Lower Manhattan has undergone a profound transformation in the 25 years since the terror attacks on Sept. 11, 2001. A diversified business community, an expanding tourism sector, major public transportation investments, and the emergence of a 24-hour neighborhood that has seen the number of housing units and residents more than double since 2000, are testament to New York’s and the nation’s determination to recover and rebuild stronger than before. In a report released today, New York State Comptroller Thomas P. DiNapoli examines the socioeconomic changes that have helped shape Lower Manhattan’s evolution. A companion report highlights the work of the 9/11 Memorial & Museum to educate the public and support 9/11 families.
“Twenty-five years ago, it was impossible to imagine the neighborhoods around Ground Zero looking like they do today,” DiNapoli said. “Lower Manhattan rose from those ashes with an enormous amount of effort and investment. Today, the growing population, the mix of retail, business and government offices, as well as hotels, restaurants and cultural destinations, speak to New York’s and America’s tenacity in the wake of one of the darkest days in our history.”
“After 9/11, many wondered whether Lower Manhattan would ever come back, but New Yorkers did what we do best – we came together and got to work,” said Michael R. Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies and three-term mayor of New York City. “At City Hall, we believed the best response was not just to rebuild, but to reimagine all of Lower Manhattan and make it more full of life than ever. That meant helping transform what had long been a 9-to-5 business district into a 24/7 community – one built around people, with new homes, schools, parks, cultural institutions, and public spaces, which can now be seen all around downtown. That vision continues to come to life. And at the heart of it all, the 9/11 Memorial & Museum honors those we lost and ensures that future generations can learn their stories – and the inspiring ways our city and country united. Today people from around the world come downtown to live and work, to remember and reflect, to meet friends and see a show. Lower Manhattan’s transformation is one of the great comeback stories in New York history – and a powerful reminder that when we come together as one city and one country, anything is possible.”
"Having served as Chair of Community Board 1 in the years after 9/11, I saw firsthand the extraordinary resilience and determination that rebuilt Lower Manhattan," said Speaker of the New York City Council Julie Menin. "Twenty-five years later, it is a thriving community where New Yorkers live, work and raise families. I commend Comptroller DiNapoli for this important report documenting that remarkable transformation and the lessons it offers for the future of the city."
"Lower Manhattan's recovery has been remarkable and is now one of the most sought-after neighborhoods to live, work and visit in all of New York City," said Manhattan Borough President Brad Hoylman-Sigal. "Comptroller DiNapoli's insightful report tells the story: the neighborhood's population has more than doubled since 2000, jobs are up 3% and median household income has increased by 55%. This comeback story is a testament to the resiliency of the Lower Manhattan community, including Community Board 1, the Downtown Alliance, federal, state and local government, and the thousands of large and small businesses who worked to rebuild. I'm grateful to Comptroller DiNapoli for releasing this report, and I look forward to working with him to continue delivering robust economic growth for Lower Manhattan and for every corner of our borough."
“Twenty-five years ago, Lower Manhattan endured unimaginable loss. What followed was an extraordinary story of resilience, neighbors standing together, businesses returning, families putting down roots and a community determined to rise again. Comptroller DiNapoli’s report puts that remarkable transformation into perspective, from a population that has doubled to a growing and more diverse business community. Today, Lower Manhattan stands as proof of what’s possible when New Yorkers come together and refuse to be defined by tragedy. I’m proud and privileged to represent this community and the people who made it what it is today,” said Assemblymember Charles D. Fall.
"Our Lower Manhattan community was devastated 25 years ago, but this report tells the story of a neighborhood that refused to be defined by tragedy," said Assemblymember Grace Lee. "Lower Manhattan is a testament to the grit, resilience and tenacity of New Yorkers who rebuilt and thrived in the face of the unthinkable. The best way to honor what we lost is to keep building a Lower Manhattan where the next generation of families and businesses can put down roots and thrive."
"At the 9/11 Memorial & Museum, we're committed to honoring the 2,977 lives lost on that horrific September morning 25 years ago -- as well as telling the stories of service, sacrifice and bravery that followed in the months and years thereafter," said Beth Hillman, President & CEO of the 9/11 Memorial & Museum. "More than 100 million visitors from every corner of the globe have visited this sacred site since it opened and we thank Comptroller DiNapoli for this new report and resource to help us understand the changes that have occurred over the past 25 years, as well as the role played by the 9/11 Memorial & Museum.”
“Lower Manhattan’s resurgence stands as one of the great comeback stories of our time. It is a story made possible by the unwavering commitment and confidence of countless stakeholders over the past 25 years,” said Jessica Lappin, President of the Alliance for Downtown New York. "Today, with our population surpassing 70,000, hotels achieving record occupancy and a diverse mix of tenants driving a stronger, more dynamic economy, we can look back with tremendous gratitude for the hard work and investment that brought us to this point. We are energized and optimistic about Lower Manhattan’s future and the opportunities that lie ahead.”
"Lower Manhattan's transformation from Ground Zero to a massive cultural and economic hub over the 25 years since the September 11 terror attacks is a testament to New York City's strength, resilience, and intrepidity in the wake of disaster and unthinkable tragedy," said Gary LaBarbera, President of the Building and Construction Trades Council of Greater New York. "Particularly, it is a reflection of the dedication of hard-working, middle-class people, many of whom have been at the center of these recovery efforts from the very beginning, to this city and our country. Our tradesmen and tradeswomen are proud to be amongst those individuals who have played such an important role in helping this neighborhood literally rise from the ashes and become a symbol of American grit and perseverance."
Over more than two decades, Lower Manhattan has transformed from a location of mostly offices to one with amenities that facilitate work, residential life and recreation. Its population has more than doubled from 32,446 in 2000 to 70,761 in 2024, a growth rate far outpacing all of Manhattan. This increase, concentrated across the Financial District and Tribeca, was supported by a jump in housing from 21,337 units in 2002 to 46,194 at the start of 2026, driven by zoning changes and the conversions of office buildings for residential and ground floor retail use. That growth is expected to continue with 5,328 permitted units in the pipeline, nearly all of them in the Financial District.
Key Findings
Area Jobs
Despite the disruptions of the Great Recession, the COVID-19 pandemic and other challenges over the past 25 years, private sector employment in lower Manhattan reached 257,187 in 2024, up 3% from 2014, and 6.4% higher than in 2000. The increase was driven by an 11% growth in Tribeca. Jobs in finance, which made up 48.5% of all employment in 2000, accounted for 33.6% of the total in 2025. Meanwhile, business services — the second largest employment sector — saw jobs rise from a quarter of all jobs to 30.5%. Leisure and hospitality and educational services also saw notable gains.
Tourism
Tourism remains below pre-pandemic levels with 10.3 million visitors in 2025, and an annual average of 11.3 million visitors between 2022 and 2025, representing about 62.8% of the 2019 numbers. More than half of last year’s visitors (56%) were international tourists, still significantly below pre-pandemic levels. Prior DiNapoli reports found that federal immigration and trade policies continue to slow international tourism’s recovery to pre-pandemic numbers, affecting the hotel industry. At least 41 hotels in Lower Manhattan operate 7,928 rooms and there are 346 more in the pipeline. The occupancy rates of area hotels fluctuated between 72% to 85% from 2022 to 2025
Residents in the Workforce
More than half of Lower Manhattan residents (52.5%) work in business services and finance. Health care and social assistance combine to be the third most common sector, accounting for 7.9% of resident employment. Among residents 16 years and older, 75.8% were employed in 2024, higher than Manhattan (61.5%) and the city (58.1%). For youth aged 16-24, the employment rate reached 47.7%, exceeding both borough and citywide levels (44.2% and 38.8%, respectively).
Household Income and Housing Cost
The median household income in Lower Manhattan increased 55% since 2014 to at least $200,000 in 2024, nearly double the median for Manhattan and more than double that for the city overall. Median gross rents exceeded $3,500 compared with $2,709 in Manhattan and $1,881 citywide.
Economic Development
Since 9/11, extensive public and private infrastructure projects have reshaped Lower Manhattan. Major transportation projects, including the Fulton Transit Center ($1.4 billion), the World Trade Center Hub and Oculus ($4 billion) and ferry terminal upgrades, have increased connectivity and activity, and supported population growth. Private investments include the Perelman Performing Arts Center ($560 million) and the public-private redevelopment of the South Street Seaport and Pier 17 (2018) in the wake of Superstorm Sandy. Coastal resiliency initiatives are ongoing throughout the district, guided by the Lower Manhattan Coastal Resilience Strategy, which targets the challenges of climate change and rising sea levels.
9/11 Memorial & Museum
The National September 11 Memorial & Museum remains central to honoring the nearly 3,000 people who were killed, supporting those affected by 9/11-related illnesses, and educating visitors from around the world. In 2025, visitations to the 9/11 Memorial and the Museum totaled 11.3 million and 2.4 million, respectively. Ticket sales are the Museum’s primary revenue source, helping to support over $70 million in annual operating costs and to provide free access to the memorial.
More than half the visitors come from outside the United States, with the United Kingdom, Germany, France, Italy, and Spain making up the largest numbers. U.S. visitors predominantly come from New York, California, Texas, Florida and New Jersey. Last year, more than 94,000 9/11 families, survivors, first responders, active and retired military, Lower Manhattan residents and students received free admission. The museum houses more than 82,000 artifacts from both the 1993 and 2001 attacks on the World Trade Center.
Between 2018 to 2025, the memorial welcomed more than 57 million visitors, and the museum hosted more than 16 million. While visitors to the museum remain below 2019’s pre-pandemic peak of 3.1 million, the memorial visits exceed pre-pandemic numbers.
Besides ticket sales and donations, the 9/11 Memorial & Museum hosts various fundraisers and receives income from the Never Forget Fund, which was created in 2021 to fund education programs aimed at those born after 9/11.
Looking Ahead
As New York and America reflect on 25 years since the 9/11 attacks and mourn the nearly 3,000 men, women and children killed that day, Lower Manhattan continues to evolve. Today it is a vibrant, growing part of the city, with new retail corridors, businesses that have shifted from finance to business services and leisure and hospitality, and a booming residential community.
Reports
25 Years Later: The Transformation of Lower Manhattan
Never Forget: A Snapshot of the 9/11 Memorial & Museum
Related Work
Federal Impact: Travel and Tourism to New York (April 2026)
The Transformation of Lower Manhattan’s Economy (Sept. 2016)