Texas' scorching temperatures this year are negatively impacting nearly a quarter of Texas businesses.
According to Dallas Fed survey, manufacturers, retailers and service sector business executives say sweltering temperatures are negatively impacting business.
The sign on a business reads 107° as Diego Cardenas works on a construction project in the median of the 2500 block of W Belt Line Road on Monday, Aug. 21, 2023, in Lancaster. The forecast was expected to be a high of 106 Monday, which would break the record of 105 set in 1948, after after Sunday’s record high of 109. An Excessive Heat Warning remains in effect for North Texas into Monday evening.
“There is no question that the heat wave has had measurable economic impacts,” Perryman said. “The findings from the Fed survey are very much in sync with our quantitative analysis. There are both winners, like utilities, air conditioning repair, and losers such as insurance companies, but in balance, there is a net loss to the economy.”
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