Texas heat wave, extreme weather costs state economy $9.5 billion

Pardue told Insider he was surprised at the magnitude of the decline in hours worked as a result of extreme heat.

"The reduction in economic activity that we're seeing right now is second only to what we've seen during the pandemic in terms of its effect on small business activity," he said."The summer was supposed to be this great time when everything could be outdoors and then it could kind of be a boon to businesses that are normally indoors," Pardue said.

If the heat continues as predicted through the end of next month, Texas' gross state product will take a $9.5 billion hit — equivalent to a 0.47% lower growth rate — economist Ray PerrymanJonathan Horowitz, chief revenue and strategy officer at Buffalo Bayou Brewing in Houston, told the Journal that his taproom's revenue is down about 10% over the same time period last year.

Extended extreme heat is having all kinds of other adverse economic impacts in the state, including on farmers whoseNationwide, Americans are also paying more to stay cool. According to the , home energy bills are estimated to increase by 11.7% this summer to $578, compared to $517 last summer., which could rack up medical bills and make it more difficult for businesses to maintain a full workforce.that investments to protect workers, such as rearranging shifts or changing uniform colors, pay off since workers can be more productive in the longer run.

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