WTC site damage assessment map, Sept 21, 2001

NYC 9/11 Public Portal Document

has improved and profits and employment of surviving firms in the financial sector have increased.

More than half a million private sector jobs (7.3 percent of State private sector employment) were affected by the attack on the WTC. The area below 14th Street in Manhattan was the source of $47.0 billion in wages in 2000. This represents 14.9 percent of wages i” New York State in 2000. While just one-third of these jobs were in the Finance, Insurance, and Real Estate (FIRE) sector, two-thirds of wages were in the FIRE sector. Large business establishment, in the FIRE sector account for a high share of the activity in this section of Manhattan.

A large share of New York State's economic activity occurs in New York City. In 2000, 44.3 percent of New York State's 6.9 million private sector jobs were in New York City (see Table 3-5). While the City contained less than half of the State's jobs, 58.7 percent of wages ($184.9 billion of the $314.9 billion) were earned in New York City. On average, jobs in the City pay m^re than in the rest of the State.

Just as New York City has a large share of New York State's employment and wages, Manhattan has a large share of New York City's employment and wages. In 2000, 62.9 percent of the City's 3.1 million private sector jobs were in Manhattan (see Table 3-6). Wages in Manhattan were $152.0 billion out of New York City's $184.9 total, or 82.2 percent. On average, Manhattan's jobs pay more than jobs in the rest of New York City.

In the week following the attack on the World Trade Center, most economic activity below 14th Street in Manhattan came to a halt. All businesses were closed and no traffic was allowed below 14th Street. Continued disruptions to some portions of the area below 14th Street are expected for several more weeks. In the vicinity of the World Trade Center, pre-attack levels of economic activity will not resume in the near future.

Table 3-7 shows employment and wages in Manhattan, below 14th street and in the vicinity of the World Trade Center. Twenty-six percent of Manhattan's 1.9 million jobs are in this area (501,000 jobs). Wages below 14th Street were $47.0 billion in 2000 and accounted for 30.9 percent of all Manhattan wages. In the vicinity of the World Trade Center there were 99,200 jobs. Although these jobs totaled only 5.2 percent of Manhattan's total, they earned 9.1 percent ($13.8 billion) of all Manhattan's wages.

Table 3-8 shows the industry breakdown of employment and wages below 14th Street and in the World Trade Center vicinity. While the FIRE sector accounts for only about one-third ofjobs below 14th Street, it accounts for two-thirds of wages 'Tie securities industry, a sub-sector of the finance industry, accounts for 20 percent of employment and nearly 50 percent of wages. Although the service sector accounts for 38.3 percent of employment, it accounts for only 22.3 percent of wages below 14th Street.

The concentration of FIRE sector employment was even greater in the vicinity of the World Trade Center. More than half of the employment around the WTC was assigned to this sector in 2000. The FIRE sector accounted for 82.4 percent of wages. The

3-34

NYC-WTC_000141619