Hurricane Beryl causes estimated $2 billion net loss in Texas output

Jul. 16—Hurricane Beryl made landfall in the Houston area on July 8 as a Category 1 storm. Sustained winds of up to 80 miles per hour and rainfall of up to eight inches across the metropolitan area caused significant damage.

Flooding, downed trees, power outages, and structural damage were extensive, with preliminary estimates of $1.5 billion in Texas and $2.5 billion across the United States, a news release from The Perryman Group said. The loss of life and human suffering is of paramount importance and should be the primary concern, as well as enormous emotional losses. Long-lasting power outages compound the difficulties, particularly given the summer heat.

When multiplier effects and the various positive and negative aspects of the economics of the storm are considered, The Perryman Group estimates that the net impact of Hurricane Beryl could lead to economic losses (which would be observed over an extended period of time) including $4.6 billion in total expenditures, $2.0 billion in gross product, and $1.3 billion in earnings in Texas. For the United States, losses could total about $7.0 billion in total expenditures, $3.0 billion in gross product, and $2.0 billion in earnings (including effects within Texas as well as spillover to other areas).

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