Chinatown Manhattan: Economy
From Decoding New York
| Introduction |
| Manhattan |
| * Evolution |
| * What's Real |
| * Here v. There |
| * Economy |
| Flushing |
| * Evolution |
| * What's Real |
| * Here v. There |
| * Economy |
| Brooklyn 8th Avenue |
| * Evolution |
| * What's Real |
| * Here v. There |
| * Economy |
| Comparison |
| * Photo Gallery |
| * Sources
|
Because of Chinatown’s reputation for ethnic solidarity, Chinatown's economy relies heavily on tourism, in addition to Chinese goods and services. Although tourism was hurt by September 11, the industry has recovered in recent years as overall New York tourism increases. For many tourists, Chinatown is the first stop in lower Manhattan, either to witness cultural events like the Lunar New Year Parade or to buy imitation designer items. The textile and garment industry in Chinatown, while at one point a large part of the economy, has declined in recent years. Cheap textiles from China destroyed the textile industry in New York - imitation goods manufactured in China cost far less than those manufactured in New York. Because of this, the number of factories in Chinatown fell from 400 in 2000 to 150 in 2006. However, there are still successful trade opportunities in inexpensive garments and gifts for tourists. Other economic opportunities include grocery stores, salons, import and export companies, real estate, and restaurant businesses. The low wage opportunities in Chinatown began with the stereotypical laundry industry, which was replaced by opportunities in the garment industry. As more educated and wealthier immigrants move to New York, many bypass Chinatown completely and settle in more affluent areas with higher-level jobs, widening the spectrum of employment. The underground economy of illegal goods, fake designer products, mahjong games, poker, and drugs also contributes to the growth of Chinatown by supporting legitimate businesses with illegal earnings. In addition, Chinatown's restaurant and labor businesses rely on low wages paid in cash for the least amount of legal process and tax as possible. Perhaps due to illegal workers, or reluctance to pay taxes, many transactions are undocumented which allows for Chinatown to run on less capital than the rest of expensive New York City.
