Hurricane Florence is assured to cause a significant amount of property damage, but a new report has estimated that the financial loss could be truly staggering.
Analyzing properties along the coasts of North and South Carolina, CoStar has found $33.5B worth of commercial real estate in danger of a direct impact from Florence in a report released Friday. The number is based purely on property value, and does not factor in the money that could be lost from the interruption of businesses housed within the properties. CoStar gathered its data when Florence was still a strengthening Category 3 hurricane, though the storm had weakened to a Category 1 hurricane by the time it made landfall Friday.
If all those properties studied incur significant damage, Florence would easily be a more devastating storm than Hurricane Hugo was in 1989. Hugo caused property damage equal to $20.5B in today’s dollars.
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