NEW YORK (CBSNewYork) - Fashion Week is continuing here in New York City and Mayor Michael Bloomberg is one happy man.

WCBS 880′s Rich Lamb On The Story

Dressed in one of his dark grey, conservative suits Bloomberg proclaimed, “We are the fashion capital of the world.”

RELATED: Best Bars to Celebrate Fashion Week

His Honor crows New York is home to double the number of fashion companies as Paris

“Based on new data from the city’s economic development corporation, Fashion Week’s two events this year will produce a record economic impact of $865 million,” Bloomberg said Monday.

Fashion, said the mayor, employs 173,000 people in New York and pays $10 billion in wages.

He also promoted a new mini MBA program at the Fashion Institute of Technology that will help people start their own labels.

Fashion Week continues through February 16.