America: the strong, the proud, the invincible. It is the land of opportunity and of economic wealth. The events that happened on September 11th, 2001 were astonishing to the world, and cut deep into the lives of the American people. Dreams were shattered, confidence lost, and the thought of being invincible has gone up in smoke. The impact of that tragic day will haunt the economy for years to come. .
The impact of on the economy seems to be relatively small, at this time. Everything in the economy is interrelated because one industry has an affect on another. It will have a ripple effect, and impact the over-all economy. Over time it will have a profound impact on the American way of life. .
The direct impact that it had on the surrounding area where the twin towers once stood is very visible. Financial firms moved their businesses away from the lower Manhattan area. Local businesses such as dry cleaners, restaurants, and other services that fed off the financial districts business are beginning to close down. .
The airline industry was hit the hardest. Some airports were literally shut down for days after the tragedy. Construction for airport expansion has been brought to a halt. Airports are losing rent, landing fees and concession sales due to the decrease in air traffic. Administration and maintenance jobs have been slashed. Elaborate security systems were bought and installed. The cost of required security personnel alone is 8.6 million dollars. .
The travel industry has been severely damaged. Travelers have stopped traveling. One year later, it is still very slow in picking up and may never fully recover to the thriving industry it once was. Approximately 1 million jobs at this time have been eliminated as a result of 9-11; people who are unemployed do not spend money and that hurts the economy. .
Only a few select industries have been affected noticeably thus far. The travel industry is made up of other industries such as hotels, entertainment, restaurants, and car rental companies.