Harvey slams region's economy, with damages in the billions
August 27, 2017
DALLAS (AP) — Flood damage from Harvey is likely to reach into the tens of billions and the storm is expected to cause the region's economy to shrink, at least in the near term.
Harvey is soaking refineries along the Gulf Coast, leading to higher prices at the pump. Gasoline futures rose nearly 3 percent Monday.
The storm could also put a kink in the shipment of consumer goods.
Harvey, which hit the coast as a Category 4 hurricane, will likely affect the South Texas economy for months. Mark Zandi, chief economist at Moody's Analytics, predicted that the region's economic output will be cu...