About a quarter of Texas firms reported to have decreased sales and productivity as a result of this summer’s extreme heat wave in Texas.
Heat Wave in Texas Affects Business and Economics
The scorching this summer has resulted in lower sales and productivity, according to around a quarter of Texas businesses surveyed by the Dallas Fed as reported in Axios Dallas.
Hundreds of Texas company executives were asked on the effects of record-breaking heat for the first time as part of its monthly manufacturing and service sector surveys.
Retailers and businesses who reported decreases in revenue or output attributed the declines to weaker client demand and poorer worker productivity.
People are less willing to walk outside, and employees are having difficulty with the heat, according to the poll, which quantifies what many of us are hearing anecdotally.
Heat Wave in Texas: Up To $10 Billion in Economic Losses
The expenses of this summer’s record heat are continuing to rise and are particularly hard on businesses like agriculture. If the heat wave continues until the end of August, Texas’ state economy is predicted to suffer losses of close to $10 billion. However, high temperatures can have a negative impact on health, especially for low-wage employees, which comes at a price.
Since May 1, Houston has received reports of 1,600 emergency department visits due to heat-related conditions, as well as seven heat-related fatalities amidst the Heat Wave in Texas.
According to a Texas Tribune review of two decades’ worth of statistics, the number of fatalities caused by heat last year in the state soared to a record 279 persons as reported in Market Place website.