Experts: Houston Will Bounce Back from Harvey

Houston’s economy will suffer an unprecedented blow as it dries off from Tropical Storm Harvey’s attentions. However, economists believe that Houston’s economy will ultimately weather this blow, and come back.

Some estimates put the recovery price tag at $75 billion; Moody’s Analytics economist Adam Kamins also noted that the city could lose as much as $10 billion in economic output. However, the greater Houston area is considered better-equipped to come back, due to its size, diversity and prominence as the nation’s energy hub.

Though energy still drives Houston, it also has one of the largest medical centers in the world, as well as being in the midst of a petrochemical boom. However, Kamins noted that the economic tragedy would be felt among homeowners, with $30 billion-$40 billion in damage and unlikely to be covered by insurance.

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