Why is Texas still losing money?
Texas’ top elected official, Rep. John Hornell, R-Houston, is still reeling from the devastating storm that hit the state earlier this month.
The House Speaker on Thursday called the damage from Hurricane Harvey an economic crisis, and has warned that the Texas economy may be on the verge of a recession.
Hornell, a Republican, said he and his colleagues are trying to get things back on track, but the damage could still be much worse than the financial losses experienced during the catastrophic flood that devastated parts of Texas earlier this year.
The U.S. has experienced six Category 4 or 5 hurricanes since 1950.
Texas was hit the hardest, with damage totaling $1.4 billion, according to data from the Texas Department of Transportation.
That’s the equivalent of the U.K.’s annual economic output.
Texas is still losing about $20 billion a year from the flood, and its recovery will be slower than some other states, such as Florida, the state’s chief economic and financial officer said in a statement.
The flooding, which hit the Houston metro area as a Category 4 storm on Aug. 26, was one of the worst in U.C. Berkeley’s history.
It brought heavy rainfall, damaging power lines, mudslides and flooding in parts of Houston.
The Associated Press contributed to this report.