Everything else in the economy may be shrinking, but there's one thing that's getting bigger: the ball that drops on New Year's Eve, according to a recent report.

The new ball is double the size of previous balls at 12 feet in diameter and weighs nearly six tons, all being lit from within by 32,256 Philips Luxeon Rebel LEDs that replace last year's 600 bulbs. That translates to a brightness increase from 291,541 lumens to 625,033 lumens. Nonetheless, power consumption dropped from approximately 30,000 W to 15,000 W. With half the power and twice the light, it's four times more efficient.

The ball has two layers, and Focus' solid-state lighting system takes advantage of both. Color LEDs are used to illuminate the 672 Waterford crystals, which are stylized with a radiating sunburst design and cut into triangles, while white LEDs light the geodesic aluminum skeleton. A mirrored baffle was built for each crystal. The combination of the two LED layers and mirrors sets in motion an unending, pulsing array of inner reflections. The ball also features a palette of 25 vivid colors.

The new ball will hang atop One Times Square year-round, although it will still drop just once a year.