WTC Records Folder 0139 label, 2001

NYC 9/11 Public Portal Document NOV 30 2001 5:52 PM FR EDC/ECOe~ENGY ANALYS 9l8 8898 TO 7593251518877037 P.05

Empire State Development TO: Dave Catalfamo John Bachelller Terry Trifari Frank Corcoran Roger McDonough Merideth Bahr Andreucci Ray Richardson

FIROM: Amy Schoch

DATE: 19 November 2001

SUB ECT: Draft HUD Spending Plan

World Trade Center Disaster Spending Plan for New York Business Recovery and Economic Revitalization

Economic Impacts of the World Trade Center Disaster

The World Trade Center disaster has affected--not just business in the impact zone of lower Manhattan--but business throughout the City of New York and beyond in the surrounding counties. In our September 21 letter to Secretary Martinez we touched upon wigzt we knew of the immediate impacts of the attack' • 10,872 businesses, representing 377,961 employees immediately dislocated or disrupted • World Trade & World Financial Centers (WT'C & WFC) direct employment of 36,522, with annual earnings of $4.1 billion, all dislocated. • WTC & WFC disrupted employment indirectly impacts an estimated 68,003additiona1 jobs. • Tourism to NYC generates S16.9 billion annually, supporting direct employment of 145,900. • Tourism revenues dropped by more than 40 percent in the 10 days following the attack • Infrastructure viral to economic recoveryincluding transporracon, aelecommunicaticne and 30 million square feet of commercial workspace—destroyed or seriously damaged.

In the two months since the attack, the economic devastation has continued to snowball outward from lower Manhattan, causing damage to more and more businesses in nearly every sector of the economy and every region of the City and metro New Yozk area. • New York City lost 79,000 jobs in October alone— a month in which employment generally rises. • 125,000 jobs will be lost by the end of December, according to estimates by the New York Gry Partnership report. While some jobs will return over the next two years, they forecast a net loss of 57,000. • Job losses by sector include: 18,300 retail and wholesale; 13,400 restaurants and bars; 6,900 transportation and utilities.

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