New Analysis Details Toll Gun Violence Takes on New York State Economy
January 22, 2018—A new analysis released today details the toll gun violence takes on New York State’s economy, finding the overall economic cost exceeds $5.6 billion a year,with a direct annual cost to New York taxpayers of approximately $433 million. The report from Giffords Law Center to Prevent Gun Violence, “ The Economic Cost of Gun Violence in New York,” underscores the need for local leaders to build on the important, lifesaving legislative victories passed in previous years during the 2018 legislative session.
The legislature in New York is already discussing new and innovative policies to address the gun violence. Last week, lawmakers introduced a bill supported by Giffords that would establish a process for temporarily prohibiting an individual who is a danger to themselves or others from possessing a firearm. Governor Cuomo has also called for passage of a proposal to ensure domestic violence abusers don’t have access to guns.
The report notes that local businesses are severely impacted when gun violence occurs because it keeps customers and tourists away and often limits hours of operation. On average, over 2,700 shootings occur in New York each year, resulting in direct measurable cost of over $2.1 billion. That includes:
- Healthcare Costs: $106 million
- Law enforcement and criminal justice expenses: $203 million
- Costs to employers: $12 million
- Lost income: $1.7 billion
Much of this tab is picked up by the public. Up to 85% of gunshot victims, for example, are either uninsured or on some form of publicly funded insurance. Additionally, law enforcement efforts are funded entirely by taxpayer dollars. As a result, the direct annual cost of gun violence to New York taxpayers is approximately $433 million.
Even more striking, when the reduced quality of life is factored in the overall estimate the economic cost of gun violence rises to $5.6 billion per year.
READ THE REPORT: The Economic Cost of Gun Violence in New York
Related Resources
Giffords is also supporting research and programs to fight urban gun violence in order to help save lives and lessen the economic impact of gun violence. Last December, Giffords Law Center, in partnership with PICO National Network and the Community Justice Reform Coalition, released a landmark report, Investing in Intervention: The Critical Role of State-Level Support in Breaking the Cycle of Urban Gun Violence , which highlights innovative programs in three states, including New York, that dramatically reduce levels of gun violence in impacted communities.
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