Remote work costs Manhattan more than $12 billion a year, the report says.

Manhattan’s shift to telecommuting means the island’s office workers are spending roughly $12 billion less each year than they did before the pandemic, according to a new Bloomberg News study.

According to Bloomberg’s analysis of data from Stanford University, employees spend about 30% less time in the office, which has reduced their annual spending on food, entertainment, and more by an average of nearly $4,700 per person.

While the same is happening in other major cities, the cost per person in New York is more than 50% lower than anywhere else, Bloomberg found.

The study tracks other sets of data that suggest that almost three years after New York’s first COVID case, people simply haven’t returned to full-time office work.

The New York Partnership polled 140 major employers in January and found that only 52% of Manhattan office workers are actually in the office on any given workday, and less than 10% return full-time.

Getting people back to work is a cornerstone of Mayor Eric Adams’ plans to rebuild the city’s economy, though the needle moved relatively little in his first year in office. The city is now shifting its focus, in some cases, to converting empty office space into housing.