IHS Global Insight, a Boston-based economics consulting firm, found that states can lose hundreds of millions of dollars in economic opportunity for each day roads are impassable.
The study examined the economic impact of snowstorms in 16 U.S. states, including indirect economic impacts of lost tax revenue, and losses in the restaurant, general merchandise and service station industries. Among its findings:
• A 1-day snowstorm can cost a state between $300 million to $700 million in both direct and indirect costs.
• Snow-related shutdowns affect hourly workers the most, accounting for two-thirds of direct economic losses.
States covered by the study include:
• New York, $700 million lost per day
• Illinois, $400 million lost per day
• Pennsylvania, $370 million lost per day
• Ohio, $300 million lost per day
• New Jersey, $289 million lost per day
• Massachusetts, $265 million lost per day
• Virginia, $260 million lost per day.
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