Accuweather’s founder, president and chairman Joel Myers says “This is the costliest and worst natural disaster in American history”.
According to Dallas News, economists says that Hurricane Harvey might reach at about $75 billion to $90 billion in damages.
“Business leaders and the Federal Reserve, major banks, insurance companies should begin to factor in the negative impact this catastrophe will have on business, corporate earnings and employment,” Myers says. “Parts of Houston, the United States’ fourth-largest city, will be uninhabitable for weeks and possibly months due to water damage, mold, disease-ridden water and all that will follow this 1,000-year flood.”
CoStar Group Inc says 27 percent of Houston’s office, retail, multifamily and industrial real estate will be out of service. This adds $55 billion in commercial property.
On consumer spending, IHS Markit Executive Director Chris Christopher Jr says “Harvey has essentially shut down retail spending for the southeast Texas region.”
Houston’s medical centers will see a drop of patients in their hospitals.
FEMA has roughly received over 900,000 requests for disaster assistance.
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Prayers to our friends down in Houston. A very tough time right now.