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.
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- impact analysis,
- heat
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.
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- economic costs,
- heat
Heat Wave
Column Published in syndication July 26, 2023Texas has thus far endured a heat wave of historic proportions in the summer of 2023. The higher-than-normal temperatures have created health issues for many residents and impacted quality of life for millions of people. Not surprisingly, the effects do not stop there.
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- heat,
- economic impact