From Silicon Valley to Silicon Alley. That directional twist is prominently noted in a recent business article dissecting the health of New York City’s economy. That piece analyzes business trends driving growth in the nation’s largest and most diverse commercial metro, and what it notes is a thriving pulse.
Empirical evidence highlighting business activity across NYC notes a number of key and forward-pointing tips. Those include these findings:
- $10 billion-plus in venture capital raised last year to back new companies
- Impressive percentage of total U.S. initial public offerings concentrated within the metro area
- Many companies pursuing IPOs earlier than has historically been the case
- Broad infusions of financing into entities across numerous and diverse sectors
That last bullet point merits a closer spotlight, with Crain’s business publication noting that new business activity and starts-up across New York City are readily differentiated from developments occurring in California’s Silicon Valley. Whereas the latter business bastion focuses primarily on tech-linked entities, NYC’s growth “has truly flourished across all sectors.” In addition to technological companies, Crain’s stresses dramatic growth in financial services, real estate, life sciences and direct-to-consumer enterprises.
One business analyst states that what is currently happening across the city “is truly historic” from a commercial-growth perspective.
New York, of course, has always been an epicenter of American entrepreneurialism and next-stage business development. The above commentator underscores that the city “always has its finger on the pulse of the next wave of innovation.”
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