Economic Diversity is Important

An interesting article appeared recently in the Wall Street Journal and with what seems to be a constant barrage of natural disasters, it reminds us that ensuring our community’s economy is diverse is an important aspect of ensuring our ability to be resilient after a natural disaster.

The article (click here) focuses on Hurricane Harvey and its impact on Houston TX. The storm caused an estimated $75 billion in property damage, which is similar to the $100 billion of property damage in New Orleans after Hurricane Katrina.

However, unlike New Orleans, whose economy is very focused on tourism and not much else, Houston has a larger and more diverse economy. Because of this difference, Houston’s road to recovery should be much quicker than New Orleans, which still has not fully recovered from Hurricane Katrina.

How diverse if your economy? If you would like to discuss how to diversify your economy, please get in touch (info@lucideconomics.com.au, 1-800-940-990).