TAILIEUCHUNG - Measuring the Effects of the September 11 Attack on New York City

Since President Lyndon Johnson’s declaration of War on Poverty and the passage of the Economic Opportunity Act of 1964, optimism that had surrounded those measures has faded. The economic, fiscal, and social conditions of the old central cities have declined, while their inner-ghetto areas have become zones of calamity. Their residents are not only living in poverty, but they must also contend with levels of drug use and violence that, although currently in decline, would have seemed inconceivable in the early 1960s. Even though the march of urban decline was evident then in abandonment and crime, there was optimism that the vast productivity of the . economy,. | Jason Bram James Orr and Carol Rapaport Measuring the Effects of the September 11 Attack on New York City The total cost of the September 11 attack on the World Trade Center-comprising earnings losses property damage and the cleanup and restoration of the site is estimated to be between 33 billion and 36 billion through June 2002. The earnings losses consist of billion in deceased workers prospective lifetime earnings and billion to billion in reduced wage and salary income in city industries affected by the attack. The cost of cleaning up the site replacing the destroyed World Trade Center buildings and repairing damaged buildings and infrastructure is expected to reach billion. Although the loss of life and disruption of activity temporarily reduced New York City s productive capacity the attack s effects on employment and consumer confidence had largely run their course by mid-2002. The attack on the World Trade Center on September 11 2001 traumatized New York City and the nation. Almost 3 000 lives were lost and more than 30 million square feet of office space in Lower Manhattan was damaged or destroyed. The loss of workers physical capital and infrastructure reduced the productive potential of the city s economy and disrupted the lives of hundreds of thousands of people. Damage to the transportation and communications infrastructure depressed economic activity for a number of months especially in Lower Manhattan. This article evaluates the short-term economic consequences of the attack on Manhattan and the four other boroughs that make up New York City. We begin with the deepest loss that of human lives. We then look at the effects of the attack on the inputs to the production process labor and capital. The attack led to an idling and underutilization of labor not only in the World Trade Center area but also in other parts of the city. Views of New York City and Lower Manhattan are provided in Appendix A. Our analysis of labor focuses on .

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