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Joint Economic Committee Democrats Chairman - Rep. Don Beyer (D-VA)

NYC Fashion Industry Generates $2 Billion Annually

Employs 183,000, Draws 500,000 Visitors

WASHINGTON – Joint Economic Committee (JEC) Ranking Democrat Carolyn Maloney (D-N.Y.) released a report Monday on the positive economic impact the fashion industry has on New York City and regional economies around the United States.

According to the report, which updates figures released in February, consumers spent nearly $370 billion on apparel and footwear in the U.S. in 2014, and fashion- and apparel-related industries employed more than 1.8 million people.

“As the economy continues to recover from the Great Recession, the fashion industry is one of the bright spots,” Maloney said. “Because of the high-paying jobs it supports, the fashion industry has a significant economic impact not only in New York, but also in smaller cities around the country.

“Fashion Week is not just about the latest styles. It is also about big business. Fashion Week generates close to $900 million in total economic impact each year, including more than $500 million in direct visitor spending.”

Fashion Week is a semiannual event in New York City, occurring in February and September. It is occurring this month from September 10-17.

According to the New York City Economic Development Corporation (NYCEDC), more than 900 fashion companies are headquartered in New York City. The fashion industry employs more than 183,000 people in NYC, about half of whom work in retail. The city is the largest retail market in the country, with more than $18 billion in annual retail sales and $2 billion in tax revenue.

The New York City fashion industry pays nearly $11 billion in wages and draws more than half a million visitors annually to the city.

Although New York City and Los Angeles are the major fashion centers in the U.S., cities such as San Diego, Dallas, Kansas City, Oakland and San Francisco are beginning to reap economic benefits, including high-paying jobs in fashion design.

 

Read the full report here.

 

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