Houston could be spending over $50 billion in property damage
The Greater Houston Partnership and Moody’s Analytics reported to the Houston Chronicle newspaper that it will cost the city of Houston as much as $50 billion in damage costs and lost economic activity in a preliminary report. $30-$40 billion will be the cost of property damage alone. Economist Patrick Jankowski said that each week of inactivity will cost the city of Huston $10 billion in economic activity, like retail sales and taxes. If these numbers are correct, Harvey will be the costliest natural disaster ever recorded in U.S. history.