Foreign companies have a great opportunity to invest in the United States

New York gained back three quarters of the American residents who left during Covid

The health crisis overhauled many Americans' lifestyles. Many of them, in fact, were able to continue their jobs in large metropolitan areas in America by working remotely and moving to new homes in Florida and other states with lower taxes. In 2020, this exodus also increased the real estate market for the southeastern part of the US.

The year 2020 saw the mass migration of "tax refugees" in North America to states with lower taxes

Now the United States is experiencing the opposite, especially in New York, which seemed a declining city until recently

Indeed, New York City gained back most of the population that fled during the first year of the pandemic, and the last sign that offices, schools, restaurants and artistic or entertainment events are opening up again launched the recovery of the United States' most influential city.

The data shows an increase in relocations over 2019 levels: this is the first time this has happened since the start of the pandemic, and it is due to the residential influx into the wealthiest neighborhoods during the height of the health crisis in America. The fastest growing areas are Battery Park City/Greenwich Village, Murray Hill/Gramercy and the Upper East Side, an indication that things are returning to normal in the United States.

American citizens returning to New York led to a new increase in the real estate market

Luxury home sales and prices in New York state increased by up to 270% due to the mass movement to areas outside the city

Property prices in some of the most expensive neighborhoods in New York, however, fell over last summer. Then a strong recovery period started for real estate prices, with condominium prices in Manhattan reaching their highest levels in the last 30 years during the last quarter.

New Yorkers should applaud this growth. The city has what every American city wants: a powerful economy based on finance and advanced business services that attracts ambitious entrepreneurs from other parts of the US as well as from foreign countries. This is on top of the size and scope of the nationís largest job market and all the services that a large city offers. Given all this, New York will obviously remain the prime target for European companies that want to make sales in the United States.

The consumption trends of American consumers living in New York will depend on the United States' ability to keep business activities and the job market at high levels

For companies that want success on the American market, starting a company and launching a brand in New York is the first step to take. More is required, however. European companies have a unique opportunity to grow their business in America, and doing this well means they must be able to offer values that meet the expectations of metropolitan cities and those who live there.

ExportUSA is the perfect partner for successfully starting up a business in New York and other large cities in the United States. The competition in America is definitely tough, but our know-how and the experience we have gained over more than 20 years working in the US market can make a real difference, saving time and preventing critical errors.