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Storms, Climate Change, and the US Economy: A National Analysis

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Author Info
Joelle SAAD-LESSLER ()
George TSELIOUDES ()
Abstract

Climate change models predict that storm frequency will decrease over time, while storm intensity will increase. This paper looks at the national effects of storm frequency and storm intensity on various industries in the US economy, using yearly data from 1977 through 1997. We find that yearly deviations in storm frequency and intensity around their state specific and year specific averages have a statistically significant effect on the gross state products of a number of industries. We use these estimated impacts to calculate the national economic consequences of changes in storm frequency and intensity that are predicted by climate change models. The results imply that a predicted drop in storm frequency leads to $5.6 billion in losses (0.07% of the US economy in 1997), while a predicted increase in storm intensity has no significant economic impact. Thus, though the effects of storms on gross industry product are statistically significant, their economic effects are small.

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Publisher Info
Article provided by Euro-American Association of Economic Development in its journal Regional and Sectoral Economic Studies.

Volume (Year): 9 (2009)
Issue (Month): 1 ()
Pages:
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Handle: RePEc:eaa:eerese:v:9:y2009:i:9_1

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Related research
Keywords: Climate change; Storm frequency; Storm intensity.;

Find related papers by JEL classification:
Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Mark T. Cammarota, 1988. "The impact of unseasonable weather on housing starts," Working Paper Series / Economic Activity Section 86, Board of Governors of the Federal Reserve System (U.S.).
  2. Marzio Galeotti & Alessandra Goria & Paolo Mombrini & Evi Spantidaki, 2004. "Weather Impacts On Natural, Social And Economic System (WISE) Part I: Sectoral Analysis of Climate Impacts in Italy," Working Papers 2004.31, Fondazione Eni Enrico Mattei. [Downloadable!]
  3. Martha Starr-McCluer, 2000. "The effects of weather on retail sales," Finance and Economics Discussion Series 2000-08, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  4. Dug Lee & Kenneth Lyon, 2001. "A dynamic analysis of the global timber market under global warming: an integrated modeling approach," Working Papers 2001-11, Utah State University, Department of Economics. [Downloadable!]
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This page was last updated on 2009-12-10.

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