In a report made by Texas A&M, researchers investigated the devastating amount of damages that Coastal Bend communities sustained in the aftermath of Hurricane Harvey. While studying the area, researches mainly focused on estimated losses of properties and businesses.
Housing Property Losses
A&M researchers first gathered population and home statistics of the studied communities. In the Coastal Bend area in 2016, there were an estimated 45,489 residents. While the median age of the United States is 37.8 years, the median age of the Coastal bend area is 46.7, with one of the communities having an age median of 63.9. The total number of housing units in Coastal Bend estimated 27,897 before Hurricane Harvey hit.
After Harvey hit, things changed drastically for Coastal Bend communities. It is estimated that in the 9 communities that were studied in this research, a total of 7,397 homes were destroyed. That means that of the 27,897 homes that existed before Hurricane Harvey, only 74% of them exist today. The total costs of the damage to housing units is estimated to have reached an unbelievable $1.35 billion dollars.
So what does this all mean for residents in the Coastal Bend area? It means that much of the damage to these homes is unlikely to be recovered. As the median age of this area in Texas is 46.7, it can be argued that many of the residents in Coastal Bend are past the age of retirement. The likelihood of a retiree having the money for a new home without financial assistance from an insurance claim is slim. For example, one community with a median age of 63.9 (Austwell) had only 149 residents in 2016. This means this residential community will experience significant struggles unless financial restitution comes through insurance claims.
Business Property Losses
While the residential property losses are bad, business property losses are even worse due to businesses’ generated income, which helps the surrounding community thrive. Before Hurricane Harvey, it is estimated that businesses in the Coastal Bend area grossed $2.6 billion in total annual sales.
However, the future amount of gross income from businesses in the Coastal Bend area will be significantly less than that due to these factors:
- There is an estimated $1.2 billion in damage done to business properties that is unrecoverable without insurance claim assistance.
- Since many of these businesses thrive on tourism, stabilization of residential and governmental structures (which could take years) is essential to business revitalization.
- The dip in profits that businesses face due to property damage and an inability to operate normally affects business structures unless they recover profit losses from insurance claims.
Outlook of the Coastal Bend in the Aftermath of Harvey
The report states that of all local regions affected by Hurricane Harvey, the Coastal Bend communities are among the highest damaged while simultaneously holding the lowest chance of recovery. The Coastal Bend community may seemingly have a difficult recovery, but we at Arnold & Itkin might help change that outlook if you contact us.
Arnold & Itkin has recovered billions of dollars for people facing catastrophically difficult circumstances. These people often had no hope and were deemed underdogs; however, Arnold & Itkin was able to beat insurmountable odds to get our clients the relief they needed We want the chance to do the same for you.
If you have been affected by Hurricane Harvey and are relying on an insurance claim to recover your losses, you should call (888) 400-2101 immediately. Arnold & Itkin is here for the Coastal Bend communities and will fight for those who are told that they cannot recover.