Sandy Brings Economic Booms, Busts To Northeast
By MICHAEL MELIA
FAIRFIELD, Conn. (AP) â¿¿ On a storm-battered stretch of Connecticut's shoreline, landscaping crews use heavy equipment to repair damage from Superstorm Sandy, racking up overtime pay at a time of year when many are typically looking for part-time jobs to carry them through the winter.
Just down the same road in Fairfield, business is more subdued at the Beachside restaurant. Flooding forced owner John Taxiltaridis to close for three weeks. A sign outside says "OPEN" in black spray paint, and he has gotten a boost selling sandwiches to construction workers, but many of his local customers have yet to return home.
"I just had twins. It came at the wrong time," said Taxiltaridis, who is trying to look forward to next year. "Summer will be here before you know it."The national economy is expected to absorb the blow from Sandy with little long-term damage, but in the short term, at least, Sandy is introducing dramatic booms and busts across the Northeast. The effects vary widely across industries, bringing banner years for some while pushing others toward economic ruin. The storm, which so far has been blamed for about $62 billion in damage and other losses in the U.S., has driven spikes in demand for construction work, industrial cleaning, hotel rooms, cars and, for those with inventory to sell, even Christmas trees. By disrupting life in one of the country's most densely populated areas, the storm caused a crash in consumer demand. The U.S. government estimates the storm cut wages and salaries by $18.2 billion at an annual rate. Sectors across the board felt the pinch, but the hardest hit included retailers, gas stations and casinos. One worker on the winning side of the equation, landscaper Jesus Torres of Bridgeport, Conn., said the extra work means a financial cushion for his three children going into the holidays. He expected to be looking for part-time restaurant work by now, but instead he was repairing a storm-damaged stone wall in Fairfield on a mild December day.
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