New York City Comptroller William C. Thompson, Jr. today released a report detailing the economic costs of last September's terror attacks on the World Trade Center. Entitled "One Year later, The Fiscal Impact of 9/11 on New York City," the report provides a comprehensive examination and analysis of the financial toll exacted by the attacks on the City's economy, budget and cash flow. It also contains an overview of the level of Federal support earmarked for the City. Thompson issued the report at a breakfast sponsored by the Association for a Better New York at the Grand Hyatt Hotel in Manhattan.

"One year ago, New York City faced the worst tragedy in its history. The attacks on the World Trade Center touched New Yorkers from all walks of life in countless ways," Comptroller Thompson wrote in the report's introduction. "While this devastating event can never be reduced to numbers, it is clear that New York City and the nation will continue to suffer its economic ramifications for years to come."

Among the report's findings:

• The economic cost to the city from the attacks on 9/11 will total between $83 billion and $95 billion. The final figure will depend, in part, on the number of jobs that are eventually relocated out of the city.
• It will cost $21.8 billion to replace the buildings, infrastructure and tenant assets lost as a result of September 11. In all, the attacks destroyed 13 million square feet of prime office space - equal to the entire office space inventory in the central business districts of Atlanta or Miami.
• Job losses attributable to 9/11 have already cost the city more than $17 billion in lost wages. New York City is down a total of 146,000 jobs as result of the attacks. There are 83,000 fewer jobs here now than there were before 9/11, and the city has not gained a projected 63,000 jobs that would have resulted from its recovery from recession.
• The attacks have cost the City nearly $3 billion in lost taxes and nearly $500 million in unreimbursed expenses. Roughly half of the $6 billion budget gap that had to be closed to balance fiscal year 2003, was attributable to 9/11.
• Federal officials have pledged $21.4 billion in total federal assistance to the City. But only $2.7 billion has been released to date.

"The facts demonstrate that the City has experienced an unprecedented loss, but already there are signs of recovery," Thompson wrote. "Together we have witnessed heroic struggles from businesses and citizens alike to surmount the daunting obstacles placed before them. Time and time again New York City has overcome great difficulties. I know that we will meet this challenge, and emerge stronger than ever."

For over 30 years, the Association for a Better New York (ABNY) has worked as a catalyst to bring business, political, labor, and non-profit leaders together to address problems facing the economic and social well being of the city. Under the leadership of William Rudin, son of ABNY founder Lewis Rudin, the organization continues to carry out its mission by providing forums and programs that work to build a better New York.

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