Mary: This is Mary Walden with economist MW, welcoming you to the economic perspective. Today’s program looks at economic impacts of the hurricanes. Mike, the nation received an unprecedented one-two punch from Hurricanes Harvey and Irma. Clearly the storms caused immense economic damage in the affected areas. But will we see this reflected in national economic numbers?
Mike: Summary Answer
- Indeed we will based on patterns of past hurricanes
- Initially will see slower economic growth and rising unemployment as impacts of interruption of business is reflected in the numbers
- Houston metro has largest contribution to national GDP of any metro
- Cut 0.2 to 0.5% point off GDP growth – 3rd and 4th quarters
- But in early quarters of 2018, national GDP and jobs will get a boost due to rebuilding
- I’m MW
Mary: And I’m Mary Walden for N C State Extension.