New York City lost an estimated $200 million in economic activity in the fizzled snowstorm and decision to shut down the transit system – a loss that wasn’t crippling overall but had the biggest impact on small businesses and hourly workers, the AP reports.
Consumers who would have otherwise bought cars or made other major purchases will likely do so a day or two later, said Adam Kamins, an economist with Moody’s Analytics, which came up with the preliminary loss estimate. He noted that many employees forced to stay home Tuesday were able to telecommute.
“For example, a holiday where people aren’t working would have a greater impact on the economic output than this storm,” Kamins said.
Evan Gold, senior vice president for Planalytics, a firm that advises companies on weather issues, estimated the economic losses for the total Northeast, including New York, Philadelphia and Boston, at $500 million.