COVID-19 Impact on the New York Economy
By: Abdullah Haroon
With more than a hundred thousand causalities due to COVID-19. New York has become one of the severely infected cities in the world with the virus. From real estate to construction every sector has experienced the effects of the pandemic and many New Yorkers have lost their jobs overnight.
To give you a brief overview of the adverse effects of the virus, in this guide, we have collected all the important events from the first case of the virus to the 3rd phase of re-opening the city.
Novel Corona Virus – How Did It Start In NYC?
Nobody had a clue that a virus that originated in the poultry market last year would engulf 11.8 million people around the globe while killing 544,200 during the process.
China was the first country who report the first case of COVID-19 and countries like Thailand, Japan, and South Korea followed the outbreak. However, in New York City, the first case was reported in January 2020 when a 30-year-old man made his way back from Wuhan. A city in China where COVID-19 started.
Following a spike in the cases, Chinese authorities locked down Wuhan completely and canceled all the planes, bus services, and trains. At that time, 570 people had affected by the virus, including in New York, Taiwan, and Thailand.
World Health Organization then declared COVID-19 as a pandemic and officially declared public health emergency of international concern. And later, WHO labeled the virus as COVID-19, an abbreviation that stands for coronavirus disease 2019.
How Does NYC Respond?
Trump administration immediately banned the entry of anyone who had traveled to China in the past 14 days and by that time 9,800 cases had been reported worldwide.
After hitting China, Italy, and Iran, the pandemic then turned its sights on the city of dreams with the first death reported on Feb, 29. Then the US federal govt. announced ‘do not travel’ warning for countries like Italy, China, and South Korea.
On March 3rd, US officials allowed widespread testing of COVID-19 after the Centers for Disease Control and Prevention failed to produce the diagnostic kit.
Then a week later, President Trump announced a complete ban on visitors from Europe for 30 days except for Britain. And on March 13, US federal govt. Announced a national emergency and gatherings of more than 50 people were banned in New York.
In the last week of March, The US became the most-infected country with the virus worldwide with 81,321 cases and 1,000 deaths.
Following a complete lockdown in New York, many states including Washington D.C., Virginia, and Maryland enforced stay-at-home orders.
Impact On The US Economy
COVID-19 affected the US economy badly and every sector including sports, household consumption, business investment, international trade, and real estate has its fair share of it.
Real Estate
The lockdown situation decreased real estate transactions largely. Buyers and sellers are in a state of uncertainty and property listings have touched the lowest in the past few months.
Those who are renting can’t afford to pay their rent. So for them changing their apartments is an impossible thing to do now. With minimum or no activity in renting and buying. The world’s most competitive and fast-growing real estate market has knelt to COVID-19.
Sports
Sports events came to halt worldwide and the situation was no different in the US as well. Following Sports Events Were Called Off Immediately In NY:
- Major League Baseball
- NBA
- The National Hockey League
- Major League Soccer
- The National Lacrosse League
- XFL
Parks and Recreation
With stay-at-home orders and restrictions on public gatherings, parks and recreation points all over New York were closed following the worst pandemic situation. Sullivan and Rockland were the first states to shut down their parks followed by the same decision from the counties of Dutchess, Putnam, and Westchester.
Unemployment
Since the lockdown began, almost 2.5 million New Yorkers lost their jobs due to the pandemic. These numbers are unlike what we have seen in history. According to the stats, around 1.8 million jobs have lost during the shutdown period, and from New York City to Albany, every state has suffered job losses.
Current Situation
NYC, once home to the COVID-19 pandemic, is now inching towards normality with many businesses across the country are re-opening. The first phase of the lockdown restriction started on June 8 as construction and retail store workers were allowed to go back to their daily wages routine.
In the second phase of reopening, office work resumed with restrictions lifted on in-store shopping and outdoor dining. And now spas, tattoos shops, nail salons, and massage parlors can also open in the city.
However, a recent spike in Florida and Texas has pushed these states back to a strict lockdown situation. The capital of the world is moving in the right direction but with ease in outdoor activities, shopping centers, and public gatherings. We may see another round of never-go-away viruses.
