The summer heat may have cost the state’s economy $24 billion this year, according to Federal Reserve Bank of Dallas economists, who add that Texas is twice as vulnerable to heat-related economic slowdowns than the rest of the country.
An Austin Metro bus flashes a Come in cool off! message as it drives on Guadalupe Street on a hot July day. Economists at the Dallas Fed say extreme heat cools the state's economy.Each degree of warming in Texas slows the state’s economy, an analysis by economists at the Federal Reserve Bank of Dallas
Using data from the last two decades, the economists found that in general, for every degree of higher temperature in summer, Texas sees a slowdown of 0.4% in economic growth. The results are in line withThe Texas economy was twice as impacted by heat than the rest of the country, the analysis found, because the summers here are generally among the hottest in the nation. As temperatures move upward, the negative effect on the economy becomes more pronounced.
“The economy will need to adapt,” said Anil Kumar, an economic policy advisor and senior economist at the Dallas Fed, and one of the authors of the analysis. “Communities may adapt by adopting more technology to be more sustainable and other ways to mitigate the effects of heat waves.”reported lower revenue or lower production due to the heat, citing lower customer demand and reduced labor productivity.
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