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Has September 11 affected New York City's growth potential?

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Abstract

In addition to exacting a tremendous human toll, the September 11 attack on the World Trade Center caused billions of dollars in property damage and a temporary contraction in New York City's economy. This article explores the effect of these events on the longer run economic prospects for the city. For many years, growth in New York has taken the form of rising property prices, reflecting a steady transition from low- to high-paying jobs. During the 1990s, the city's expansion was built on several factors, including improving fiscal conditions, better public services, and shifting industrial and population structures that favored job and income growth. The study suggests that the effects of September 11 will not eliminate these advantages in the medium term; in fact, preliminary indications are that the city remains an attractive location for businesses as well as households. Nevertheless, New York City will face many challenges as it attempts to return to its pre-attack growth path.

Suggested Citation

  • Jason Bram & Andrew F. Haughwout & James A. Orr, 2002. "Has September 11 affected New York City's growth potential?," Economic Policy Review, Federal Reserve Bank of New York, vol. 8(Nov), pages 81-96.
    • Handle: RePEc:fip:fednep:y:2002:i:nov:p:81-96:n:v.8no.2
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    1. Roback, Jennifer, 1982. "Wages, Rents, and the Quality of Life," Journal of Political Economy, University of Chicago Press, vol. 90(6), pages 1257-1278, December.
    2. Jason Bram & James A. Orr & Carol Rapaport, 2002. "Measuring the effects of the September 11 attack on New York City," Economic Policy Review, Federal Reserve Bank of New York, vol. 8(Nov), pages 5-20.
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    1. Andrew F. Haughwout & Bess Rabin, 2005. "Exogenous shocks and the dynamics of city growth: evidence from New York," Economic Policy Review, Federal Reserve Bank of New York, issue Dec, pages 61-73.
    2. Neeraj Kaushal & Robert Kaestner & Cordelia Reimers, 2007. "Labor Market Effects of September 11th on Arab and Muslim Residents of the United States," Journal of Human Resources, University of Wisconsin Press, vol. 42(2).
    3. Bruno S. Frey & Simon Luechinger & Alois Stutzer, 2007. "Calculating Tragedy: Assessing The Costs Of Terrorism," Journal of Economic Surveys, Wiley Blackwell, vol. 21(1), pages 1-24, February.
    4. Amine Ouazad, 2020. "Resilient Urban Housing Markets: Shocks vs. Fundamentals," Papers 2010.00413, arXiv.org, revised Oct 2020.
    5. Marco Percoco, 2006. "A Note on the Inoperability Input‐Output Model," Risk Analysis, John Wiley & Sons, vol. 26(3), pages 589-594, June.
    6. James A. Orr & Giorgio Topa, 2006. "Challenges facing the New York metropolitan area economy," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 12(Jan).
    7. Jacques Fontanel & Natalia Bourova & Maxence Fontanel, 2014. "The Main méthodologies for estimating the impact of Tourism," Post-Print hal-02513826, HAL.
    8. James Harrigan & Philippe Martin, 2002. "Terrorism and the resilience of cities," Economic Policy Review, Federal Reserve Bank of New York, vol. 8(Nov), pages 97-116.
    9. Mamoon, Dawood & Akhtar, Sajjad & Hissam, Saadia, 2011. "Daily and monthly costs of terrorism on Pakistani exports," MPRA Paper 30926, University Library of Munich, Germany.
    10. Bram Jason & Haughwout Andrew & Orr James, 2009. "Further Observations on the Economic Effects on New York City of the Attack on the World Trade Center," Peace Economics, Peace Science, and Public Policy, De Gruyter, vol. 15(2), pages 179-200, July.

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