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October 2006, Vol. 129, No. 10
Structural changes in Manhattan’s post-9/11 economy
Michael L. Dolfman
Regional Commissioner, New York regional office, Bureau of Labor Statistics.
Solidelle F. Wasser
Senior Economist, New York regional office, Bureau of Labor
Statistics.
Kevin Skelly
Economist, New York regional office, Bureau of Labor Statistics.
In Manhattan, where there is a concentration of finance, information, and professional services industries, economic downturns often start earlier and last longer than they do in other parts of the country. This article shows that the economic decline, lasting from 2001 until 2004, was unique in its contribution to a fundamental shift in Manhattan’s economy. Since the terrorist attacks of September 11, 2001, Manhattan’s global economy has seen its employment diminish in importance, while its role as a wage generator has increased. High wages in the global sector may be driving demand in the local sector.
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Quarterly Census of Employment and Wages
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9/11 and the New York City economy: A borough-by-borough analysis—Jun. 2004.
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