction to technology, manufacturing, entertainment and a host of other industries which are also massively creating jobs thus boosting the economy in the process. We would take a look at some of these relatively new industries and how sustainable they are. 

Technology Industry

The tech industry is one of the fastest-growing in the state and it is contributing enormously to the state’s economy. It has contributed almost 330,000 job opportunities as well as a whopping $125 billion in revenue. The state is considered one of the fastest-growing hubs for tech in the nation as it is currently home to over 7,500 tech firms. This includes tech giants such as Amazon and Google. As both are looking to further spread their tentacles. As the latter is already making plans to have an office that would cost $55 million to execute and also directly inject 2,000 more jobs to the economy. 

One of the reasons for the growth of this industry is also down to the wealth in depth of skilled personnel in New York, as well as a favorable environment. This is why Amazon is considering moving its second headquarters to Queens and Google looking to expand its network. Not just expertise, but education, access to capital, access to a ready market are part of the reasons why the New York tech industry is thriving. And with this in place, there is no denying the awesome possibilities for more growth that the future holds. When the most important factors for growth are in place sustainability is inevitable. 

Consulting Industry

This is another industry that is rapidly expanding in the U.S. and it is enjoying global economic growth. As of 2016, the industry was valued at $250 billion. The U.S. netted more than $60 million and is projected to reach $87 million by 2025, and New York isn’t left out of this prized possession. Four of the world’s biggest consulting firms are in New York, Deloitte, KPMG, PWC, and Nielsen.  

The advancement of digital technology has made the expansion of this industry even faster as it has created more opportunities and helped the industry to flourish. This industry employs about 650,000 people in New York. The consulting industry is also an industry that is going to be around for the long run. Albeit, it would be heavily impacted by technology as the basis for consultancy is efficiency, innovation, and invention. And that is exactly the way in which technology is making the world a better place. 

Food Industry

The food industry has been modified and affected in so many ways by technology but if anything at all it is definitely not slowing down. The food industry in New York is massive, there are about 1 million restaurants in America and one-fourth of them are in New York. That’s how massive it is. The industry grosses about $45 billion in sales every year and employs about 10% of New York’s population. So many of the food businesses that start out might eventually close down within a year to two of the opening but the food business is surely one that will keep thriving.

Cannabis Industry

This is one of the industries really doing well at the moment in New York. With a population of over 20 million, you expect that there would be a need for quality healthcare. And that’s where cannabis comes in, even though the industry serves a couple of other industries like manufacturing. Though, not legal at the federal level, states are taking steps to ensure that they make the most that cannabis has to offer, and New York isn’t far behind. The state has legalized the use of medical marijuana and is seeing drastic expansion following the addition of chronic pain as a qualifying condition.

In the last year, about 37,000 patients enrolled in the state’s medical-marijuana program, which gives them access to use marijuana for illnesses such as epilepsy, anxiety, and arthritis. The addition of chronic pain has helped increase the number of applications to the program, and there has been a growth rate of 128%. The main component driving this growth is the availability and easy access to dispensaries. NY cannabis providers have a variety of cannabis products they sell ranging from seeds, buds, oils, and edibles. In recent times the only exception placed on the product was vape. As there was an outbreak of an illness which was initially traced to vaping but has been clarified. 

The cannabis industry is one that is also poised for massive growth in the nearest future as the medical marijuana program keeps expanding, there are serious calls for recreational legalization and there is a ready market for the product.

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