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Thursday, Dec 6, 2012 7:45 AM UTC

Sandy brings economic booms, busts to Northeast

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Topics: From the Wires,

Sandy brings economic booms, busts to NortheastIn this Tuesday, Dec. 4, 2012 photo, builders Reginaldo Ferreira, left, Liudmil Petrov, center, and Carlos Martinez of Russe Builders construct a wall to protect a beachfront home in Fairfield, Conn. The national economy is expected to absorb the blow from Sandy with little long-term damage, but in the short term, at least, Sandy is introducing dramatic booms and busts across the Northeast. The effects vary widely across industries, bringing banner years for some while pushing others toward economic ruin. (AP Photo/Jessica Hill)(Credit: AP)

FAIRFIELD, Conn. (AP) — The aftermath of Superstorm Sandy is bringing a banner year for people in some industries in the Northeast while pushing others toward economic ruin.

The late October storm has triggered spikes in demand for construction work, industrial cleaning, hotel rooms, cars and even Christmas trees.

But the storm also caused a crash in consumer demand. The U.S. government estimates the storm cut wages and salaries by $18.2 billion at an annual rate. The hardest-hit sectors include retailers, gas stations and casinos.

The booms and busts are evident along a beach road in Fairfield, Conn., where landscaping crews are busy at work yet restaurants are struggling to come back.

The storm is so far blamed for about $62 billion in damage and other losses in the U.S.

More By Michael Melia.

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