Report: Sandy's fallout affecting small business

Published on NewsOK Modified: April 21, 2014 at 12:10 pm •  Published: April 21, 2014
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LONG BEACH, N.Y. (AP) — When suburban New York delicatessen owner P.J. Whelan heard the findings of a Federal Reserve Bank of New York poll released Monday on Superstorm Sandy's effect on small businesses, he began nodding in agreement.

"They got those numbers right," the Long Beach, N.Y., businessman said of the results that found a third of small businesses in tri-state Sandy disaster areas reported financial losses a year after the devastating storm struck.

The findings were from an online poll conducted from Oct. 10 to Dec. 31, 2013.

It looked at businesses in New York, New Jersey and coastal Connecticut with fewer than 500 employees in sectors including manufacturing, retail, construction, real estate, leisure and hospitality.

Of those sustaining economic losses, 22 percent reported they totaled more than $100,000.

Sixty-one percent reported operating at a profit or breaking even.

In Long Beach, an oceanfront community just east of New York City, city officials estimate that 10 percent of its 33,000 residents have yet to return to their homes. In some neighborhoods only a few blocks from the ocean, the whir of chain saws and the thud of hammers are ubiquitous as construction trucks and crews clog the city's streets.

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