Earlier this week, GothamGazette published a solid story about some of the industries and areas for economic development that elude New York City. Given the Gazette’s focus, the piece is totally NYC-centric, but the article could have been written almost anywhere.
Tapping biotech, cruise ships, Silicon Alley, and air cargo as areas for growth — or healing, perhaps — the piece address what the city has going for it… and what it needs to do in order to succeed. One telling comment: “The city needs all the industries it can get; its reliance on Wall Street makes it too vulnerable to fluctuations in the stock market.”
Is Wall Street’s presence in New York City a help or a harm? Relatively hot on the heels of Inc. and Business 2.0‘s analyses of the best — and worst — cities to do business in, that’s a question worth considering. But less locally oriented, here’s another important question: How diverse is the business community in which you work? What industries does the area depend on? What industries might it attract to seek balance? And what needs to happen to accomodate those businesses?