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| Oh. And another thought. About San Francisco. Posted on 09/20/2001. |
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After New York, I wouldn't be surprised if San Francisco feels the pain of the Current Situation more than any other city. SF was already hurting, thanks to the downturn in information technology purchases and the concomitant stock sell-out. Now, you see, SF's economy has three primary legs:
Technology
Finance
Tourism Because SF isn't that big of a city, these three account for a rather large portion of the economy. Finance, as witnessed over the last few days, is kaplooey. And tourism, because of the airline situation and general fears, is down, too. Tourism, if memory serves, is SF's single largest industry. If we thought the dot.bomb was bad, what happens when there are rampant layoffs in our hotels, shops, restaurants, and various points of support for tourism? The immediate effects will be significant, and the ripple effects could be massive. Over the next couple of years, San Francisco will definitely be living in "interesting times."
1 comment so far. Add a comment.
Previous entry: "Yes, Virginia, This Is A Crusade!"
Next entry: "Beware: Time Waster Ahead."
Comments:
COMMENT #1
It's worse than you think. Tourism includes numbers for conventions, corporate parties and so forth. A friend who works at a catering company told me yesterday that just about everything in the city has been and continues to be cancelled. Even events which have gone on for 20 or more years are being cancelled. A 6000 person party for a large company out here was just cancelled because more than half of the people are coming from New York and Washington. Even weddings are being postponed... San Francisco is hurting...
Posted by Jay @ 09/21/2001 01:13 PM PST [link to this comment]
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