Assessing the impact of natural disasters on industry gross domestic product in the United States

Monica Escaleras, Anand Jha and Christopher Boudreaux

Chapter 10 in Handbook on the Economics of Disasters, 2022, pp 193-207 from Edward Elgar Publishing

Abstract: Some cross-country empirical studies have identified a negative effect of natural disasters on economic growth while others have identified a positive relationship between them. We add to this literature by considering the association between natural disasters and industry gross domestic product at the county level in the United States. Furthermore, we analyze the impact of the costliest types of natural hazards on industry gross domestic product. Overall, we find that industries experienced higher gross domestic product when there was a natural disaster in the previous year. Specifically, we find that a 50% increase in property damage is associated with a 0.0142% increase in industry output. In addition, we find a positive, statistically significant relationship between the impact of hurricanes, tornados, and wildfires and industry gross domestic product while floods have a positive, statistically insignificant relationship with industry gross domestic product.

Keywords: Development Studies; Economics and Finance; Environment; Sociology and Social Policy (search for similar items in EconPapers)
Date: 2022
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