Hurricane Beryl Causes Estimated $2 Billion Net Loss in Texas Output
Brief Published on July 16, 2024Hurricane 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. 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.
- Tags:
- Hurricane Beryl,
- hurricane
Heat! The Economic Effects of Sustained Higher Temperatures
Brief Published on July 02, 2024In addition to the negative quality of life and health effects, excessive heat involves substantial economic costs. The Perryman Group estimated the net losses associated with recent heat conditions, as well as the potential long-term effects of hotter temperatures. During the past 12 months, the United States has been about 2.39 degrees above the twentieth-century global standard. If that pattern continues through the summer and the remainder of the year, the US economy will lose an estimated $110.2 billion in real gross product (measured in 2017 dollars) and 663,000 jobs compared to projections under normal weather conditions. As effects compound, losses could be expected to rise to $1.1 trillion in real gross product and more than five million jobs by 2050.
The High Cost of Millions of Texans Losing Health Insurance Coverage
Brief Published on April 24, 2024Since the expiration of COVID-19-related provisions requiring states to keep residents enrolled in Medicaid, an estimated 2.1 million Texans have lost their coverage. Texas has by far the highest number of uninsured in the country and has removed significantly more individuals from coverage than any other state.
- Tags:
- health insurance,
- Medicaid,
- healthcare
The Economic Impact of the Solar Eclipse on the US and Affected States
Brief Published on March 28, 2024On Monday, April 8, a total solar eclipse will cross North America, passing over Mexico, the United States, and Canada. The path of totality enters Texas around Eagle Pass and crosses the nation to the northeast, exiting the northeast near Houlton, Maine. More than 30 million people reside in the path of totality (including about 12 million in Texas alone).
Economics of the 2024 Solar Eclipse
Brief Published on March 25, 2024On Monday, April 8, a total solar eclipse will cross North America, passing over Mexico, the United States, and Canada. The path of totality enters Texas around Eagle Pass and crosses the state to the northeast, exiting near the northeast corner. About 12 million Texans reside in the path of totality, which includes the major metropolitan areas along the I-35 corridor.
The High Cost of the Texas Panhandle Wildfires
Brief Published on March 08, 2024Recent wildfires in the Texas panhandle have burned well over a million acres, causing tragic loss of life and devastating local communities. In addition, the fires have destroyed livestock and grazing land in this region which is crucial to the US beef industry.
- Tags:
- natural disaster,
- fire
The Economic Benefits of Texas‑Mexico Trade
Brief Published on February 15, 2024Trade between the United States and Mexico is crucial to both nations, and Texas has been the leading state for exports and imports between the two countries for decades. The Perryman Group estimates that trade between Texas and Mexico generates business activity across the United States of almost $1 trillion in gross domestic product annually and more than 8 million jobs (including multiplier effects and based on 2023 trade levels), with much of the activity concentrated in Texas.
- Tags:
- trade,
- US-Mexico border,
- Mexico,
- United States
The Economic Impact of the Auto Workers Strike
Brief Published on September 21, 2023The United Auto Workers (UAW) union is in the midst of an unprecedented "stand-up strike" against the three major US auto manufacturers, presently shutting down US factories in Ohio, Michigan, and Missouri; idling 12,700 union workers; and disrupting other parts of the supply chain. These interruptions come at a time when the industry was just beginning to normalize in the aftermath of the pandemic. Given the scope of affected operations, the economic costs of the strike are high and could well increase substantially if the work stoppages are prolonged and expanded.
- Tags:
- auto production,
- automotive,
- strike,
- UAW,
- economic impact
Economic Costs of Hurricane Idalia Include an Estimated $18.4 Billion Net Loss in US Output
Brief Published on September 15, 2023On August 30, Hurricane Idalia made landfall as a Category 3 hurricane along Florida's Gulf Coast causing severe wind damage and flooding. The storm continued across Georgia as well as South Carolina and North Carolina as a tropical storm. The human suffering is of paramount importance and should be the primary concern, as well as enormous emotional losses. In addition, the storm will have a significant impact on the economy.
The High Economic Cost of the Opioid Crisis
Brief Published on September 13, 2023Opioid addiction and overdoses have devasted individuals, families, and communities across the state, nation, and world. The human costs of this health crisis are immeasurable and are the reason that aggressively attacking this crisis is a social and humanitarian imperative. At the same time, there are significant economic consequences and impacts that stem from this massive health issue. The Perryman Group recently estimated the costs of the opioid crisis in Texas in order to provide a perspective on the magnitude of these negative effects.