The World Trade Center attacks inflicted deep wounds on many of the city’s most important industries, according to a study released last week by the Center for an Urban Future, a Manhattan-based think tank. “The attack has had an enormous ripple effect on everything from software, web design and other parts of the new economy, to the city’s old economy stalwarts like apparel manufacturing, printing and air cargo,” said Jonathan Bowles, research director of CUF, sister organization to City Limits.
More than 100 arts groups around the city experienced substantial revenue shortfalls, the study finds, and cancellation of virtually all inter-borough school trips has ripped a big hole in museums’ education budgets.
Roughly 50 software firms and other computer-related businesses were displaced by the disaster, including the New York Telemedia Accelerator, a 22,000 square foot incubation center for several young technology firms.
And many of the 250 garment factories in Chinatown had to shut down for at least a week after the attack, a difficult task for companies that operate on extremely low profit margins. The 50 manufacturers located below Canal Street were closed for a longer period and subsequently had a difficult time because delivery trucks couldn’t get in and out of the area.
For a copy of the report, call 212-479-3347 or go to www.nycfuture.org.