In this special edition of Fiscal Notes “Hurricane Harvey and the Texas Economy,” the Comptroller’s office examines the effect of Harvey through data modeling.
The report includes the following details:
- Harvey’s total costs have been estimated at about $125 billion, according to the National Oceanic and Atmospheric Administration.
- As of Nov. 30, 2017, the Texas Division of Emergency Management estimated Harvey had damaged or destroyed more than 178,000 Texas homes and inflicted about $670 million in damage to public property such as government buildings, roads, bridges, water facilities and electric utilities.
- The storm caused more than $200 million in Texas crop and livestock losses.
- Flooding may have ruined more than 250,000 vehicles.
- The estimated net impact of 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.
