September 20, 2017      5:09 PM

Greenfield: Doom and Boom, the Fiscal Impact of Harvey

Perhaps counterintuitive, but our resident number cruncher Dr. Stuart Greenfield argues the state’s revenue should increase thanks to the stimulus spending about to unfold after Harvey

Editor’s note: Usually, Dr. Greenfield’s columns would appear in the R&D Department, but we are printing this one in The Daily Buzz – SB

First, the damage that was done by Hurricane Harvey should exceed $100 billion and could exceed that of Hurricane Katrina.  The state’s political leadership has estimated that damages will be at least $120 billion and may exceed $200 billion. 

According to a recent estimate from economists at Bank of America Merrill Lynch, Hurricane Harvey will likely be the second most costly hurricane, with damages between $70-$100 billion.  Accuweather estimated property losses as high as $190 billion. Governor Greg Abbott at a recent news conference mentioned losses of between $120-$180 billion.

So as with most questions concerning economics, there is no immediate definitive answer.

By Dr. Stuart Greenfield

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