How did Hurricane Katrina affect New Orleans economically?

All told, economic losses related to Katrina have been estimated at over $125 billion, as hundreds of businesses in the region went under. “During the first 10 months after the hurricane, [New Orleans] suffered an over-the-year average loss of 95,000 jobs.

Has New Orleans economy recovered from Katrina?

Two years after Hurricane Katrina, the greater New Orleans area has recovered most of its population and economic base. Both the city and region have experienced continued population growth, reaching 66 percent and 83 per- cent of pre-storm levels, respectively.

What happened to New Orleans economy after Hurricane Katrina?

Describing the loss 11 As stated previously, the findings indicate Katrina’s devastating effect on New Orleans’ labor market. During the first 10 months after the hurricane, the city suffered an over-the-year average loss of 95,000 jobs.

How much money did New Orleans get after Katrina?

After Hurricane Katrina devastated the New Orleans area in 2005, the 350-mile levee system was rebuilt with $14.6 billion in congressional funding. It has prevented flooding in the metro area since, but nearby communities remained under a flood warning on September 3.

What was the economic impact of Hurricane Katrina?

In some areas, buildings were submerged under 10 feet of water. All told, economic losses related to Katrina have been estimated at over $125 billion, as hundreds of businesses in the region went under. “During the first 10 months after the hurricane, [New Orleans] suffered an over-the-year average loss of 95,000 jobs.

How many jobs were lost in New Orleans after Katrina?

In his study, Richardson concluded that New Orleans lost 190,000 jobs and employment fell by more than 30 percent from August 2005 to December 2005. Statewide, Louisiana lost 214,000 jobs, or 12 percent of the state’s total.

When did Hurricane Katrina hit New Orleans Louisiana?

Hurricane Katrina made landfall near New Orleans, Louisiana, on the morning of August 29, 2005. The vast majority of the city’s population had already left the city, following Mayor Ray Nagin’s declaration of a mandatory evacuation as the hurricane approached.

Why was New Orleans vulnerable to a hurricane?

New Orleans was particularly vulnerable to the effects of a hurricane because of the eroding coastline along the Gulf of Mexico, the city’s fragile levee system, and the social and economic characteristics of its inhabitants (Cutter and Emrich 2006). The city’s population included a high proportion of individuals of low socioeconomic status.