Economists: SoCal Will Survive With Little Long-Term Damage

Despite the destruction of more than 1,600 homes and buildings, massive evacuations and widespread business closures, Southern California's vast, diverse economy probably will withstand this latest disaster with little long-term damage, economists say.

In fact, some observers see a boon to areas such as construction, which is down 28,600 jobs through September, a 3% decline from the previous year, according to the state Employment Development Department.

"In the odd nature of economic accounting, this will probably be a stimulus," said Alan Gin, a University of San Diego economist. "There will be a huge amount of rebuilding in the next couple of years, financed by insurance payments."

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Comments

[ErnestineBass]

Karma is ALIVE and WELL!

Insurance companies take it in the neck while the sagging home building sector catches a brief, but much-needed break.

Perhaps the folks writing SoCal's building codes will take this opportunity to review issues of density, appropriate building materials, and the "wisdom" of installing above ground, pole-mounted utilities.

[yappnmutt]

according to naomi klein the free marketers will use this disaster as an opportunity to subjugate californians in a quasi fascist state controlled by a few evil capitalists at the expense of middle class labor.

[Sundialsvc4]

Do I laugh, or cry?