NCPA - National Center for Policy Analysis

New York Totals Up Terror's Damage

November 21, 2002

The events of September 11, 2001 exacted such a heavy financial and economic toll on New York that many statisticians shun the task of adding up the numbers. The city's comptroller, however, gave the task a shot last fall.

Here's what he came up with:

  • Direct job losses amounted to 83,000, with $17 billion in lost wages.
  • Lost office space totaled 13 million square feet -- equal to all the office space in Atlanta or Miami.
  • The amount of damaged or unrecoverable property hit $21.8 billion.
  • Some $2 billion in tax receipts and $1 billion in tourism revenue was denied the city.

The grand total was between $83 billion and $95 billion, depending on how many businesses finally leave. That's about equal to the gross domestic product of Singapore or Ireland.

Nationally, the job losses alone are equal to about 1.07 million versus a gain of just under 200,000 in the prior year.

Source: Editorial, "The Other Front," Investor's Business Daily, November 21, 2002.

 

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