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Economic Impact Caused by Harvey

Economic Impact Caused by Harvey
6 years 9 months 3 weeks ago Monday, August 28 2017 Aug 28, 2017 August 28, 2017 4:29 PM August 28, 2017 in News

WESLACO – Hurricane Harvey is expected to cause billions of dollars in storm damage. The storm is swamping refineries along the Gulf coast, leading to higher gasoline prices.

On Friday, CHANNEL 5 NEWS spoke with a University of Texas Rio Grande Valley professor that said the price of gas could rise 50 cents to a $1. The storm could also create problems in the shipment of consumer goods.

One economist said South Texas’ economic output will be cut about one percent. It may not seem a lot, but just one percent is $7 billion to $8 billion. 

However, economists predict the economy will recover thanks to financial help from insurance and government aid.

Among some of the industries most affected by the storm include: refining, travel, insurance and banking.

Many businesses in the Houston area are flooded, including banks. This means it’s a cash only economy.

Many banks and credit unions will set up mobile branches to let customers get cash for things like food, medical supplies, other necessities and to take out loans.

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