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The Economic Impact Caused by Harvey

Video Credit: KRGV - Published
The Economic Impact Caused by Harvey

The Economic Impact Caused by Harvey

Among some of the industries most affected by the storm include: refining, travel, insurance and banking.


Harvey is expected to cause tens of billions of dollars in storm damage...shrinking the region's economy... channel five's steven sarabia joins us in the studio to explain.


That's right dina and oscar.

Harvey is swamping refineries along the gulf coast--leading to higher gasoline prices.

On friday we told you one utrgv professor said the price of gas could rise 50 cents to a dollar.

The storm could also create problems in the shipment of consumer goods.

One economist says south texas' economic output will be cut about 1 percent.

That may not seem like a lot--but just one percent is seven to eight billion dollars.

The economists predicts the economy will recover--thanks to financial help from insurance and government aid.

Some of the industries most affected including refining...travel....ins urance and banking.

Many businesses in the houston area are flooded, including banks.

This means it's a cash only economy.

Many banks and credit unions will set up mobile branches to let customers get cash for things like food...medical supplies and other necessities...and to take out loans.

Reporting in the studio...i'm steven sarabia...channel five news

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