More Than 163,000 Homes with a Reconstruction Value of $37.5 Billion at Risk of Property Damage from Hurricane Arthur Storm Surge

July 3rd, 2014
in econ_news

from CoreLogic

The data shows 163,274 total residential properties with a reconstruction value of $35,734,348,993 are in the area currently known as the "cone of uncertainty" and at risk of potential storm-surge damage, assuming Hurricane Arthur hits the coast as a Category 1 hurricane.

Follow up:

Says Dr. Tom Jeffery, senior hazard scientist for CoreLogic Spatial Solutions:

On its current forecasted track, Arthur is aiming for the Carolinas on a projected path along the East Coast and will likely make landfall today. It's unfortunate that the first official hurricane of the season is happening on such a big holiday weekend, and residents are advised to be aware and take watches and warnings seriously. Although Arthur is classified as a Category 1 storm, strong winds, heavy rain and rip currents caused by storm surge may have far-reaching effects into New England and even Canada.

Total number and total reconstruction value of residential properties by projected affected CBSA are:

CBSA Number of Homes Reconstruction Cost
Elizabeth City, NC 5,015 988,121,561
Jacksonville, NC 4,204 750,804,118
Kill Devil Hills, NC 9,745 2,138,749,416
Morehead City, NC 13,470 2,636,637,926
Myrtle Beach-Conway-North Myrtle Beach, SC-NC 23856 4532276306
New Bern, NC 6,818 1,231,681,635
Virginia Beach-Norfolk-Newport News, VA-NC 84,717 19,833,426,716
Washington, NC 2,909 548,966,992
Wilmington, NC 12,540 3,073,684,323
163,274 35,734,348,993

Storm Surge: Hurricane Arthur - July 3, 2014 | Source: CoreLogic

Hurricane-driven storm-surge flooding can cause significant property damage when high winds and low pressure cause water to amass inside the storm, releasing a powerful rush over land when the hurricane moves onshore. This exclusive CoreLogic analysis measures exposure to damage from storm surge and does not include potential damage from wind and rain associated with hurricanes.

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