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The Effect of Superstorm Sandy on the Macroeconomy

Author

Listed:
  • M. Henry Linder
  • Richard Peach
  • Sarah Stein

Abstract

The Bureau of Economic Analysis (BEA) of the U.S. Department of Commerce has reported that real Gross Domestic Product (GDP) increased at a very sluggish 0.4 percent annual rate in the final quarter of 2012. A natural question to ask is to what extent, if any, did superstorm Sandy contribute to this weak performance. While not a particularly intense storm, it was the largest Atlantic storm on record with a diameter of roughly 1,100 miles. The storm severely disrupted economic activity from late October until well into November along the eastern seaboard from the Mid-Atlantic region into New England, an area that is densely populated and that represents a significant portion of total economic activity of the entire country. Nonetheless, we suggest that superstorm Sandy likely had a relatively modest impact on the fourth-quarter growth rate, and that we cannot even be certain of the sign of that impact.

Suggested Citation

  • M. Henry Linder & Richard Peach & Sarah Stein, 2013. "The Effect of Superstorm Sandy on the Macroeconomy," Liberty Street Economics 20130422, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:86868
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    File URL: https://libertystreeteconomics.newyorkfed.org/2013/04/the-effect-of-superstorm-sandy-on-the-macroeconomy.html
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    More about this item

    Keywords

    measurement of macroeconomic impacts; hurricanes; superstorm sandy;
    All these keywords.

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • N2 - Economic History - - Financial Markets and Institutions

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