Discussion Paper

Is Wall Street the Only Street in New York City?

Abstract: Has Wall Street?the term for the securities industry that symbolizes New York City?s role as a global financial center?become less of a specialty for the city? In this post, we show that while the securities industry continues to play an outsized role in the New York City economy, the city?s job base has become somewhat more diversified since 1990. Diversification can be beneficial, as it makes a local economy less vulnerable to adverse shocks to its key industry. A recent example appears in a post by Bram and Orr showing that with Wall Street in a bit of a slump, nonfinancial industries have picked up the slack and are leading the city?s employment recovery this time around.

Keywords: New York City; Wall Street; securities industry; employment; diversification; specialization; Hachman Index; Location Quotient;

JEL Classification: R1;

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Bibliographic Information

Provider: Federal Reserve Bank of New York

Part of Series: Liberty Street Economics

Publication Date: 2012-06-06

Number: 20120606