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Economic Impact of Terrorist Attack on New York City:
A Fact Sheet

UPDATED May 13, 2002
  • In April 2002 the Federal Reserve Bank of New York reported that at hotels, 6,000 of 38,000 jobs were lost; in air transportation, 11,000 of 55,000 jobs were lost; in restaurants, 12,000 of 165,000 jobs were lost; in entertainment, 3,000 of 48,000 jobs were lost; 3,000 jobs were lost in the garment industry; and 2,000 jobs were lost in the publishing industry.
  • The gross city product, which measures all economic activity, shrank 4.4 percent in the fourth quarter of 2001, while the nation had an overall growth of 0.2 percent during the same period. The comptroller now predicts a 1.8 percent decline for 2002, although the Mayor predicts there will be a 0.1 percent increase. Moreover, although the Mayor predicted the city’s economic growth rate next year would be 4.7 percent, the Comptroller estimates it will only be 2 percent.

Full Report in PDF forma


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