Report: New York Can Recover From Loss
Friday, November 16, 2001
foxnews.com
NEW YORK — An estimated 125,000 jobs will be lost this quarter in New York City as a result of the Sept. 11 terrorist attacks, but the city can recover from the massive blow, a report says.
The city's economy also will suffer an $83 billion hit as a result of the attacks, according to the report released Thursday by the New York City Partnership & Chamber of Commerce.
The report said many of the jobs lost in the last three months of this year will return by 2003. New York will have a net loss of 57,000 jobs at the end of 2003, which represents 1.5 percent of the city's 3.75 million jobs, the report said.
"New York is an amazingly resilient city with resilient people, and I have great faith in the future of our city,'' said Sanford I. Weill, chairman and chief executive officer of Citigroup.
The $83 billion total damage figure includes an estimated $30 billion in capital losses, $14 billion in cleanup and related costs and $39 billion in loss of economic output to the economy.
The report estimates that even after insurance payments and federal funds to defray the cleanup operation, the city's economy will sustain a net loss of at least $16 billion - more if the city lags behind the nation's economic recovery. |
