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Economist Says Suburbs Recovering: NYC Struggling

ELMSFORD, NY-Chief Economist to Governor George Pataki, Stephen Kagann says the suburban New York economy is now on the rebound. However, his outlook for New York City is that a recovery is at least a year away.

By John Jordan | Updated on February 13, 2002

ELMSFORD, NY-One of New York State’s top economists, Stephen Kagann says that the suburban New York City markets are already in recovery from the recession. However, the economic fallout in New York City from the Sept. 11 terrorist attack on the World Trade Center will take at least a year to clear up.

Kagann, chief economist to New York Governor George Pataki, was a guest speaker at a business trade organization meeting Tuesday evening at Antun’s of Westchester. Kagann said he agrees with many other economists and business leaders who predict that the national economy will recover in the second half of this year. “With the strong national economy, I am going to make the argument that upstate will do relatively well and the suburbs will do O.K.,” Kagann related.

However, his forecast for New York City was not nearly as upbeat. “The city will also be helped (by the national recovery) but the city’s problems are deeper and the city will not come out of this recession (soon), certainly not in the next year. The city has major problems,” he said.

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