The events of September 11, 2001 resulted in the deaths of 2,699 workers and had profound impacts on New York City’s economy. It also altered labor market dynamics for individuals businesses that were affected by this tragedy as well.
In addition to human life lost there are other factors that make it difficult for us all: The political implications including increased security measures at airports; social repercussions driven home through media coverage like never before or since then; even economic consequences such as those seen with tourism numbers falling sharply after 9/11.
The 9/11 attacks had an immediate negative effect on the U.S economy. The New York Stock Exchange, which was evacuated during the incident and located at ground zero of one tower’s destruction in lower Manhattan approximately two weeks after it occurred; posted losses amounting to 7% (684 points) when they reopened for business again following these unprecedented events.
A report published by Standard & Poor’s estimates $60 billion dollars were lost due not only to financial institutions being closed down but also cleanup costs associated with Ground Zero where debris could no longer be handled because too many people were risking their lives every day trying to recover what remained.
After 9/11, In the second quarter of 2002, selling prices for single-family homes in New York City’s outer boroughs and nearby suburbs rose 10% to 15%.
The job losses were heavily concentrated in four industries: financial services, hotels, restaurants, and air transportation. These accounts for roughly 80% of private-sector jobs lost during October 2001.
The following passage discusses the impact that occurred on the September 11th terrorist attacks which had an adverse effect on America’s economy leading up until November 2003 when it bottomed out at 7%.
The World Trade Center attack had a disproportionately large impact on New York City. The employment losses attributable to this event can be measured by the difference between where it is now and what would have happened without these attacks, with high-impact scenarios assuming more optimistic assumptions about job growth than low ones do in order for them both still reflect expected levels under normal circumstances as opposed to those after 9/11 when there was less optimism overall but also fewer concrete predictions available due out the uncertainty surrounding how long recovery might take.