generates 24 percent of the city's $440 billion annual economic output and 14 percent of the city's tax revenue, was by the far the most impacted in the short term. From Sept. 11 through year end, financial services will account for $4.2 billion in economic output losses, the report said. "Seven major financial firms have been forced to temporarily relocate. Of the financial services jobs that have left lower Manhattan, about 32,400 have relocated within the city and 19,000 have left the city, at least temporarily." Because of a drop in international traffic, however, the damage to the tourism and retail sectors was even more stark, according to the report. New York's travel and tourism industry, which brings in annual revenue of $34 billion, is expected to lose between $7 billion to $11 billion in revenues by the end of 2003 and is likely to lose 25,000 jobs by the end of the year. New York's retail base (department stores, specialty shops and other retail outlets) of $51 billion is expected to lose $7.5 billion by 2003 as a result of Sept. 11 drop-off in shopping. NYCP president Kathryn Wylde said although the economic damage is massive, it is manageable if the public and private sectors work quickly. "We also need to work to make sure our key industries are protected," especially financial services, she said. Wylde and other members of the study urged the public and private sectors to make the following their most urgent priorities for rebuilding lower Manhattan: Fast track rebuilding of the downtown infrastructure (power grid, transportation and telecommunications) to 21st Century standards. Secure federal economic aid aimed at protecting the city's status as a world capital of commerce and finance. Restore confidence by investing in comprehensive, innovative security measures. Execute a five-borough strategy to retain and expand the financial services industry. Quickly restore Lower Manhattan as a functioning community for workers...
