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Unlike Detroit, NYC has a very diversified economy. In addition to being the primary finance capital it is a major international player in media, art, fashion,
by tomtheelder 3y ago
Unlike Detroit, NYC has a very diversified economy. In addition to being the primary finance capital it is a major international player in media, art, fashion, tech, and more. NYC is simply not utterly dependent on finance in the way Detroit was on manufacturing- or SF is on tech, for a modern example.
I think that’s what has made it, and the other global cities like it, so extremely resilient over a long period of time. That and financial services being, thus far, an evergreen industry.
- caddemon 3y agoFinance is pretty meta itself, which is probably a contributing factor to NYC having such a diversified economy. Like an automotive company might still want a business-focused office in NYC, but a non-automotive company doesn't have much reason to open an office in the auto manufacturing capital.
- pclmulqdq 3y agoSo was manufacturing. I will say that Detroit was probably over-indexed on auto workers more than other kinds of manufacturing.