Texas Heat Wave Melts $24 Billion from State's Economy
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Texas experienced record heat this summer that melted $24 billion from the state's economy per Dallas Fed research, slowing annual GDP growth by 1%.
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The tourism industry was hit hard, with theme parks and local businesses like breweries reporting significant dips in customers staying home to avoid the heat.
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Texas' already hot climate makes its economy twice as vulnerable to rising temperatures compared to other states, with each 1° increase slowing GDP growth 0.4%.
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Small businesses across industries reported revenue losses, with 24% of Texas businesses in a Dallas Fed survey citing lower sales due to the heat.
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Projections of doubling 100°F days in Texas by 2036 underscore the need for adaptation measures like shade structures and walkable, energy efficient neighborhoods.