Source: "London's top housing draws the world's billionaires." The State ranked 25th in the nation for economic growth with a real GDP increase of 2.1 … Chocolate is New York City's leading specialty-food export, with $234 million worth of exports each year.[22]. The economy of New York City encompasses the largest municipal and regional economy in the United States. In Q2 2018, the City’s economy grew 2.7 percent for the second consecutive quarter. One out of every ten private sector jobs in the city is with a foreign company. Real estate is a major force in the city's economy, as the total value of all New York City property was assessed at US$1.072 trillion for the 2017 fiscal year, an increase of 10.6% from the previous year with 89% of the increase coming from market effects. The City that never sleeps. New York City ended 2018 with a bang, as they welcomed a record number of 65.2 million tourists, making it the ninth consecutive year that the city saw tourism growth.. Of the 65.2 million visitors, 51.6 million were domestic travelers and 13.5 million were international tourists with most international travelers visiting from the U.K., China, Canada, Brazil, and France. New York City: 8.405.837: Bronx: 1.385.108: Brooklyn: 2.504.700: Manhattan: 1.585.873: Queens: 2.230.722: Staten Island: 468.730 Millions of Dollars, Not Seasonally Adjusted, Frequency:  [39] As of 2014[update], New York City hosted 300,000 employees in the tech sector. New York GDP was $1,772,261,000,000 in 2019. Both are ranked first nationally by a wide margin and being roughly equivalent to the GDP of South Korea at less than half its population. Graph and download economic data for Real Total Gross Domestic Product for New York (NYRGSP) from 1997 to 2019 about GSP, NY, real, GDP, and USA. https://fred.stlouisfed.org/series/NYNGSP, GDP: $1,210 billionArea: 1,213square kilometersPopulation: 8,244,910The Big Apple. In New York City, tourism has made impressive gains in recent years, particularly in the foreign visitor segment. As a comparison, both the U.S. and NYC metro area inflation rates were 2.0 percent and 1.8 percent, respectively in Q4 2019 on a year-over-year basis. [22] Food making is a $5 billion industry that employs more than 19,000 residents, many of them immigrants who speak little English. Tourism is one of the few bright spots in New York City’s economy. The world rank is based on the Fortune Global 500's revenues for the fiscal year that ended before April 1, 2015. Real gross domestic product (GDP) increased in 2,484 counties, decreased in 612 counties, and was unchanged in 17 counties in 2019. [13] New York City's unemployment rate fell to its record low of 4.0% in September 2018. New York's economy is so large, it would rank as the 15th or 16th largest economy in the world if it were its own country; the exact ranking depends on the source. [28][29] Investment banking fees on Wall Street totaled approximately $54.9 billion in 2018. This includes manufacturing, warehousing, utilities, and transportation. If you can make it in New York, you can make it anywhere, or so that old Frank Sinatra hit goes. Most ranked cities are in North America and Europe. [4], Since 2000, China has been New York's leading growth market for exports. [31]:31–32[32] New York also leads in hedge fund management; private equity; and the monetary volume of mergers and acquisitions. This graph shows the New York metro area GDP up to 2018. I. : New York is a Sinkhole State without enough assets to cover its debt. New York is one of the most historically rich cities in the United States, particularly in the East Coast. Real New York GDP, at $1,772.261 bn in 2019, is at the highest level recorded to date. Over the 5 years ending in 2019 the New York economy grew in real terms by 14.75% at a compound annual growth rate of 2.79% per year. Tornado activity: New York-area historical tornado activity is above New York state average.It is 44% smaller than the overall U.S. average.. On 5/28/1973, a category F3 (max. Silicon Alley, metonymous for New York's broad-spectrum high technology sphere, continues to expand. This high earning industry contributes significantly to the general economy of New York City, with 1 in 10 jobs being associated with the industry, and an estimated three jobs created per one job created in the securities industry. In 2018, New York, NY had a population of 8.4M people with a median age of 36.9 and a median household income of $63,799. New Lab, The Brooklyn Navy Yard In 2011, the President of the Brooklyn Navy Yard invited David Belt to visit Brooklyn Navy Yard’s Building 128, a deserted, rotted-out, but beautiful iron skeleton of American's manufacturing past... Read Success Story. The GDP per capita of New York was $73,463 in 2018. Excluding trade, the U.S. economy grew by a more moderate 3.0 percent. The New York Metropolitan Region is home to more than half of the 32 largest Chinese companies with offices in the United States. Ranked by revenues in the fiscal year that ended before February 1, 2016. economy. In its 27th annual New York State budget briefing book, the Fiscal Policy Institute analyzes and comments on Governor Andrew Cuomo’s FY 2018 Executive Budget.. City Planning) and African Americans comprising 78% of the production workforce (2004 American Community Survey). The Greater Los Angeles area was the second largest individual contributor with $866 billion in GDP, and Chicago’s metropolitan area adds $610 billion to the U.S. GDP. Notes: It is the top global center for the advertising industry, which is metonymously called "Madison Avenue". [61] The Association of Independent Commercial Producers is also based in New York. Experts predicted that its GDP will continue to rise, which proved to be true as the latest data on GDP per capita per country suggests that Qatar is the richest country in the world in 2018. Despite the adaptability of New York manufacturers, there remain looming challenges to the sector’s survival. New York’s Population Has Grown, But More Slowly Than the Nation’s. Many of the world's largest corporations are headquartered in Manhattan. Examples of goods manufactured in the city include Broadway costumes, custom-made cabinets, croissants for hotels, and wooden crates for shipping fine art. [55], In one measure of how international New York City's economy is, data compiled by the agents Knight Frank show foreign owners make up 34% of sales in the city's prime residential market. New York, New York detailed profile. New York City possesses a strong competitive advantage in these industries. Geographische Lage. New York area, 2018-19. The SIER, formerly known as the Social Indicators Report, is an annual report on the City’s social, economic, and environmental health produced by NYC Opportunity. Between 2017 and 2018 the population of New York, NY declined from 8.62M to 8.4M, a -2.6% decrease and its median household income … February 7, 2017. Are you sure you want to remove this series from the graph? Many have chosen to open headquarters in New York in anticipation of eventual listing on the respective New York stock exchanges and entering U.S. capital markets. New York City hat sich von der Insel Manhattan aus ausgedehnt, die heute sein Zentrum ist und als spitze Felszunge zwischen Hudson und East River vorstößt. While those in the finance and insurance sector detracted from overall growth with a decline of 1.3 percent, wages in all other industries grew by 5.1 percent. [47] According to Forbes, in 2014, Manhattan was home to six of the top ten ZIP Codes in the United States by median housing price. [49] In 2019, the most expensive home sale ever in the United States achieved completion in Manhattan, at a selling price of US$238 million, for a 24,000 square feet (2,200 m2) penthouse apartment overlooking Central Park. All but two are based in New York City; IBM and PepsiCo are based in Westchester County, New York, just north of New York City. Change in GDP. [46] The Time Warner Center is the property with the highest-listed market value in the city, at US$1.1 billion in 2006. Real (inflation adjusted) GDP per Capita over time. The Partnership for New York City, April 2006. Manufacturing jobs average $41,000 annually (NYS DOL, 2nd Qtr 2005), about $10,000 more than comparable jobs in retail or restaurants. [48] Fifth Avenue in Midtown Manhattan commands the highest retail rents in the world, at US$3,000 per square foot ($32,000/m2) in 2017. New York achieved statehood in 1788, with the adoption of the U.S. Constitution, and New York City served as the new nation’s first capital. Anchored by Wall Street in Lower Manhattan, New York City has been characterized as the world's premier financial center. [19], As of 2013[update], the global advertising agencies of Omnicom Group and Interpublic Group, both based in Manhattan, had combined annual revenues of approximately US$21 billion, reflecting New York City's role as the top global center for the advertising industry, which is metonymously known as "Madison Avenue". retrieved from FRED, [51] The food-processing industry is the most stable major manufacturing sector in the city. All occupations $32.11 $25.72 Lawyers 84.00 69.86 Dentists, general 82.04 85.70 Securities, commodities, and financial services sales agents 72.06 44.75 Registered nurses 44.85 37.24 Passenger vehicle drivers, except bus drivers, transit and intercity 20.21 15.97 Fast food and … For these and other reasons, New York is often called "the media capital of the world". A 12,900-square-foot (1,200 m2) biodiesel plant run by Tri-State Biodiesel, LLC began construction in the Bronx in 2010. A state’s Gross Domestic Product (GDP) is the value of production originating from all industries in the state, as defined by the U.S. Bureau of Economic Analysis. Global city rankings are numerous, with one study suggesting as many as 300. New York is the favorite city of the world's wealthy, as measured by where they want to put their families and their money, according to a new report. Employees in the securities industry earned an average salary (including bonuses) of $398,600 in 2018. Lower Manhattan is home to the New York Stock Exchange, on Wall Street, and the NASDAQ, at 165 Broadway, representing the world's largest and second largest stock exchanges, respectively, when measured both by overall average daily trading volume and by total market capitalization of their listed companies. [27] Many large financial companies are headquartered in New York City, and the city is also home to a burgeoning number of financial startup companies. In 2019, the real GDP of New York grew by roughly 3.9 percent compared to the year before. Rankings. A new report says New York City will retain its crown as the largest urban economy in the world as San Jose is set to be the fastest growing. It is reasonable to expect that export growth will reverse and decline in the next two quarters.2 Because New York City is a service oriented economy , the repercussions of tariffs on goods will be muted. Impact on job creation and retention Strengths • For each year from 2011nemployment rate in NYC was higher than the -2016, the u unemployment rate in the rest of tate. The fuel produces 78 percent less carbon-dioxide emissions than standard diesel. Federal Reserve Bank of St. Louis; New York is by far the most important center for American mass media, journalism, and publishing. View File. GDP. New York is a prominent location for the American entertainment industry, with many films, television series, books, and other media being set there. The city's apparel and garment industry was historically centered on the Garment District in Manhattan. 2018 Annual Report Assessment . New York City's most important economic sector lies in its role as the headquarters for the U.S. financial industry, metonymously known as "Wall Street". Garments, chemicals, metal products, processed foods, and furniture are some of the principal products. The city's securitiesindustry, accounting for 181,300 jobs in 2018, continues to form the largest segment of the city's financial sector and an important economic engine, accounting for about 5% of the city's private sector jobs in 2018, 6% (US$3.7 billion) of city tax revenue, 17% (US$ 13.2 billion) of state tax revenue, and a fifth of the city's total wages. The city is also the nation's most important center for mass media, journalism, and publishing. The borough contained over 500 million square feet (46.5 million m2) of office space in 2015, [8] making it the largest office market in the United States. Top publicly traded companies in New York, CS1 maint: multiple names: authors list (. New York GDP represents 8.27% of US GDP which made it the 3rd largest economy in the nation in 2019. The book publishing industry alone employs 25,000 people. London, however, is the most cosmopolitan world city in terms of property ownership; more than 51% of homes there worth more than £2m which is also $3.8m or roughly 3m euros sold in 2005 have gone to overseas buyers from Russia, the Middle East and elsewhere. [31]:34–35 Some of the largest commercial and investment banks in the world are headquartered in New York City: including JPMorgan Chase & Co., Citigroup Inc., The Goldman Sachs Group Inc., and Morgan Stanley. It figured in the Anglo-Dutch War, where the Dutch won the city but eventually turned it over to the English as decreed via a treaty in 1647. [14], Many Fortune 500 corporations are headquartered in New York City,[15] as are a large number of multinational corporations. A 2003 city-sponsored survey of the industrial sector identified three major local challenges to retaining businesses: 1) high cost of real estate; 2) high costs of doing business; and, 3) uncertainty about land use policy. The net statewide population gain of more than 471,000 residents during that period primarily reflected an increase of nearly 448,000 in New York City New York City's gross domestic product is expected to surpass Tokyo's by 2035. 18. [58] New York City is the second largest center for filmmaking and television production in the United States, producing about 200 feature films annually, employing 130,000 individuals; the filmed entertainment industry has been growing in New York, contributing nearly US$9 billion to the New York City economy alone as of 2015,[59] and by volume, New York is the world leader in independent film production[60] – one-third of all American independent films are produced in New York City. Luxembourg City (Luxembourg) Luxembourg has the 2 nd largest GDP per capita in the world and it appears that a lot of money flows into its capital, Luxembourg City … In New York, the 565,000 people work at more than 70 hospitals, and the city's 20 public hospitals serve 1.5 million inpatients yearly. [43][44] By mid-2014, Accelerator, a biotech investment firm, had raised more than US$30 million from investors, including Eli Lilly and Company, Pfizer, and Johnson & Johnson, for initial funding to create biotechnology startups at the Alexandria Center for Life Science, which encompasses more than 700,000 square feet (65,000 m2) on East 29th Street and promotes collaboration among scientists and entrepreneurs at the center and with nearby academic, medical, and research institutions. [42], The biotechnology sector is also growing in New York City, based upon the city's strength in academic scientific research and public and commercial financial support. Series from Gross Domestic Product (GDP) by State. [10] New York City is distinctive for its high concentrations of advanced service sector firms in the law, accountancy, banking and management consultancy fields. Wages in the State Increase . New York City had the highest growth rate of any region (2.9 percent) while the Mohawk Valley had the lowest (0.2 percent). On a per capita basis, New York State’s GDP was 29.6 percent higher than the national average. [54] Key events have been the formation of the International Ladies' Garment Workers' Union in 1900 and the formation of Amalgamated Clothing Workers Union in 1914; the New York shirtwaist strike of 1909; and the Triangle Shirtwaist Factory fire in 1911, in which 146 perished. [53] Growth of the city's manufacturing industry has occurred in Brooklyn Army Terminal at Sunset Park, Brooklyn. [30] New York City remains the largest global center for trading in public equity and debt capital markets, driven in part by the size and financial development of the U.S. wind speeds 158-206 mph) tornado 31.2 miles away from the New York city center caused between $50,000 and $500,000 in damages.. On 8/8/2007, a category F2 (max. The banking sector, a key driver of the City’s economy, continued to perform strongly as a result of higher interest rates, lower corporate tax rates, and deregulation. On December 19, 2011, then Mayor Michael R. Bloomberg announced his choice of Cornell University and Technion-Israel Institute of Technology to build a US$2 billion graduate school of applied sciences called Cornell Tech on Roosevelt Island with the goal of transforming New York City into the world's premier technology capital. New York is often viewed as having a relatively strong economy, but the state’s success is largely due to New York City. This statistic displays the development of New York's real GDP from 2000 to 2019. To boot, production methods have become cleaner and more technology-driven. The New York City Economic Development Corporation's Early Stage Life Sciences Funding Initiative and venture capital partners, including Celgene, General Electric Ventures, and Eli Lilly, committed a minimum of US$100 million to help launch 15 to 20 ventures in life sciences and biotechnology. New York City 2018 Progress Report. The city is the top media market in the United States, with 7% of the country’s television-viewing households. [53], The City of New York is unique among American cities for its large number of foreign corporations. It then plunged during the dark days of New York City’s fiscal crisis in the mid-70s, reaching a low point of 43 in 1977. The percent change in real GDP ranged from 62.5 percent in Greensville + Emporia, VA, to –34.2 percent in Jackson County, WV. a. New York City’s metropolitan area, which includes Newark and Jersey City, alone makes up $1.5 trillion of economic productivity. [53] As of 2009, there were slightly fewer than 1,600 garment manufacturing businesses in the city, of which about a quarter were located in or around the Garment District, which has about 830,000 square feet (77,000 m2) of manufacturing space. ... City GDP in trillions of 2018 dollars New York 2.5 Chocolate is New York City's leading specialty-food export, with up to US$234 million worth of exports each year. Manhattan is the world's leading center of banking, finance, and communication. Each year, the City designates City Tax-Levied (CTL) dollars for the City’s own emergency food program, making New York City a leader in prioritizing food access for those most More than 1 million US gallons (3,800 m3) of waste oil could be collected in Brooklyn every year according to a 2004 Cornell study. [54] The industry peaked around 1950, when more than 323,000 workers were employed in the industry in New York. 450 Park Avenue was sold on July 2, 2007 for US$510 million, about $1,589 per square foot ($17,104/m²), breaking the barely month-old record for an American office building of $1,476 per square foot ($15,887/m²) set in the June 2007 sale of 660 Madison Avenue. View File. [16] New York City has been ranked first among cities across the globe in attracting capital, business, and tourists. The city has the most post-graduate life sciences degrees awarded annually in the United States, 60,000 licensed physicians, and 127 Nobel laureates with roots in local institutions. This can not be undone. U.S. Bureau of Economic Analysis, Release: In 2018, New York, NY had a population of 8.4M people with a median age of 36.9 and a median household income of $63,799. NYC Opportunity played a similar role under Local Law 174 (LL 174), passed in 2018, which required three specific City agencies to increase the focus on equity in their work. New York City ended 2018 with a bang, as they welcomed a record number of 65.2 million tourists, making it the ninth consecutive year that the city saw tourism growth.. Of the 65.2 million visitors, 51.6 million were domestic travelers and 13.5 million were international tourists with most international travelers visiting from the U.K., China, Canada, Brazil, and France. That’s good for about 10% of the United States’ total GDP. Finance, high technology, real estate, insurance, and health care all form the basis of New York City's economy. It is home to the New York Stock Exchange (NYSE) on Wall Street. Several investment banks and investment managers headquartered in the city are important participants in other global financial centers. New York City Regional Economic Development Council . New York City's most important economic sector lies in its role as the headquarters for the U.S. financial industry, metonymously known as "Wall Street". [6] The city's economy accounts for most of the economic activity in both the states of New York and New Jersey.[7]. High technology startup companies and employment are growing in New York City and the region, bolstered by the city's position in North America as the leading Internet hub and telecommunications center, including its vicinity to several transatlantic fiber optic trunk lines,[37] New York's intellectual capital, and its extensive outdoor wireless connectivity. 2015 New York City Progress Report. Annual change in real GDP. The annual change in GDP of New York was 54.16% in 1998. U.S. Bureau of Economic Analysis, 60% of these employees live in the city, 32% are immigrants, 51% hold only a bachelor's degree, and 39% hold an advanced degree. While not large enough to propel the city’s economy, this long-term growth industry is critical to maintaining the local export base and providing jobs to low-skilled workers. Trends in New York Real GDP. The U.S.", "What Is the World's Most Economically Powerful City? In 2017: New York State’s GDP was over $1.5 trillion, 8 percent of the U.S. total. [46] New York City is home to some of the nation's—and the world's—most valuable real estate. In 2018, total wages in the State increased by 4.4 percent. Occupation New York area United States. Manufacturing accounts for a significant but declining share of employment. Creative industries such as digital media, advertising, fashion, design, and architecture account for a growing share of employment. In 2018: New York State’s GDP was nearly $1.7 trillion, 8.2 percent of the U.S. total. Please review the copyright information in the series notes before sharing. TTstudio/Shutterstock. Food processing is a US$5 billion industry that employs more than 19,000 residents. [40][41] The technology sector has been claiming a greater share of New York City's economy since 2010. Between 2017 and 2018 the population of New York, NY declined from 8.62M to 8.4M, a -2.6% decrease and its median household income … [56], International shipping has always been a major part of the city's economy because of New York's natural harbor, but with the advent of containerization most cargo shipping has moved from the Brooklyn waterfront across the harbor to the Port Newark-Elizabeth Marine Terminal in New Jersey. New York City is the leading job hub for banking, finance, and communication in the U.S. New York is also a major manufacturing center and shipping … In 2015, Silicon Alley generated over US$7.3 billion in venture capital investment across a broad spectrum of high technology enterprises,[36] most based in Manhattan, with others in Brooklyn, Queens, and elsewhere in the region. [9] Midtown Manhattan, with nearly 400 million square feet (37.2 million m2) that same year,[8] is the largest central business district in the world. More than 200 newspapers and 350 consumer magazines have an office in the city. 2017 Rank Metropolitan area 2018 2017 2016 2015 2014 2013 2012 1: New York-Newark-Jersey City, NY-NJ-PA (Metropolitan Statistical Area) 1,772,319 One Federal Reserve Bank Plaza, In recent years, as real estate and globalization pressures have increased, the remaining manufacturers have become more design-oriented and single customer-focused. The Port of New York and New Jersey is also a major economic engine, handling record cargo volume in 2017, over 6.7 million TEUs. [17][18] This ability to attract foreign investment helped New York City top the FDi Magazine American Cities of the Future ranking for 2013. [38] Verizon Communications, headquartered at 140 West Street in Lower Manhattan, was at the final stages in 2014 of completing a US$3 billion fiberoptic telecommunications upgrade throughout New York City. [33], Silicon Alley, centered in Manhattan, has evolved into a metonym for the sphere encompassing the New York City metropolitan region's high technology industries[35] involving the Internet, new media, telecommunications, digital media, software development, biotechnology, game design, financial technology ("FinTech"), and other fields within information technology that are supported by its entrepreneurship ecosystem and venture capital investments. The city's securities industry, accounting for 181,300 jobs in 2018, continues to form the largest segment of the city's financial sector and an important economic engine, accounting for about 5% of the city's private sector jobs in 2018, 6% (US$3.7 billion) of city tax revenue, 17% (US$ 13.2 billion) of state tax revenue, and a fifth of the city's total wages. Indicator and Equity Report (SIER). Health care industry employs approximately 565,000 people in New York City, according to the U.S. Census, making it the city's 2nd largest employer, after government. [50], Manufacturing accounts for a significant share of employment. [11] Despite declining, manufacturing remains consequential. Read more Annual percent change of the real GDP in New York from 2000 to 2019 The facility processes used cooking oil collected by TSB from over 2000[52] New York restaurants with methanol and a catalyst to create biodiesel fuel. Federal Reserve Bank of St. Louis, ", "Table 1 GFCI 15 Ranks and Ratings – Page 7", "Revised Delineations of Metropolitan Statistical Areas, Micropolitan Statistical Areas, and Combined Statistical Areas, and Guidance on Uses of the Delineations of These Areas", "U.S. Metro Economies (note CSA 2012 GMP total includes sum of New York, Bridgeport, New Haven, Allentown, Trenton, Poughkeepsie, and Kingston MSA 2012 GMP values cited)", "The role of metro areas in the U.S. economy", "Top CBDs See Solid Growth in 2nd Quarter, US - Canada Performance Diverges", "Understanding The Manhattan Office Space Market", "Marketbeat United States CBD Office Report 2Q11", "Port of New York and New Jersey Sets New Cargo Volume Record for 2017", "State's Unemployment Rate Hits 4.1%, Reaches 30-Year Low – NYC Unemployment Rate Drops to 4.0%, a New All-Time Low", "Beijing Breaks Into Top Ten in Rankings by A.T. Kearney", "New York City Tops Global Competitiveness Rankings, Economist Report Says", "Mayor de Blasio announces $3M in grants for New York City's fashion industry", "Godiva Chocolatier Inc. Company Information", "The Securities Industry in New York City", https://markets.cboe.com/us/equities/market_share/, "Wall Street banks net record fees for pandemic fundraisings", "Sustaining New York's and the US' Global Financial Services Leadership", "NYCdata: Top 15 Holding Companies and Commercial Banks", "Startups move to co-shared offices amid high real estate prices", "SA 100 2013: The Coolest People In New York Tech", "Venture Investment – Regional Aggregate Data", "Telecommunications and Economic Development in New York City: A Plan for Action", "City opens nation's largest continuous Wi-Fi zone in Harlem", "Verizon will miss deadline to wire all of New York City with FiOS", "5 signs NYC's tech scene is growing up – NYC tech sector hits 300,000", "Even Without Amazon, Tech Could Keep Gaining Ground in New York", "Cornell Alumnus Is Behind $350 Million Gift to Build Science School in City", "Wanted: Biotech Startups in New York City: The Alexandria Center for Life Science Looks to Expand", "New York Dominates 2014 List of America's Most Expensive ZIP Codes", "Protecting and Growing New York City's Industrial Job Base", Tri-State Biodiesel :: Fuel of the Future... Today, "New York Tries to Revive Garment Industry, Outside the Garment District", "Its Heart Is Still 7th Avenue: Garment Union Keeps Piece of Past", "My Brooklyn; Still a Contender on the Waterfront", "Four Marvel TV Shows to Film in New York", "Mayor De Blasio Announces Increased Growth of New York City's Entertainment Industry Brings $8.7 billion into the Local Economy", "New York half-year location filming surpasses record for whole of 2013", "New York surpasses Los Angeles for TV drama pilot filming", New York (Manhattan, the Bronx, Staten Island), https://en.wikipedia.org/w/index.php?title=Economy_of_New_York_City&oldid=1000340882, Short description is different from Wikidata, Articles containing potentially dated statements from 2013, All articles containing potentially dated statements, Articles containing potentially dated statements from 2014, Creative Commons Attribution-ShareAlike License, This page was last edited on 14 January 2021, at 18:37. 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