It’s impossible to know yet the extent of the losses soaked up by Houston in the aftermath of Hurricane Harvey, but Berwyn-based weather intelligence firm Planalytics has an educated guess.
Long after the hurricane has spun out, it’s likely to have wrung $15 billion out of the Houston economy, according to a Convenience Store News report.
Planalytics recently ranked Hurricane Harvey ahead of the $5 billion Tropical Storm Allison in 2001, but well behind the $28 billion toll levied on Texas by Hurricane Ike in 2008. The best fit for comparison is probably 2004’s Hurricane Charley, the company stated.
“Harvey is poised to have the same, if not larger economic impacts, and is likely to be a top 10 (if not top five) storm in these terms — but we won’t know for sure until it’s over,” Planalytics noted in the article.
In particular, restaurants will take the biggest hit, as revenues won’t be made up later.
“The total impact will take place over time — not just now or this week,” the Planalytics report stated. “Following major weather events such as this, the economic impacts are felt in the coming weeks and months as consumers and businesses look to repair/rebuild based on their own individual situation. Near-term economic impacts will be felt outside of Texas.”
Read more about the estimated economic impact of Hurricane Harvey on Houston in Convenience Store News here.