NYC Business is Bouncing Back, Shrugs off Delta Variant

For the trillion-dollar New York City economy, September 2021 was expected to mark the resumption of normal operations. It is the period when restaurants and chain stores hummed, Broadway theatres reopened, office workers filled the streets, and tourists began flowing into NYC’s attraction sites.

However, this long-awaited break was upended by the so-called Delta variant of the Covid-19. For instance, one company after another postponed their plans to resume their operations in some of the soaring towers in Manhattan. Trade shows were canceled and some orders associated with small businesses were canceled as well.

It was a huge setback as this giant city lagged behind the rest of the United States in terms of economic recovery. According to the chief economist at Moody’s Analytics – Mark Zandi, the Delta variant of Covid-19 is significant to NYC’s recovery and it wasn’t going to be easy for the city’s economy to see a full rebound.

Within the first few days of September, COVID-19 cases increased sharply, but hospitalizations and death rates remained low. The situation became worrisome and the city began requesting the employees and patrons of restaurants bars, outdoor entertainment venues, and gyms to show proof of vaccination. This was a development unseen since the beginning of summer.

But there are signs of hope as NYC bounces back

Fortunately, there are signs of determination or at least hope. Many people in New York City were concerned that the city’s economy would fall apart, particularly due to the mini exodus by the residents and high taxes. However, NYC is defying the odds and there are business and real estate moguls who have a positive outlook of the city’s future.

For instance, Kent Swig, a real estate mogul in NYC, has secured approximately $6 billion in gold reserves to support DIGau – a cryptocurrency empire he is building. Although Kent Swig is bullish on NYC, his positive view of the city’s economic future is a beacon of light for the city’s businesses, investors, and consumers.

Despite the hysteria linked to the Delta variant, the Big Apple residents and visitors are loving its streets and their presence is growing in astounding numbers. For instance, subways ridership has hit 2.5 million people a day. Though not close to the subway ridership pre-COVID-19 era of more than 5 million people a day, the new rebound rate is a lot better than the numbers recorded in April last year.

Pedestrian traffic in Times Square has jumped over half of 355,000 recorded pre-COVID era. Tourism peaked at 70 million in 2019, dipped to a record low of 20 million in 2020, but it’s now rebounding to 31 million and is expected to hit 56 million by 2022.

Also, the restaurant industry’s skyrocketing trajectory seems obvious to any New Yorker out for a delicious meal. Emboldened by the increasing numbers of dinners flowing into eateries, the famous Oyster Bar & The Grill have reopened and Le Bernardin has brought lunch back.

Generally, the strongest proof of NYC’s rebound is on the sidewalks and streets. Although numbers are still behind the pre-pandemic era, the crowds are nearly everywhere – from Downtown Brooklyn and Flushing to Times Square. New Yorkers are eating, sightseeing, shopping, and enjoy the human carnival like a unicyclist recently spotted balance a basketball carefully on his head.

You’re probably wondering whether this life-affirming spectacle could result in increased cases of COVID-19, given the media blare of terror over the ominous Delta variant that has been terrorizing people globally. Well, let’s hazard a guess. Perhaps the NYC residents and other people who live near the city’s boroughs are, snubbing the daily declarations of “near apocalypse,” smart enough to overlook Delta variant as just an annoying speed bump on their way to triumph over coronavirus.

Although this speed bump shouldn’t be taken lightly, it is one that hardly reflects the monstrous scourge that nearly brought NYC to its knees mid-2020 or the less-lethal (though formidable) that struck in winter 2020. Many people still love the Big Apple’s streets despite the hysterical stories you hear about the coronavirus-driven exodus.

So, you shouldn’t listen to pundits. Instead, pay attention to the footsteps and the music in New York City’s streets.

This article does not necessarily reflect the opinions of the editors or the management of EconoTimes