Industries ebb and flow with how they generate income. The two sectors we will focus on here are: beer and fitness. They are currently providing New Yorkers with jobs and the economy with wealth.
It seems that beer is good business. At least in New York. The industry’s growth has been so impressive that last year a staggering $3.5 billion was generated in “direct economic impact, through beer production, sales and the operation of brewery tasting rooms” according to a report undertaken by John Dunham and Associates (JDA).
More than the revenue is the job market. The industry in New York alone is giving 11,000 people jobs, equaling $722 million in salaries. In fact, it’s estimated that without a trace of the beer industry, 20,000 jobs wouldn’t exist. Add this to the mix and the value generated by the beer industry was $5.4 billion for 2018. And that doesn’t even include the $1.1 billion that comes from the purchase of supplies, marketing, sales, etc. It’s a big industry.
Fitness has long been a growing industry. New Yorkers are not alone in their love of the fitness industry. In fact sometimes it seems that every other week there is a new class or fitness factory. Throughout America, according to the International Health, Racquet & Sportsclub Association (IHRSA), there is at least a 3 to 4 percent annual increase within the industry and around 20% of US adults have a fitness club membership. According to Statista, US consumers are spending $30 billion per year on gym memberships.
Looking into New York’s East Village we find the growth of Crunch Fitness. The firm opened its doors over three decades ago and since then has expanded significantly. With an app that syncs with the Apple Watch, over 100 online workouts for those who want to stay home and 25,000 square feet for those who want to actually go to the gym, this seems to be an example of how seriously New Yorkers take their workouts.