BARCELONA (ICIS)--The economic and social impact of Hurricane Harvey will be more severe and long-term than expected because of a lack of insurance cover and ongoing disruption to business and domestic life in Houston, a leading chemicals consultant says.
International eChem chairman, Paul Hodges, argues that with at least 300,000 homes – many under-insured - and up to 500,000 cars completely wrecked, it will take far longer than many estimate to rebuild and recover. “Houston is also home to more Fortune 500 companies than any other metropolis apart from New York. Houston’s metro area is equivalent in size to the economy of Poland or Sweden so it’s an enormous impact,” he adds.
Hodges says Harvey may spur new service-based business models for the chemical industry.
Read Paul Hodges’ article in the 22 September issue of ICIS Chemical Business.