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The economic impact from the recent floods that damaged property and public infrastructure in Houston could range between $200 million and $550 million, according to BBVA Compass economists. That estimate takes into consideration the damage to housing, structures and cars, as well as lost value-added and tax revenues. A local contractor stated how rain delays can hurt retail construction in particular.
However, the floods’ estimated economic impact is significantly less than that of Hurricane Ike in 2008 and Tropical Storm Allison in 2001, according to BBVA. In today’s dollars, the impact from those storms would have been $154 billion and $6.7 billion, respectively.
Here’s BBVA’s estimate of the floods’ economic impact breakdown:
- Housing: $29 million-$61 million
- Vehicles: $13 million-$19 million
- Value added: $150 million-$450 million
- Sales tax revenues: $3 million-$8 million
- Other: $6 million-$13 million
BBVA notes that the cost to repair the damaged Southwest Wastewater Plant is not yet known. Last week, city officials estimated that 1,400 structures within Houston were damaged.
Alabama based bank BBVA Compass is a subsidiary of Houston based bank holding company BBVA Compass Bancshares Inc., which is wholly owned subsidiary of Spain based Banco Bilbao Vizcaya Argentaria SA.
Article courtesy of Olivia Pulsinelli and Houston Business Journal