An Overview of Economic Losses In NYC Due To Terrorist Attacks on 9-11. Presented By Dr. Surendra K. Kaushik Research Assistance Provided By Jagadeesh Ambati. September 11, 2001 The Day when terror struck New York and Washington, D.C. ( Press Release from the City Hall on October 4, 2001 ).
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Dr. Surendra K. Kaushik
Research Assistance Provided By Jagadeesh Ambati
25 Million Square feet of commercial office space has been destroyed.
Retail sales plunged 2.4 percent in September.
Delays are a real threat to the U.S. economy. If it takes longer to move goods and people, the nation's productivity is likely to fall.
The insurance industry estimates its costs alone have reached $30 billion. And in New York City, the costs of rebuilding, of lost jobs, and of lost revenues could reach to more than $100 billion over the next two years.
An estimated $3 billion has flowed out of equity funds since the attacks. Wall Street firms expect to lose $1 billion in profits this year. More than 300 companies around the country have cut profit estimates since the attacks, blaming the terrorism for a slowdown in business.
Claims for first-time unemployment benefits jumped by 71,000 in the latest week to 528,000, the highest in eight years.
Retail sales plunged 2.4 percent in September, their biggest drop in nine years
With occupancy rates nationwide still down nearly 12 percent last week, hotels are desperate for customers.
Economies like Singapore, Malaysia and Taiwan rely heavily on shipments to the United States, their largest market. Japan is typically the key Asian trading partner and No. 2 destination for Asian goods.
Source:Fred P.Hochberg,“Small Business, Badly Damaged”,
New York Times, October 17, 2001, p.A23.
Ground Zero, Lower Manhattan unemployment benefits by an additional 13 weeks for individuals