New York City
New York City is the largest city in the United States and the most densely populated major city in North America. Located in the state of New York, the city has a population of over 8.1 million with an area of 321 square miles. It metropolitan area has a population of 18.7 million
New York City is a center for international finance, fashion, entertainment and culture. It has an extraordinary collection of museums, art galleries, performance venues, media outlets, international corporations and financial markets. It is also the home of the United Nations.
Specialized manufacturing accounts for a large but declining share of employment. Garments, chemicals, metal products, processed foods and furniture are some of the principal manufactured items.
New York’s natural harbor has meant international shipping has always been a major part of the city’s economy. However, most cargo shipping has moved from the Brooklyn waterfront across the harbor to the Port Newark-Elizabeth Marine Terminal. Three major airports serve the area; LaGuardia, JFK International and Newark.
Boston
Boston is the capital of the state of Massachusetts. It is the largest city of the region of New England situated in the northeast United States. Boston is one of the oldest, wealthiest and most culturally significant large cities in the United States.
Its economy is based on education, health care, finance and technology. Boston’s colleges and universities have a major impact on the city and region’s economy. Not only are they major employers, but they also attract high-tech industries to the city and the surrounding region. This includes computer hardware/software companies, as well as biotechnology companies. Boston receives the highest amount of annual funding from the National Institutes of Health of all cities in the United States. Boston is the location of Boston College, Harvard and the Massachusetts Institute of Technology (MIT).
Boston also has a harbor for shipping and is served by Logan International Airport.
Philadelphia
Philadelphia is the fifth most populous city in the United States with 5.8 million people. It is the second largest city on the east coast behind New York City. Philadelphia is one of the oldest and most historically significant cities in the United States.
Philadelphia’s economy is heavily based upon manufacturing, refining, food and financial services. The city also has its own stock exchange. It is home to many major Fortune 500 companies. It is home to the east coast operation of the United States Mint and a division of the Federal Reserve Bank. The Philadelphia Naval Shipyard is located in the harbor.
Philadelphia has a harbor, two airports, as well as access to rail transportation.
Chicago
Chicago is located in the Midwestern U.S. on the shore of Lake Michigan. It is the largest city in the state of Illinois and the third largest city in the U.S. with a population of 9.3 million.
Chicago is the United State’s second financial center with the nation’s second largest central business district. It boasts manufacturing of chemicals, metal, machinery, consumer electronics. Printing, publishing and food processing also play major roles in the city’s economy.
Construction of the Illinois and Michigan Canal helped move goods from the Great Lakes to the Mississippi River. This in conjunction with railroads and airports make Chicago one of the major transportation centers.
It is also a major convention center ranking third behind Las Vegas and Orlando as far the number of conventions hosted annually. It has a district of the Federal Reserve Bank and is home to four major financial and futures exchanges. The area serves as headquarters for twenty-two Fortune 500 companies. The city and the surrounding area is the second largest labor pool in the United States.
Atlanta
Atlanta, situated in the southern U.S., is the capital and most populous city of the state of Georgia. The Atlanta metropolitan area has a population of 4.8 million. Atlanta has long been considered the economic powerhouse of the southern U.S.
Several major national and international companies are headquartered in or near Atlanta. The city is a major cable television programming center and is home to Cable News Network and The Weather Channel. Atlanta’s Hartsfield-Jackson International Airport is the world’s busiest airport by passenger traffic and aircraft traffic. The city is served by three major highway systems, as well as railroads.
Dallas
Dallas is the third-largest city in the state of Texas and the ninth-largest city in the U.S. Situated in the Southern U.S., it is main cultural and economic center for a metropolitan area that includes Arlington and Fort Worth. The metropolitan area has a population of 5.7 million.
Dallas and the surrounding are very important economically. The city is sometimes referred to as Texas’s Silicon Valley because of the high concentration of telecommunications companies. The city has more shopping centers per capital than any other city in the U.S.
The Dallas-Fort Worth (DFW) International Airport is a major hub for international airfreight. The city has access to excellent highway system in all directions and is a railroad center.
Houston
Houston is the largest city in the state of Texas and the fourth largest city in the U.S. with a population of 5.3 million. Houston is world-renowned for its energy and aeronautics industries. The area is the world’s leading center for building oilfield equipment.
The Port of Houston ranks first in the U.S. in international commerce and it is the sixth-largest port in the world. It is second only to New York in Fortune 500 headquarters.
Houston is the home to the internationally renowned Texas Medical Center, which contains the world’s largest concentration of research and health care institutions.
Houston is near the beaches of Galveston Island on the coast of the Gulf of Mexico.
Houston is headquarters for East-West Economic Development Center.
Los Angeles
Los Angeles (L.A.) is the largest city in the state of California and the second largest city in the U.S. The metropolitan area has a population of 12.9 million. It is the cultural and economic center of the western U.S.
The economy is driven by international trade, entertainment (television, motion pictures, recorded music), aerospace, agriculture, petroleum and tourism industries. Los Angeles is the largest manufacturing center in the United States. It is home to three Fortune 500 companies.
The contiguous ports of Los Angeles and Long Beach make it one of the most significant ports in the U.S. and one of the most important in the world. It is vital to trade between the U.S. and the Pacific Rim.
Los Angeles charges a gross receipts tax based on a percentage of business revenue while most neighboring cities charge only small flat fees. Many businesses locate in nearby areas to enjoy the benefit of proximity to L.A. without paying higher taxes.
San Francisco
San Francisco is the fourth-largest city in the state of California and the fourteenth-largest city in the U.S. The San Francisco Bay Area has a population of 7.0 million and is the second most densely populated American city after New York City.
Tourism is the mainstay of San Francisco’s economy and it is one of the top tourist destinations in the U.S.
Recently, San Francisco has been positioning itself as a biotechnology and biomedical hub and research center. In 2005, San Francisco was chosen as the headquarters of California’s stem cell research program.
Entrepreneurship is also a major economic force in San Francisco. Nearly 90% of businesses operating within the city limits have fewer than 100 employees.
Seattle
Seattle is the largest city in the Pacific Northwest region of the U.S. Boeing, the aircraft manufacturer, is the largest private employer in the Seattle area. It is home to financial services, Internet retailers, department store, coffee chain and insurance companies. Microsoft is located in nearby Redmond.
© 2006-2007 East-West Economic Development Center