Katie Holmes has singlehandedly come to the rescue of New York’s economy, spending $14 million in the city since she moved there six months ago, it has been claimed.

As well as regularly frequenting the city’s best restaurants, Holmes is often photographed with her daughter Suri carrying purchases from some of New York’s most expensive shops.

The New York Post’s Page Six magazine estimates that, mainly due to her real estate purchases, she has spent more than $14 million (£9.6 million) since being in the city.

“While ordinary city dwellers are cutting back, Mrs Cruise has been valiantly doing her bit to boost our economy,” the magazine said.

“We tally up a conservative estimate of her 24-week NYC spending spree, and crown her Manhattan’s Most Valued Shopper.”

Holmes has reportedly spent a reported $13,987 (£9,600) on child care and taking Suri out over the last six months

According to the publication, she and Cruise have bought three new apartments in the building where he has owned his home since 1985.

A spokesperson for Cruise has denied the purchases but real estate executive Barbara Corcoran claims they bought a trio of lofts last year.

The magazine says a similar, three-bedroom home on the same street is on the market for $4.8 million, (£3.3 million) and calculates that the Cruises would have spent $14.4 million (£10 million) on their apartments as a result.

Meanwhile the couple is reported to have spent an additional $7,000 (£4,800) on installing gym equipment in their home.

Looks like the credit crunch is really biting for this pair!