AUGUST 30, 2017 – As of this writing, the damage caused by Hurricane Harvey (and the deluge of rain that followed) has been estimated at $50-75 billion. This would make Harvey one of the costliest storms ever to hit the U.S., exceeded only by Katrina’s $108 billion damage and Sandy’s $75 billion. Recent estimates suggest that the cost of Harvey could even exceed that of Sandy, making it the second most costly natural disaster of the past 30 years. Moody’s Analytics estimates that $30-40 billion of this total will be for damage to homes and vehicles, $10-15 billion for businesses such as stores, offices, and industrial space, and $5-10 billion for infrastructure. The toll in terms of human suffering and loss is, of course, incalculable.
The economic impact of the storm and its effect on construction starts can be broken into two distinct phases, short-term and long-term. Continue reading “Update: Construction Effects of Hurricane Harvey”