The borough of Queens has a growing and vibrant economy that benefits from continued public and private sector investments and actions. Of New York City’s five boroughs, Queens has the second-largest and most diversified economy. Queens has a high concentration of export-oriented jobs (which serve the needs of customers outside the region), and these typically pay higher wages than locally-oriented jobs (which serve the needs of local residents).
Immigration continues to have a distinct role in shaping the economy of Queens. Over half the population of Queens is now foreign-born, a much higher percentage than any other borough in New York City, and many of the borough’s neighborhoods and commercial corridors reflect the rich cultural heritage of their residents.
No single industry dominates Queens. However, the airline industry is a key component of the borough’s economy and serves as a major employer in the neighborhoods surrounding JFK and LaGuardia airports. The health care and social assistance industry is also a major employer in Queens and has been growing steadily in recent years. Two-thirds of all businesses in Queens employ between one and four people, meaning that small borough plays an essential role in the borough’s economic vitality.