The Impact of Hurricane Harvey
In a speech last week, Dallas Federal Reserve President Robert S. Kaplan outlined the impact of Hurricane Harvey on the region, including:
- $75-100 billion in total property damage;
- $45-55 billion in damage to residential property;
- $16-20 billion in commercial property damage;
- $10-12 billion in vehicle damage;
- $6-10 billion in infrastructure damage.
The storm also resulted in the short-term loss of 55,000 to 75,000 jobs. Click here to access the resources page IBAT put together to aid community bankers in the recovery process.
Hurricane Harvey Relief Fund Update
One final heartfelt thank you to everyone who donated to the Hurricane Harvey Relief Fund to help affected banking families across the state recover and rebuild. We are proud to report that fund distributions given last week totaled nearly $1.5 million to more than 600 bankers and their families.