New York City York metropolitan area produced a gross metropolitan product (GMP) of US$1.73 trillion. If greater New York City were a sovereign state, it would have the 12th highest GDP in the world. New York City traces its origins to a trading post founded by colonists from the Dutch Republic in 1624 on Lower Manhattan; the post was named New Amsterdam in 1626. The city and its surroundings came under English control in 1664 and were renamed "New York" after King Charles II of England granted the lands to his brother, the Duke of York. New York served as the capital of
Economy of New York City New York City, according to the U.S. Census, making it the city's 2nd largest employer, after government. In New York, the 565,000 people work at more than 70 hospitals, and the city's 20 public hospitals served 1.5 million people in 1998 alone. Manufacturing accounts for a significant share of employment. Garments, chemicals, metal products, processed foods, and furniture are some of the principal products. The food-processing industry is the most stable major manufacturing sector in the city. Food making is a $5 billion industry that employs more than 19,000 residents, many of them immigrants who speak little English. Chocolate is