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Hurricane Florence Economic Impact
Every year in late summer and early fall much of the Southeastern portion of the United States deals with hurricane season and the potential impact of unpredictable storms. This year we saw Hurricane Florence barrel down on the East Coast and become both the first major storm of the 2018 Atlantic hurricane season and one of the biggest. The strength of Florence and the potential for damage and loss of life prompted mandatory evacuations in numerous areas of North Carolina, South Carolina and Virginia as well as declarations of state of emergencies in many other areas. As the storm approached, residents of those states made preparations, evacuating further inland or out of the path of the storm, perhaps even hunkering down in place, all of which significantly impacted numerous local economies.
Against this backdrop First Data released a new report analyzing the economic impact of Hurricane Florence and revealing insight into the response by residents as they dealt with the storm. Some cities experienced a drop in spending followed by recovery while others experienced abnormal spikes in spending as evacuees temporarily relocated there during the storm. Click on the report below for a complete breakdown of spending data across multiple categories for the region.