By Maria Rocha-Buschel
Congresswoman Carolyn Maloney appeared at the Fashion Institute of Technology (FIT) last Thursday to release a new report on the fashion industry’s increasing economic impact in the midst of Fashion Week, which ended last Friday.
The report, released by the U.S. Congress Joint Economic Committee of which Maloney is a ranking member, found that the fashion industry provides about six percent of the city’s private sector workforce, approximately 183,000 jobs, with about 7,000 designers working in the city, which is 40 percent of all designers working in the country. More than 900 fashion companies are headquartered in New York and the industry’s employees create $11 in wages, generating $2 billion in taxes.
Fashion Week also plays an important role in the industry, attracting 200,000 attendees and generating $900 million in revenue from the fall and winter 2016 shows.
Included in the fashion industry revenue is not just profits from design, but also revenue through manufacturing, wholesale and retail, and the industry creates jobs for designers, market research analysts, graphic design artists, computer systems developers, patternmakers, sewing machine operators, retail sales workers, wholesale buyers, accountants and business operations specialists.