NY State Comptroller DiNapoli Releases Lower Manhattan Economic Snapshot

“The terror attacks forged determined partnerships - between the local community, government, and the private and not-for-profit sectors - that made Lower Manhattan's renaissance possible
“The terror attacks forged determined partnerships - between the local community, government, and the private and not-for-profit sectors - that made Lower Manhattan's renaissance possible": DiNapoli

NEW YORK (TIP): The terror attacks on September 11, 2001 killed 2,753 people in Lower Manhattan, leaving the nation devastated and Lower Manhattan struggling to rebuild. Fifteen years later, Lower Manhattan continues to recover as it evolves into a neighborhood that is increasingly residential, young and family-oriented and supports an influx of tourism and shopping, according to an economic snapshot released September 6 by New York State Comptroller Thomas P. DiNapoli.

The neighborhood’s growth shows no sign of slowing as it continues to add new residential units, office space and more than 2 million square feet of new or redeveloped retail space that will be completed by 2019, according to the Downtown Alliance. The report is part of a series by DiNapoli examining economic issues across the five boroughs.

“It would have been impossible, in the midst of the unspeakable tragedy suffered 15 years ago, to imagine Lower Manhattan as we know it today,” DiNapoli said. “The terror attacks forged determined partnerships – between the local community, government, and the private and not-for-profit sectors – that made Lower Manhattan’s renaissance possible. The downtown Manhattan area enjoys a diversified employment base and strong annual job growth. Lower Manhattan is doing more than rebuilding, it is transforming and moving forward with resilience and hope.”

“We’ve witnessed a remarkable transformation of Lower Manhattan over the past 15 years,” said Jessica Lappin, President of the Alliance for Downtown New York. “In the wake of one of the country’s most tragic events, the neighborhood has rallied to rebuild itself as one of the most desirable places in the city to live, work and visit. We’ve seen the migration of creative businesses, tech startups and some of the world’s most innovative media companies alongside the addition of new restaurants, stores and schools. Top that off with the completion of one of the most connected transportation hubs in the world, and it’s no mystery why Lower Manhattan is proudly drawing more people than ever to spend their time here.”

 

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