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10 posts on "Sandy"

October 21, 2013

Long Island’s Economy Back on Track after Sandy

Jason Bram and Rachel Keller

In late October last year, Superstorm Sandy devastated and disrupted much of the tri-state region, including a large swath of Long Island. For most of Suffolk County and inland parts of Nassau County, the disruptions were widespread but relatively short lived—they mostly involved power, transportation, and communications outages. However, the southern coast of Nassau County was particularly hard hit, and the recovery in cities like Long Beach has taken considerably longer. Overall, though, Long Island’s economic rebound appears to be progressing well. In this post, we give a short overview of the Island’s economy and track its performance before and after Sandy.

Continue reading "Long Island’s Economy Back on Track after Sandy" »

Posted by Blog Author at 7:00 AM in Regional Analysis, Sandy | Permalink | Comments (0)

August 07, 2013

Could Superstorm Sandy Stimulate the Region's Economy?

Jaison R. Abel, Jason Bram, Richard Deitz, James Orr, Kaivan K. Sattar, and Eric Stern

The New York metro region’s recovery from Superstorm Sandy is well under way. Spending on restoration and rebuilding activities following a natural disaster is a potentially powerful economic stimulus to the affected area. Indeed, money from outside the region—in the form of federal aid and private insurance payments—flowing to the damaged areas in the region gives a temporary boost to economic activity. But does this mean that Sandy—along with the federal aid and insurance payouts associated with it—was actually good for the region’s economy? In this post, we examine the nature and magnitude of the stimulus the New York metro region is receiving as it recovers from Sandy and provide some thoughts on how the economy may be affected over the longer term by rebuilding activities.

Continue reading "Could Superstorm Sandy Stimulate the Region's Economy?" »

Posted by Blog Author at 7:00 AM in New Jersey, Regional Analysis, Sandy | Permalink | Comments (0)

April 22, 2013

The Effect of Superstorm Sandy on the Macroeconomy

M. Henry Linder, Richard W. Peach, and Sarah K. Stein

Correction: This post was updated on April 25 to correct the label on the y-axis in the top panel of the "Gauging Hurricane Impact" chart. We also corrected the explanatory text in the preceding paragraph.

The Bureau of Economic Analysis (BEA) of the U.S. Department of Commerce has reported that real Gross Domestic Product (GDP) increased at a very sluggish 0.4 percent annual rate in the final quarter of 2012. A natural question to ask is to what extent, if any, did superstorm Sandy contribute to this weak performance. While not a particularly intense storm, it was the largest Atlantic storm on record with a diameter of roughly 1,100 miles. The storm severely disrupted economic activity from late October until well into November along the eastern seaboard from the Mid-Atlantic region into New England, an area that is densely populated and that represents a significant portion of total economic activity of the entire country. Nonetheless, we suggest that superstorm Sandy likely had a relatively modest impact on the fourth-quarter growth rate, and that we cannot even be certain of the sign of that impact.

Continue reading "The Effect of Superstorm Sandy on the Macroeconomy" »

Posted by Blog Author at 7:00 AM in Macroecon, Regional Analysis, Sandy | Permalink | Comments (0)

December 21, 2012

The Path of Economic Recovery from Superstorm Sandy

Jaison R. Abel, Jason Bram, Richard Deitz, and James Orr

Superstorm Sandy caused damage and disruption to a wide swath of the New York-New Jersey region. The high winds and storm surge resulted in significant physical damage to residential property, commercial real estate, and the power and transportation infrastructure. Everyday activities such as commuting, shopping, and traveling were impeded or in some cases prevented. As a number of communities across the region continue to cope with the damage and ongoing disruptions, there’s concern about if and when activity will return to normal.

Continue reading "The Path of Economic Recovery from Superstorm Sandy" »

Posted by Blog Author at 7:00 AM in New Jersey, Regional Analysis, Sandy | Permalink | Comments (2)

December 20, 2012

How Will We Pay For Superstorm Sandy?

Jaison R. Abel, Jason Bram, Richard Deitz, and James Orr

While the full extent of the harm caused by superstorm Sandy is still unknown, it’s clear that the region sustained significant damage and disruption, particularly along the coastal areas of New York, New Jersey, and Connecticut. As we describe earlier in this series, the economic costs associated with natural disasters are generally thought to arise from the damage and destruction of physical assets and the loss of economic activity. These costs can be substantial, running into the tens of billions, and impose significant stress on the affected communities. In this post, we assess who will ultimately pay the economic costs imposed by the storm. Based on data from recent hurricane events, it is likely that the federal government and private insurance companies will more than cover the aggregate costs. In the short run, though, there may be strains on state and local governments as well as on individuals and businesses as they await reimbursement.

Continue reading "How Will We Pay For Superstorm Sandy?" »

Posted by Blog Author at 7:00 AM in Regional Analysis, Sandy | Permalink | Comments (0)

December 19, 2012

The Impact of Superstorm Sandy on New York City School Closures and Attendance

Rajashri Chakrabarti and Max Livingston

On October 29, superstorm Sandy hit the tri-state area, flooding streets, highways, tunnels, buildings, and homes, and crippling the region’s public transit system. At least ninety-four people in New York and New Jersey were killed. Downed power lines and damaged transformers plunged downtown Manhattan and coastal areas into days and weeks of darkness. The damage is still being assessed, but costs are sure to be in the tens of billions. Schools were no exception to this devastation, both in infrastructural damage and in disruptions to students’ education. The storm shut down all 1,750 New York City public schools for a full week, and many remained closed, damaged, or were relocated in the following week. A few schools will not return to their normal locations until 2013. In this post, we analyze the impact of Sandy on New York City schools and assess how the storm might affect students’ educational outcomes.

Continue reading "The Impact of Superstorm Sandy on New York City School Closures and Attendance" »

Posted by Blog Author at 10:25 AM in New York City, Regional Analysis, Sandy | Permalink | Comments (1)

December 18, 2012

The Welfare Costs of Superstorm Sandy

Jaison R. Abel, Jason Bram, Richard Deitz, and James Orr

As most of the New York metropolitan region begins to get back to normal following the devastation caused by superstorm Sandy, researchers and analysts are trying to assess the total “economic cost” of the storm. But what, exactly, is meant by economic cost? Typically, those tallying up the economic cost of a disaster think of two types of costs: loss of capital (property damage and destruction) and loss of economic activity (caused by disruptions). But there is another important type of economic loss that often is not estimated or discussed in policymaking decisions: loss of welfare or deterioration in quality of life. Here we focus on how superstorm Sandy (and other such disasters) can have widespread adverse effects on quality of life, and provide some illustrations of how one can try to put an approximate dollar value on this type of cost.

Continue reading "The Welfare Costs of Superstorm Sandy" »

Posted by Blog Author at 7:00 AM in Corporate Finance, New Jersey, Regional Analysis, Sandy | Permalink | Comments (0)

December 17, 2012

What Are the Costs of Superstorm Sandy?

Jaison R. Abel, Jason Bram, Richard Deitz, and James Orr

Superstorm Sandy has had widespread effects in the tri-state region. Early estimates of the total national costs have been in the range of $30 billion to $50 billion. More recently, the New York State governor’s office has estimated state costs to be $32.8 billion, while the New Jersey governor’s office has calculated state costs to be $29.5 billion; these figures exclude mitigation costs—money spent to protect against future storms. It is important to remember that such figures incorporate two distinct types of costs: first, direct costs related to the destruction of physical assets, such as buildings, automobiles, bridges, and roads; and second, indirect costs related to the loss of economic activity resulting from the disruption. This post outlines the differences between these two types of costs, and also discusses what these cost measures typically neglect to include.

Continue reading "What Are the Costs of Superstorm Sandy?" »

Posted by Blog Author at 8:46 AM in Regional Analysis, Sandy | Permalink | Comments (0)

Just Released: December Empire State Manufacturing Survey

Jason Bram and Richard Deitz

Issued this morning, the December 2012 Empire State Manufacturing Survey report suggests that manufacturing activity continued to decline modestly in New York State, with only moderate lingering effects from superstorm Sandy. The headline general business conditions index, which gives a broad reading on overall manufacturing activity for the state, remained negative for a fifth consecutive month. The level of this index has fluctuated between -5 and -10 over the five-month interval, and has changed little since the storm. Specific activity indexes for December were mixed. The measure for new orders dipped below zero but only slightly, while the shipments index remained in positive territory. However, the indexes for both the number of employees and the average workweek were more negative.

Continue reading "Just Released: December Empire State Manufacturing Survey" »

Posted by Blog Author at 8:45 AM in New York, Regional Analysis, Sandy | Permalink | Comments (0)

November 28, 2012

Just Released: New York’s Latest Beige Book Report Points to Weakening in the Aftermath of Superstorm Sandy

Jaison R. Abel and Jason Bram

The regional economy experienced a weakening in the aftermath of superstorm Sandy, according to the New York Fed’s latest Beige Book report. Eight times a year, each of the nation’s twelve Federal Reserve Banks produces a report on current economic conditions in its District, based on largely anecdotal information obtained from a variety of regional business contacts. The New York Fed’s report covers New York State, northern New Jersey, and southwestern Connecticut.

Continue reading "Just Released: New York’s Latest Beige Book Report Points to Weakening in the Aftermath of Superstorm Sandy" »

Posted by Blog Author at 2:15 PM in New York, Regional Analysis, Sandy | Permalink | Comments (0)
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