Ian Also A Disaster To Increased Deposit Rates

Choice | Oct 10, 2022 | 937 posts since 2020

Why hasn’t the unfortunate destruction from Hurricane Ian been an impetus for new construction lending and higher deposit rates…especially in Florida?

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GreenDream | Oct 11, 2022 | 358 posts since 2019

It hasn't even been two full weeks since Ian hit Florida (not even enough time for anything related to Ian to show up in the government statistics). It takes *MONTHS* to clean up the damage, and file and settle claims, before the new construction process can even begin (and that's assuming those affected have sufficient insurance coverage, rebuilding will take even longer for the uninsured/underinsured/not covered). Any such "impetus" from Ian likely won't show up in the numbers for a while yet, even if the construction process had magically begun the second the storm left the area.

BTW The article, What Effect will Hurricane Florence have on Construction Project Starts?, charts constructions starts after hurricanes in the Carolinas since 1990. Immediately after the hurricanes there is a dip in construction activity, not a spike, and only incremental growth after that.

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