"FIRE" stands for "Finance, Insurance, and Real Estate." It's New York City's largest industry. It's not known who first coined the "FIRE" acronym (cited in print since at least 1982).

"ICE" (Intellectual, Cultural and Educational) is even newer and is not yet established. The "ICE" acronym followed "FIRE." The term "ICE" can also stand for "Income, Credit and Equity."


21 October 1982, Washington Post, "New York, Once Nearly Bankrupt, Rides Manhattan's Boom" by Joyce Wadler, pg. A2:
In recent years, 160,000 jobs have been added in the "fire" section: finance, insurance, and real estate.

12 October 1986, New York Times, "Turmoil Ahead in Real State" by Philip S. Gutis, pg. NJ15:
Though real estate is one segment of the industry group known as "F.I.R.E.," for finance, insurance and real estate, which has been an important growth area in the most recent economic expansion, when taken alone it is a relatively small area of employment.

7 December 1988, New York Times, "Real Estate" by Richard D. Lyons, pg. D20:
"We are seeing a strong demand for space from the so-called FIRE group of companies - those involved in finance, insurance and real estate," Mr. Looloian said.

20 October 1998, New York Times, "In Terms of Jobs, A One-Street Town" by Charles R. Morris, pg. A31:
A comparison of city employment just before the 1987 market crash and at the end of 1997 does show a slight drop in the concentration of jobs in the sector of the economy that is most sensitive to stock market fluctuations - the so-called FIRE sector: finance, insurance and real estate.

16 December 2004, New York Daily News, "On New York" by Richard Schwartz, pg. 43, col. 1:
The future of New York City is FIRE and ICE.
(...)
Start with FIRE. The acronym refers to what has long been the core of the city's economy: Finance, Insurance and Real Estate.
(...)
But over the last decade or so, the traditional FIRE has been eclipsed a bit by a potent new dynamic in the city's ever-transforming economy - ICE, which stands for all things Intellectual, Cultural and Educational.

"ICE” is also a real estate term.  Income, Credit, and Equity.  You need all three to get NYC real estate.

"ICE” is also a common term used for mortgage qualification… Income, Credit, Equity.

Yes i haven’t heard about “ICE” (Intellectual, Cultural and Educational) but i know “I.C.E” “Income: Credit: Equity"- which relates to mortgage
Thanks for the information.

Maybe not quite as popular but FIRE can also stand for Filing Information Returns Electronically.

Who knew that fire and ice had other meanings

A comparison of city employment just before the 1987 market crash and at the end of 1997 does show a slight drop in the concentration of jobs in the sector of the economy that is most sensitive to stock market fluctuations

who cam up with the term ICE? Like the blog great info, have bookmarked it

FIRE and ICE are on the same platform here. It is a good discussion about the terms and explained well about each term.