City down 146,000 due to terror attacks. (New York City, NY).

Last week, New York City Comptroller William C. Thompson, Jr. released a report detailing the economic costs of last September's terror attacks on the World Trade Center. Entitled "One Year later, The Fiscal Impact of 9/11 on New York City," the report provides a comprehensive examination of the financial toll exacted on the City's economy, budget, and cash flow. It also contains an overview of the level of Federal support ear-marked for the City. Thompson issued the report at a breakfast meeting sponsored by the Association for a Better New York.

"One year ago, New York City faced the worst tragedy in its history. The attacks on the World Trade Center touched New Yorkers from all walks of life in countless ways," Thompson wrote in the report's introduction. "While this devastating event can never be reduced to numbers, it is clear that New York City and the nation will continue to suffer its economic ramifications for years to come."

The report found that the economic cost to the City from the attacks on 9/11 will total between $83 billion and $95 billion. The final figure will depend, in part, on the number of jobs that are eventually relocated out of the city.

It will cost $21.8 billion to replace the buildings, infrastructure, and tenant assets lost as a result of Sept. 11. In all, the attacks destroyed 13 million SF of prime office space -- an amount equal to the entire office space inventory in the central business districts of Atlanta or Miami.

Job losses attributable to 9/11 have already cost the city more than $17 billion in lost wages. New York City is down a total of 146,000 jobs as result of the attacks. There are 83,000 fewer jobs here now than there were before 9/11, and the City has not gained a projected 63,000 jobs that would have resulted from its recovery from recession.

The attacks have cost the City nearly $3 billion in lost taxes and nearly $500 million in unreimbursed expenses. Roughly half of the $6 billion budget gap that had to be closed to balance fiscal year 2003, was attributable to 9/11.

Federal officials have pledged $21.4 billion in total federal assistance to the City. But only $2.7 billion has been released to date.

"The facts demonstrate that the City has experienced an unprecedented loss, but there are signs of recovery," Thompson wrote.

"We have witnessed heroic struggles from businesses and citizens alike to surmount the daunting obstacles placed before them. Time and time again New York City has overcome great difficulties. I know that we will meet this challenge, and emerge stronger than ever."