The Employment Impact of the September 11 World Trade Center Attacks: Updated Estimates based on the Benchmarked Employment Data

March 8, 2002. On November 5, 2001, the Fiscal Policy Institute released a report, The Economic Impact of the September 11 World Trade Center Attacks, estimating that New York City would lose a total of 105,200 jobs in the fourth quarter of 2001 as a result of the WTC attacks. FPI’s estimates were developed through numerous interviews with industry sources supplemented with economic analysis of the city economy and input-output analysis of the multiplier effects. At the time of that report, there were no government data for New York City yet available for the fourth quarter. On March 5, the New York Labor Department released its annual benchmark revision of the monthly payroll data for New York City. With this data, it is possible to refine estimates of the actual job losses occurring during the fourth quarter on a detailed industry basis. Report >>