In 2015, The Perryman Group prepared a study to assist the efforts to reform the windstorm insurance system which focused on the possibilities of major storms along the Gulf Coast. While the analysis obviously does not reflect the unique and unprecedented effects of Hurricane Harvey, it does provide some useful insights. Given the significance of this historic storm and its role in the economy in the coming months, we wanted to share these insights.
Many wonder what the economy of the Gulf Coast will look like after the region is rebuilt. Dr. Perryman gets out his crystal ball.
Hurricane Harvey made landfall in Rockport late on Friday, August 25th as a Category 4 hurricane, the strongest storm to hit the US since 2004. Although the weather system was soon downgraded to a tropical storm, the record-level torrential rains that continued to circle the Gulf Coast caused devastating flooding and damage in Houston and the surrounding areas. Federal officials estimated that 30,000 people would need to seek refuge in shelters and 450,000 would require some sort of disaster assistance by the end of the storm, but those numbers have to be regarded as preliminary.