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Economic Effectiveness of Implementing a Statewide Building Code: The Case of Florida

Author

Listed:
  • Kevin M. Simmons
  • Jeffrey Czajkowski
  • James M. Done

Abstract

Hurricane Andrew revealed inadequate construction practices were utilized in Florida for decades. In response, Florida adopted a new statewide code—the 2001 Florida Building Code (FBC)—which became one of the strictest in the nation. We use 10 years of paid insured loss data to show that the FBC reduced windstorm losses by up to 72%, then use our results to conduct a benefit-cost analysis (BCA). The FBC passes the BCA by a margin of $6 in full reduced loss to $1 of added cost, with a payback period of approximately 8 years.

Suggested Citation

  • Kevin M. Simmons & Jeffrey Czajkowski & James M. Done, 2018. "Economic Effectiveness of Implementing a Statewide Building Code: The Case of Florida," Land Economics, University of Wisconsin Press, vol. 94(2), pages 155-174.
    • Handle: RePEc:uwp:landec:v:94:y:2018:i:2:p:155-174
    Note: DOI: 10.3368/le.94.2.155
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    Citations

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    Cited by:

    1. Elissa C. Kranzler & Jeffrey Czajkowski & Lin Jia Chen, 2020. "Identifying Promising Messages to Increase Hurricane Mitigation Among Coastal Homeowners in the United States," Risk Analysis, John Wiley & Sons, vol. 40(11), pages 2313-2328, November.
    2. Kevin M. Simmons & Jeffrey Czajkowski & James M. Done, 2019. "Building code economic performance under variable wind risk," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 24(2), pages 235-258, February.

    More about this item

    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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