October 12, 2016
In partnership with ULI and Allen Matkins, Connect Media brings you the “Number of the Week” every Wednesday.
5: The number of U.S. cities among the top 20 cities globally with the most GDP at risk from flooding
Five of the 20 cities in the world with the most GDP at risk from flooding are in the United States, according to Lloyd’s City Risk Index. Those cities are Los Angeles, with $13.3 billion of GDP at risk; New York City, with $13.1 billion; Houston, $7.8 billion; Chicago, $6.2 billion; and San Francisco, $5.5 billion.
“Extreme weather will increase in frequency and severity as the climate continues to warm,” said Molly McCabe, president and founder of HaydenTanner LLC. “This will be especially devastating to markets where a high proportion of real estate assets are in low-lying, coastal areas.”
McCabe cited National Oceanic and Atmospheric Administration (NOAA) data to demonstrate the point. “According to NOAA, almost 40% of the U.S. population lives in a county with direct ocean frontage. Another 22% live in a county that is connected to the ocean through a major river,” she said.