NYC Partnership economic impact analysis update, February 2002

NYC 9/11 Public Portal Document

New York City Tourtsm/Transportation Revenues

$34 B

-$5Bk>«in12 month* after attack (••t)

High-vBlM intemational traffic down 25%

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The reluctance to travel is not unique to New York. All major travel destinations have seen substantial declines. New York will need to work with the tourism industry across the country to ensure the implementation of both the appropriate security steps and the necessary incentives to promote travel. Locally, the public and private sectors will need to work to promote New York, and to support a security plan for landmarks, airports, subway and commuter rail terminals, department stores and other venues in the public and private sectors.

> Retail: By 2003, revenue from retail business in the city is expected to drop by $7.6 billion from a base of $51 billion a year. In the days following September 11th, sales revenue from department stores, specialty shops and other retail outlets in Manhattan plunged 30% to 40%. The disaster temporarily altered consumer behavior elsewhere too. But while seasonally adjusted retail sales in September dipped 2.6 % from the previous month in the nation, they slid 14% below anticipated levels in New York City.

New York City Partnership and Chamber of Commerce 13

NYC-WTC_000153435