Hurricane Sandy aftermath may boost economy; East Texans help in - KYTX CBS 19 Tyler Longview News Weather Sports

Hurricane Sandy aftermath may boost economy; East Texans help in next chapter

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TYLER (KYTX) -- Seeing what Sandy left behind, flooded homes, cars, and businesses isn't encouraging. But academics say the setback is only temporary.

"It takes awhile for the economic engine to crank up, but when it does it will outweigh effects some of the damage that was done," Harold Doty, Dean of UT Tyler's College of Business and Technology, said.

Doty says half of the losses are insured. "Right off the bat the insurance companies are going to spend 15 billion dollars fixing things," Doty said.

He says sales tax revenue from storm preparation and now rebuilding, will likely spike.

"In South Mississippi when Katrina hit, all of the local home stores were sold out of plywood before the Hurricane hit. I'm guessing the same thing happened in the Northeast," Doty said.

Meaning the $1 to $2 billion dollars businesses suffered by having to shut down will be off-set by the repairs.

The recovery phase, now including more East Texans. "Yesterday when we were at the airport, we had a number of people come up and start talking to us and telling us their story," Michele Mischnick, a Smith County Red Cross volunteer, said.

She's in White Plains, New York helping load cars with essentials for recovery teams. "I will make sure they have all the supplies they need for the areas they will go into," Mischnick said.

She says much of New York City is still without power, making the road back to normal even more challenging.

 

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