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N.Y. gun violence costs state economy $5.6B a year: study
Gun violence in New York not only carries a social cost, but a hefty economic one as well, a new analysis shows.
Giffords Law Center to Prevent Gun Violence, a group founded by former Arizona Rep. Gabrielle Giffords, looked at gun incidents in New York and found the overall economic cost exceeds a whopping $5.6 billion a year.
Using data from the Centers for Disease Control, Giffords found that New York annually averages 432 gun-related homicides, 1,499 nonfatal shootings, and 105 accidental shootings.
The fact sheet released by the organization notes that even though the state, thanks to some of the toughest gun laws in the country, has the third-lowest number of gun deaths per capita among states, “the 2,747 shootings that occur each year in New York are a serious drain on the state’s economy.”
Giffords Law Center found in excess of $2.1 billion in direct costs, including $106 million per year on health care, $203 million for law enforcement and criminal justice expenses, $12 million in costs to employers, and $1.7 billion in lost income.
Up to 85% of gunshot victims are either uninsured or on some form of publicly funded insurance, the analysis says.
Businesses are also impacted.
“Shootings engender fear in affected neighborhoods, which keeps potential customers away, forces businesses to relocate or limit hours of operation, and decreases foreign and local tourism,” the analysis says.
On top of that, the report found, there is $3.6 billion associated costs resulting from reduced quality of life attributable to pain and suffering.
The financial analysis was done by an economist at the Pacific Institute for Research and Evaluation, said Ari Freilich, staff attorney for the Giffords Law Center.
“The costs are massive — the human and moral costs and also the fiscal costs we share as taxpayers and society at large,” said Kelly Drane, a Giffords Law Center public health research associate.
“New York State is actually a national leader (in gun control), but even so, the cost of gun violence, even in one of our safest states, is enormous."
Gun violence in New York not only carries a social cost, but a hefty economic one as well, a new analysis shows.
Giffords Law Center to Prevent Gun Violence, a group founded by former Arizona Rep. Gabrielle Giffords, looked at gun incidents in New York and found the overall economic cost exceeds a whopping $5.6 billion a year.
Using data from the Centers for Disease Control, Giffords found that New York annually averages 432 gun-related homicides, 1,499 nonfatal shootings, and 105 accidental shootings.
The fact sheet released by the organization notes that even though the state, thanks to some of the toughest gun laws in the country, has the third-lowest number of gun deaths per capita among states, “the 2,747 shootings that occur each year in New York are a serious drain on the state’s economy.”
Giffords Law Center found in excess of $2.1 billion in direct costs, including $106 million per year on health care, $203 million for law enforcement and criminal justice expenses, $12 million in costs to employers, and $1.7 billion in lost income.
Up to 85% of gunshot victims are either uninsured or on some form of publicly funded insurance, the analysis says.
Businesses are also impacted.
“Shootings engender fear in affected neighborhoods, which keeps potential customers away, forces businesses to relocate or limit hours of operation, and decreases foreign and local tourism,” the analysis says.
On top of that, the report found, there is $3.6 billion associated costs resulting from reduced quality of life attributable to pain and suffering.
The financial analysis was done by an economist at the Pacific Institute for Research and Evaluation, said Ari Freilich, staff attorney for the Giffords Law Center.
“The costs are massive — the human and moral costs and also the fiscal costs we share as taxpayers and society at large,” said Kelly Drane, a Giffords Law Center public health research associate.
“New York State is actually a national leader (in gun control), but even so, the cost of gun violence, even in one of our safest states, is enormous."
