Work-from-home culture has revived again but has not resumed fully. This is translating into massive losses for the areas whose economy once depended fully on office culture. Now some areas in the U.S. are bustling with office workers again, at least on Tuesdays, Wednesdays, and Thursdays.
And nowhere is the economic cost of remote work more pronounced when it comes to spending than in the world's leading financial center, New York.
Some reports estimate Manhattan workers are spending at least 12.4 billion dollars less a year due to about 30% fewer days in the office and the average worker is spending 4661 dollars less per year on meals shopping and entertainment near their offices in New York. Now that compares to 3040$ in San Francisco and 2387$ in Chicago.
These behaviors are most entrenched in cities with longer commutes. The cost of missed sales for restaurants, retailers, and other businesses that drive New York's economic engine is also estimated to be a whopping 12.4 billion dollars a year.
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