NYFW ropes in nearly $900m annually

By

Obi Anyanwu

Published
Sep 18, 2015

The Joint Economic Committee has released a report on the positive impact the fashion industry has on New York City and regional economies around the US. The report shows that New York Fashion Week generates almost $900 million every year for NYC.

New York Fashion Week is one of the city's most lucrative events. It surpassed the New York City Marathon, which earned $340 million in 2010, Super Bowl 48 at MetLife Stadium in New Jersey, which made $550 million, and the annual US Open that generates $800 million. Now, NYFW has the potential to generate even more money for the city with the recent launch of NYFW: Men's.
 
In addition to NYFW’s financial impact on New York City, the industry as a whole employs over 183,000 people in the city, half of which work in a retail setting. The industry pays nearly $11 billion in wages and generates almost $2 billion in tax revenue annually. In New York City alone, the fashion industry is a $98 billion business.

The report also shared the industry’s impact on the US as a whole. The number of fashion designers in the country has grown by almost 50% in the past 10 years, bringing the number to a final total of 18,000. The industry also produces high paying jobs with marketing and sales managers leading the way, earning an average of $84,600, followed by fashion designers who earn $73,690 annually on average and computer professionals in manufacturing who earn $73,220 on average.
 
New York City and Los Angeles are considered to be the fashion capitals of the country since most companies have a headquarters in each city, but San Francisco, Oakland, San Diego, Dallas and Kansas City could be considered in the running very soon. Each city is home to over 200 fashion designers (San Francisco and Oakland have the most at 350).