New York City Economy: Post 9/11. Bank Trends

摘要

In 2000, the New York City economy was significantly outperforming the nation primarily because of a robust financial services sector. By mid-2000, however, the nations and the City's economies began to slow. The slowing in the New York City economy primarily was attributed to declining capital markets activity that was, in part, a response to failures in the dot-com and telecommunication industries as well as the general slowdown in the nation's economy. After declining to near-zero growth in second quarter 2001, the New York City metropolitan area economy contracted sharply following 9/11. In third quarter 2001, the gross metro product of the City decreased at an annual rate of approximately 15 percent, compared with a 1.3 percent annual rate of decline in the nation's Gross Domestic Product.