A survey of 237 businesses affected by Hurricane Harvey showed how the risks of severe storms are increasing.
We studied Harvey’s effect on local businesses using two methods: conducting a survey and analyzing business credit reports.
To complement the survey, we analyzed the credit reports of about 5,000 firms in the disaster area and compared their information to 3,000 firms from around the U.S. who were not in Harvey’s path. While the survey offers a broad sense of businesses’ experiences and recovery strategies, credit reports provide metrics commonly used by lenders, landlords, supply chain partners, and others to assess the firm’s financial health such as whether it pays its debts on time.
Businesses’ credit reports after Harvey show signs of distress as well. Harvey caused many businesses to fall behind on their debt payments. In the worst-flooded areas, the storm increased delinquent balances by 86% compared to their pre-Harvey levels. This effect is mostly limited to shorter-term delinquencies ; we do not find a significant increase in loan defaults or bankruptcies. This pattern likely reflects businesses’ substantial efforts to avoid defaulting on their debts.
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