Papers Containing Keywords(s): 'disaster'
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Authors
Melissa Chow - 2
Javier Miranda - 2
Viewing papers 1 through 8 of 8
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Working PaperBusiness Dynamics Statistics of Coastal Counties: A Description of Differences in Coastal Areas Over Time
January 2025
Working Paper Number:
CES-25-08R
The Business Dynamics Statistics of Coastal Counties (BDS-CC) is a new experimental data product extending the set of statistics published by the Business Dynamics Statistics (BDS) program to provide more detail on businesses operating in coastal regions of the United States. The BDS-CC provides annual measures of employment, the number of establishments and firms, job creation, job destruction, openings, and closings for businesses in Coastal Shoreline (CS), Coastal Non-Shoreline (CNS), and Non-Coastal (NC) counties. Counties are grouped into these categories based on definitions from the National Oceanic and Atmospheric Administration (NOAA). This product allows for comparisons across industries and coastal regions of the impact of natural disasters and other events that affect coastal areas. The BDS-CC series provides annual statistics for 1978 to 2022 for each of the coastal categories by firm size and firm age, initial firm size, establishment size and establishment age, initial establishment size, sector, 3-digit NAICS code, 4-digit NAICS code, urban/rural categories, and various coastal regions. Following a description of the data and methodology, we highlight some historical trends and analyses conducted using these data.View Full Paper PDF
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Working PaperHousehold Wealth and Entrepreneurial Career Choices: Evidence from Climate Disasters
July 2024
Working Paper Number:
CES-24-39
This study investigates how household wealth affects the human capital of startups, based on U.S. Census individual-level employment data, deed records, and geographic information system (GIS) data. Using floods as a wealth shock, a regression discontinuity analysis shows inundated residents are 7% less likely to work in startups relative to their neighbors outside the flood boundary, within a 0.1-mile-wide band. The effect is more pronounced for homeowners, consistent with the wealth effect. The career distortion leads to a significant long-run income loss, highlighting the importance of self-insurance for human capital allocation.View Full Paper PDF
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Working PaperAfter the Storm: How Emergency Liquidity Helps Small Businesses Following Natural Disasters
April 2024
Working Paper Number:
CES-24-20
Does emergency credit prevent long-term financial distress? We study the causal effects of government-provided recovery loans to small businesses following natural disasters. The rapid financial injection might enable viable firms to survive and grow or might hobble precarious firms with more risk and interest obligations. We show that the loans reduce exit and bankruptcy, increase employment and revenue, unlock private credit, and reduce delinquency. These effects, especially the crowding-in of private credit, appear to reflect resolving uncertainty about repair. We do not find capital reallocation away from neighboring firms and see some evidence of positive spillovers on local entry.View Full Paper PDF
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Working PaperA Shore Thing: Post-Hurricane Outcomes for Businesses in Coastal Areas
September 2020
Working Paper Number:
CES-20-27
During the twenty-first century, hurricanes, heavy storms, and flooding have affected many areas in the United States. Natural disasters and climate change can cause property damage and could have an impact on a variety of business outcomes. This paper builds upon existing research and literature that analyzes the impact of natural disasters on businesses. Specifically, we look at the differential effect of eight hurricanes during the period 2000-2009 on establishments in coastal counties relative to establishments in coastal-adjacent or inland counties. Our outcomes of interest include establishment employment and death. We find that following a hurricane event, establishments located in a coastal county have lower employment and increased probability of death relative to establishments in non-coastal counties.View Full Paper PDF
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Working PaperTaken by Storm: Hurricanes, Migrant Networks, and U.S. Immigration
January 2017
Working Paper Number:
CES-17-50
How readily do potential migrants respond to increased returns to migration? Even if origin areas become less attractive vis-'-vis migration destinations, fixed costs can prevent increased migration. We examine migration responses to hurricanes, which reduce the attractiveness of origin locations. Restricted-access U.S. Census data allows precise migration measures and analysis of more migrant-origin countries. Hurricanes increase U.S. immigration, with the effect increasing in the size of prior migrant stocks. Large migrant networks reduce fixed costs by facilitating legal immigration from hurricane-affected source countries. Hurricane-induced immigration can be fully accounted for by new legal permanent residents ('green card' holders).View Full Paper PDF
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Working PaperStorms and Jobs: The Effect of Hurricanes on Individuals' Employment and Earnings over the Long Term*
January 2015
Working Paper Number:
CES-15-21R
Hurricanes Katrina and Rita devastated the U.S. Gulf Coast in 2005, destroying homes and businesses and causing mass evacuations. The economic effects of disasters are often studied at a regional level, but little is known about the responsiveness of individuals' employment and earnings to the damages, disruption, and rebuilding'particularly in the longer run. Our analysis is based on data that tracks workers over nine years, including seven years after the storms. We estimate models that compare the evolution of earnings for workers who resided in a storm-affected area with those who resided in a suitable control counties. We find that, on average, the storms reduced the earnings of affected individuals during the first year after the storm. These losses reflect various aspects of the short-run disruption caused by the hurricanes, including job separations, migration to other areas, and business contractions. Starting in the third year after the storms, however, we find that the earnings of affected individuals outpaced the earnings of individuals in the control sample. We provide evidence that the long-term earnings gains were the result of wage growth in the affected areas relative to the control areas, due to reduced labor supply and increased labor demand, especially in sectors related to rebuilding. Despite the short-term earnings losses, we find a net increase in average quarterly earnings among affected individuals over the entire post-storm period. However, those who worked in sectors closely tied to tourism or the size of the local population experienced net earnings losses.View Full Paper PDF
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Working PaperTAKEN BY STORM: BUSINESS SURVIVAL IN THE AFTERMATH OF HURRICANE KATRINA
April 2014
Working Paper Number:
CES-14-20
We use Hurricane Katrina's damage to the Mississippi coast in 2005 as a natural experiment to study business survival in the aftermath of a cost shock. We find that damaged establishments that returned to operation were more resilient than those that had never been damaged. This effect is particularly strong for establishments belonging to younger and smaller rms. The effect of damage on establishments in older and larger chains was more limited, and they were subsequently less resilient having survived the damage. These selection effects persist up to five years after the initial shock. We interpret these findings as evidence that the effect of the shock is tied to the presence of financial and other constraints.View Full Paper PDF
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Working PaperThe Impact of Hurricanes Katrina, Rita and Wilma on Business Establishments: A GIS Approach
August 2006
Working Paper Number:
CES-06-23
We use Geographic Information System tools to develop estimates of the economic impact of disaster events such as Hurricane Katrina. Our methodology relies on mapping establishments from the Census Bureau's Business Register into damage zones defined by remote sensing information provided by FEMA. The identification of damaged establishments by precisely locating them on a map provides a far more accurate characterization of affected businesses than those typically reported from readily available county level data. The need for prompt estimates is critical since they are more valuable the sooner they are released after a catastrophic event. Our methodology is based on pre-storm data. Therefore, estimates can be made available very quickly to inform the public as well as policy makers. Robustness tests using data from after the storms indicate our GIS estimates, while much smaller than those based on publicly available county-level data, still overstate actual observed losses. We discuss ways to refine and augment the GIS approach to provide even more accurate estimates of the impact of disasters on businesses.View Full Paper PDF
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