The future remains uncertain for many businesses in affected Los Angeles neighborhoods navigating the aftermath of the California wildfires. (Adobe Stock)
The economic impact of the L.A. wildfires
Original story by Joe Flint and Justin Lahart
Researchers examining the impact of the Los Angeles wildfires on local economy say that it will likely take years to rebuild.
Although the disaster has boosted short-term opportunities for some businesses–such as hotels and clean-up crews–many businesses close to wildfire zones have been destroyed, closed, or are currently seeing a decline in customers and revenue as a result of the California wildfires. This leaves the economic future of industries, many of which have been impacted by the Covid-19 pandemic and labor organizing, uncertain.
As for the housing industry, Wrigley Institute faculty affiliate and economist Matthew Kahn says that it could take between five to seven years to rebuild homes, despite a recently signed order suspending some environmental regulations to speed up the rebuilding of homes and businesses.
Read the full story on The Wall Street Journal >>