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Texas Comptroller: Harvey Impact On State Economy Minimal

Texas Comptroller Glenn Hegar gave an update on Harvey’s impact on the state economy during a meeting by the Transportation Advocacy Group in Houston

Florian Martin/Houston Public Media
Texas Comptroller Glenn Hegar says the economic impact from Harvey is minimal for the state in relative terms.

Texas Comptroller Glenn Hegar said Hurricane Harvey was devastating for certain communities and individuals, but when you look at the overall impact on the state economy, it was minimal.

The comptroller estimates Harvey cost the state about $1.5 billion, but that’s out of a $200 billion budget.

He said certain types of businesses, like restaurants, are more affected as a result of reduced spending among hurricane victims.

Others have even experienced a bump in business after Harvey. For example, auto sales went up significantly because people needed to replace vehicles lost in the flooding.

But Hegar said this simply changes the timing of when people buy new cars. He said it will balance out over the long run.

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