The Flatiron economic monster that is New York was made possible by its geographical situation. Set on a natural harbor at the outlet of Hudson, port activities have led the industrial development of the metropolis. The textile industry grew throughout the nineteenth century with the arrival of migrants from Central and Eastern Europe. Around 1900, New York was the largest industrial city in the USA, this included its banking sector and heavy industries located in New Jersey. The recession during 1960-1970 led to brownfield sites in the Bronx and Queens. During this period, the factories closed because of international competition, and were moved or relocated abroad. The Navy shipyard closed in 1966. Between 1953 and 1992, New York lost about 700 000 industrial jobs. In the mid-1970s, de-industrialization and population decline prompted the city to the brink of bankruptcy. Since the 1990s, several rehabilitation operations have been conducted in several districts of the Big Apple. Several port-industrial areas were converted into lofts and artists' workshops.

The shipping industry has had to evolve. The industry had to modernize, and evolve to meet increasing demands. The industrial sector today is based on a dense network of SMEs. It is very diverse, ranging from traditional industries to the industries of luxury (diamond district) to high technology. These industry are mostly in the Queens area, on the other side of the Hudson River in New Jersey.

The main businesses in the city are the printing and publishing, food industry, chemicals and petrochemicals, electricity, mechanics, electronics, textiles and garments, particularly in the Garment Center (Manhattan). The city has a technology sector as well, termed the "Silicon Alley", similar to "Silicon Valley", it is a concentration of companies specializing in multimedia.

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