Beryl's Billions
Column Published in syndication July 17, 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 storm had weakened compared to the Category 4 and 5 levels reached as it caused massive destruction in the Caribbean. The Yucatan Peninsula and northern Venezuela were also affected.
- Tags:
- economic impact,
- Hurricane Beryl
Reality Check
Column Published in syndication July 10, 2024Climate change is very real and must be dealt with, yet energy demand is soaring. Let's briefly explore the underlying dynamics.
- Tags:
- energy,
- sources,
- energy usage
Heat Wave!
Column Published in syndication July 03, 2024You have probably noticed that it has been rather hot lately! A June heat wave affected millions of people from Texas and New Mexico to Florida to the northeastern United States. An area of high pressure over the Midwest pushed warm air to the surface and trapped it there, forming a heat dome. The result was a long period of record temperatures and little precipitation. Records were tied or broken across the country, from Boston and New York to Fort Lauderdale. In addition to the negative quality of life and health effects, excessive heat involves substantial overall economic costs. We recently estimated the net losses associated with the recent heat conditions, as well as the potential long-term effects of sustained hotter temperatures.
- Tags:
- economic costs,
- heatwave
Foreign Direct Investment
Column Published in syndication June 26, 2024Investments in the United States by companies from other countries is a significant, though often overlooked, source of economic activity and expansion. Foreign direct investment (FDI) enhances US productivity growth, increases export volumes, and creates high-paying jobs for American workers. Foreign-owned business operations in the United States account for about 7.9 million direct jobs (many more when spillover effects are included) in a wide variety of industries, as well as substantial research and development expenditures. These companies also account for about 23% of US exports.
Insurance Rates
Column Published in syndication June 19, 2024While prices for virtually everything have risen in recent years, few items have rivaled the spike in insurance prices. Texas rates for home and auto policies have surged, putting a strain on households and businesses alike.
Y'all Street
Column Published in syndication June 12, 2024The announcement of the proposed new Texas Stock Exchange (TXSE) and filing of the regulatory paperwork has made quite a splash recently. The fact that two of the heaviest hitters in the investment world, BlackRock and Citadel Securities, are behind the initiative lends instant credibility. In addition, the TXSE is a clear indication of how the financial landscape is changing.
- Tags:
- investment banking,
- Wall Street,
- stock exchange,
- Texas
Child Care Challenges
Column Published in syndication June 05, 2024One of the most significant problems facing working parents is finding high-quality, affordable child care. It's an issue not only for the families involved, but also for the workforce, the economy, society, and long-term prosperity. It's a complex milieu which I certainly can't fully untangle in the space of a brief column, but let's examine a few critical points.
- Tags:
- affordability,
- child care,
- workforce
Home prices hit a record high in March.
Column Published in syndication June 05, 2024Dr. Perryman discusses the record high home prices.
- Tags:
- interest rates,
- home prices
Global Trade
Column Published in syndication May 29, 2024Trade is essential to prosperity, and recent projections indicate that it's likely to rise significantly in the future. Long-term economic growth in any area is not achieved by swapping things with fellow residents, but rather by what a community, state, or nation makes and sells outside their areas that brings in new resources. As I recently discussed, US exports are growing, with Texas leading the way. It's one of the primary reasons that the domestic economy has remained resilient through myriad recent challenges.
Who Pays?
Column Published in syndication May 22, 2024In fiscal year 2023, the US government collected about $4.7 trillion in total revenue, with roughly half ($2.35 trillion) derived from the much-maligned personal income tax. We don't have a detailed breakout yet, but the Tax Foundation recently released an analysis of individual income return statistics from the Internal Revenue Service (IRS) for 2021. Given the attention that taxes always manage to muster in election season and our current fiscal excesses, it's worth a brief review.
- Tags:
- federal revenue,
- top 1%,
- personal income tax