The following is an excerpt from Amey Stone | January 25, 2016 | Barrons.com |
Wondering how much a 20-inch blanket of snow across much of the East Coast costs the economy?
A new report from Moody’s Analytics has put the tab at $2.5-3 billion, which authors Ryan Sweet and Adam Kamins characterize as “relatively small.”
They estimate the majority of the losses were to restaurants and hotels, who won’t see that money recouped. Some retail spending just shifted online, they note. They estimate retailers lost $860 million.
Travel was another big loser — but not as big as if the storm had been on a weekday. They write:
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