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CA Fires Won't Harm Economy in Long Term

Posted Oct 24, 07 12:15 PM CDT in Business,  US 

(Newser) – California’s runaway wildfires are not likely to do longterm damage to the state’s economy, the Los Angeles Times reports—in fact the disaster could be a boon to some sectors. One of those is construction: In the first nine months of the year, construction jobs were down 3% from the previous year; a massive, insurance-backed rebuilding effort could revive the business. 

Says one expert, “In the odd nature of economic accounting, this will probably be a stimulus.”  In other areas, the Times predicts no lasting injury to the tourism or theme park business, and while crop damage and business losses may be substantial, they aren't likely to match the $3 billion to $4 billion caused by the 2003 fires, unless the blazes spread to more densely populated areas in the days ahead.

Source Los Angeles Times

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A home is engulfed in flames from a wildfire in the Del Dios neighborhood of Escondido, Calif., north of San Diego, Tuesday, Oct. 23, 2007. (AP Photo/Denis Poroy)   (Associated Press)
Firefighters watch a back fire on a hillside in Jamul, Ca., Tuesday, Oct. 23, 2007. Deadly, wind-whipped wildfires have triggered the largest evacuation in state history, prompting some 500,000 people...   (Associated Press)
A home and motor home, at left, burn during a wildfire in Running Springs, Calif., Tuesday Oct. 23, 2007. Wildfires consumed hundreds of homes across tinder-dry Southern California on Tuesday, raising...   (Associated Press)
A house goes up in flames during a wildfire in the Fredalba community near Running Springs, Calif., Tuesday, Oct. 23, 2007. (AP Photo/Marcio Jose Sanchez)   (Associated Press)
A houses burns as a wildfire hits the community of Fredalba near Running Springs, Calif., Tuesday, Oct. 23, 2007.(AP Photo/Kevork Djansezian)   (Associated Press)
A fire fighter walks along a back fire on a hillside in Jamul, Calif., Tuesday, Oct. 23, 2007. Deadly, wind-whipped wildfires have triggered the largest evacuation in state history, prompting some 500,000...   (Associated Press)
Secretary of Homeland Security Michael Chertoff, right, speaks at a news conference accompanied by California Gov. Arnold Schwarzenegger after they and other officials toured Qualcomm Stadium on Tuesday,...   (Associated Press)
Patricia Halpain holds her daughter Haley, 4, after being evacuated to the Steele Canyon High School in Jamul, Ca., Tuesday, Oct. 23, 2007. Halpain said her home was lost last night to the fires. More...   (Associated Press)
This image provided by the US shows Navy dependents in the San Diego area taking refuge at the Naval Air Station North Island gym Tuesday Oct. 23, 2007 after being evacuated from their homes as major...   (Associated Press)
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California  • US economy  • recession  • wildfires  • construction  • insurance  • home builders


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