Harvey: A Storm to Remember

2017 saw massive destruction along U.S. coastlines from hurricanes Harvey, Irma and Maria. Texas, of course, was ground zero for Hurricane Harvey, one of the costliest storms in American history. Harvey devastated much of Southeast Texas in August, earning a page in the history books for its overwhelming winds and flooding. But Texans are resilient, and so is our state. While the initial impact of Harvey was severe, the Texas economy has already absorbed much of the damage from this record-breaking storm and should avoid long-term losses. Texas Comptroller Glenn Hegar’s office estimates the net impact of Hurricane Harvey will be a loss of $3.8 billion in GSP during the first year following the storm, with a cumulative gain of approximately $800 million over three years. In a special edition of Fiscal Notes, Hegar’s office examines the effect of Harvey on the state economy through data modeling. They also look at recovery efforts and possible opportunities to prevent other flooding disasters in the future. Read more…