NYS Seal Contact: Charles Carrier
(518) 455-3888
For Immediate Release:
October 1, 2001
Assembly Presents New York City and Lower Manhattan Employment And Wage Summary

Report Highlights Area's Significant Role In State Economy

According to a report released today by Assembly Speaker Sheldon Silver and Ways and Means Committee Chairman Herman "Denny" Farrell, Jr., more than a half a million private sector jobs (7.3 percent of state's private sector employment) were affected by the terrorist attack on the World Trade Center.

The report, "Employment and Wages in New York City, Manhattan and Manhattan Localities," also indicates that the area below 14th Street in Manhattan was the source of $47 billion in wages in 2000 - 14.9 percent of the state's total wages for the year.

"While we can never put a dollar figure on the loss of human life resulting from the horrific attacks, we can and must try to assess the economic impact so that we as New York State policymakers can respond in the most effective manner. This report begins the recovery process," said Silver.

"We are just beginning to come to terms with the significant economic effect these attacks will have on our city, our state and our nation," said Farrell. "After seeing these numbers, there is no doubt that we must work quickly to rebuild the economy of lower Manhattan."

Silver and Farrell indicated that the Assembly would continue efforts to fully assess the economic impact the attacks will have on the city and state economies and governments.

A second Assembly report, "View of Major Economic Forecasters on World Trade Center Impact," provides a national economic forecast synopsis following the attack. These assessments predict mild recession and a decline in the real Gross Domestic Product (GDP).


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