NC State Ag Economist Dr. Mike Walden – “Economic Impacts of the Hurricanes”

 

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

  1. Indeed we will based on patterns of past hurricanes
  2. Initially will see slower economic growth and rising unemployment as impacts of interruption of business is reflected in the numbers
  3. Houston metro has largest contribution to national GDP of any metro
  4. Cut 0.2 to 0.5% point off GDP growth – 3rd and 4th quarters
  5. But in early quarters of 2018, national GDP and jobs will get a boost due to rebuilding
  6. I’m MW

Mary:  And I’m Mary Walden for N C State Extension.