Latest news with #BobMcNab
Axios
06-03-2025
- Business
- Axios
Trump tariffs could cause Virginians to pay more on everyday goods
President Trump imposed sweeping tariffs Tuesday on America's largest trading partners. Why it matters: The tariffs could cost Virginia more than $2.1 billion annually, per estimates from Trade Partnership Worldwide, an economic research firm. They threaten to raise prices of everything from food and clothes to cars and computers. The big picture: The 25% tariffs on Mexican and Canadian imports, and the 20% hit on Chinese goods, come as the Trump administration says not enough is being done to curb the flow of fentanyl into the U.S. Some estimates suggest Tuesday's tariffs could cost the average U.S. household $830 a year — and that's before factoring in the cost of any retaliatory tariffs. How it works: Tariffs are a tax on imports that American companies pay when buying another country's goods, and they often pass those increased costs on to customers. Zoom in: The Richmond Times-Dispatch reported the tariffs could affect the costs of medical supplies for hospitals, fertilizer and machinery for farmers and construction materials. Richmond restaurants told RTD they may have to raise menu prices. Target's CEO is already warning that people should expect fruit and vegetable prices to rise in the coming days. Your beer and liquor might get more expensive, too. Bob McNab, chair of Old Dominion University's economics department, told Virginia Business that how much you feel a tariff depends on how long it's in place. He compared it to filling an empty pool with water while standing in it: "It might start off barely nipping at your toes, and at some point it's at your knees, and at some point it's at your nose, and then it's above your head." What to watch: The White House has made clear more tariffs are coming. Go deeper: How Trump's tariffs may affect everyday Americans What Trump's tariffs mean for your wallet Axios' Emily Peck, Alex Fitzpatrick, Felix Salmon and Ben Berkowitz contributed.
Yahoo
02-03-2025
- Business
- Yahoo
ODU study finds $15 billion in damage could occur if Category 3 storm hits Hampton Roads
It could cost Hampton Roads tens of billions if a Category 3 hurricane were to hit the region, according to a new study by professors at Old Dominion University. Bob McNab, director of the Dragas Center for Economic Analysis and Policy at ODU, said the team used Hurricane Florence to model scenarios for the region. Using a 3.6-foot tidal offset (meaning 3.6 feet in water rising from the median tide), potential damages across Hampton Roads were estimated at about $15.6 billion. Researchers found that funding better flood infrastructure now is a better investment than paying to repair damages down the line. 'My worst-case scenario is Hampton Roads sees something happen like what happened to Homestead (Air Force Base),' McNab said. 'Remember, there's billions of dollars of military infrastructure, not including the defense industrial base, in the region. 'If Oceana, for example, or Langley (Air Force Base) experiences significant flooding and damage to infrastructure, the Department of Defense, may just go, 'That was enough. It was nice being there, but we're going to move everything to Kansas,' or somewhere else that's not as flood prone.' The study also found storm of that magnitude would cause the short-term loss of more than 76,000 jobs. McNab said the positions affected would be concentrated in sectors that provide services to households. This includes industries such as retail trades, health care and social assistance and accommodation and food services. McNab said uninsured costs are a major driver of economic losses for a region. He said a single storm can take out a home, which means the homeowners' main source of their wealth is gone as well as their source of income if their job is affected, as well. Homeowners in the 75th percentile for flood insurance claims observed 'no loss in housing value,' the study found, and insured homes created 'positive spillover' for the prices of nearby uninsured homes. The study's researchers recommend increasing flood insurance enrollment and providing financial assistance to lower-income homeowners as potential policy solution to lessen impacts after a major storm. The study also found educating homeowners and renters on the costs associated with flood damage without insurance would be another step in the right direction. Though hurricanes of larger proportions are relatively rare for more direct hits in Hampton Roads, they are not impossible. McNab pointed to the 1821 Norfolk-Long Island hurricane, a heavily destructive storm, that caused $330 billion in damages — when adjusted for inflation. If federal assistance from entities such as FEMA becomes more limited, McNab said recovery and losses could persist for years after a storm. 'One of the things that's complicating the interpretation of the results is that we really do not know if the federal government would provide the level of assistance and in a post-hurricane environment that it has in the past,' he said. 'We've seen, unfortunately, that the provision of aid can become a political question.' Eliza Noe,
Yahoo
02-03-2025
- Business
- Yahoo
ODU study finds $15 billion in damage could occur if Category 3 storm hits Hampton Roads
It could cost Hampton Roads tens of billions if a Category 3 hurricane were to hit the region, according to a new study by professors at Old Dominion University. Bob McNab, director of the Dragas Center for Economic Analysis and Policy at ODU, said the team used Hurricane Florence to model scenarios for the region. Using a 3.6-foot tidal offset (meaning 3.6 feet in water rising from the median tide), potential damages across Hampton Roads were estimated at about $15.6 billion. Researchers found that funding better flood infrastructure now is a better investment than paying to repair damages down the line. 'My worst-case scenario is Hampton Roads sees something happen like what happened to Homestead (Air Force Base),' McNab said. 'Remember, there's billions of dollars of military infrastructure, not including the defense industrial base, in the region. 'If Oceana, for example, or Langley (Air Force Base) experiences significant flooding and damage to infrastructure, the Department of Defense, may just go, 'That was enough. It was nice being there, but we're going to move everything to Kansas,' or somewhere else that's not as flood prone.' The study also found storm of that magnitude would cause the short-term loss of more than 76,000 jobs. McNab said the positions affected would be concentrated in sectors that provide services to households. This includes industries such as retail trades, health care and social assistance and accommodation and food services. McNab said uninsured costs are a major driver of economic losses for a region. He said a single storm can take out a home, which means the homeowners' main source of their wealth is gone as well as their source of income if their job is affected, as well. Homeowners in the 75th percentile for flood insurance claims observed 'no loss in housing value,' the study found, and insured homes created 'positive spillover' for the prices of nearby uninsured homes. The study's researchers recommend increasing flood insurance enrollment and providing financial assistance to lower-income homeowners as potential policy solution to lessen impacts after a major storm. The study also found educating homeowners and renters on the costs associated with flood damage without insurance would be another step in the right direction. Though hurricanes of larger proportions are relatively rare for more direct hits in Hampton Roads, they are not impossible. McNab pointed to the 1821 Norfolk-Long Island hurricane, a heavily destructive storm, that caused $330 billion in damages — when adjusted for inflation. If federal assistance from entities such as FEMA becomes more limited, McNab said recovery and losses could persist for years after a storm. 'One of the things that's complicating the interpretation of the results is that we really do not know if the federal government would provide the level of assistance and in a post-hurricane environment that it has in the past,' he said. 'We've seen, unfortunately, that the provision of aid can become a political question.' Eliza Noe,
Yahoo
28-02-2025
- Business
- Yahoo
ODU analysis: A Category 3 hurricane could cause $15.6B in damage to Hampton Roads
NORFOLK, Va. (WAVY) — If Hurricane Florence had made a direct hit on Hampton Roads, it could have caused up to $15.6 billion in damage to the Hampton Roads area. That's according to a new analysis from ODU that modeled just that scenario. The paper attempted to predict how a Category 3 storm with storm surges of 3.6 feet and 6.6 feet, respectively, would impact the region. At the lower level, they estimate $11.2 billion in flooding related damage. At 6.6 feet, that number jumps to $33.2 billion. 'A 6.6 [foot] tidal offset would result in total damages equivalent to 32.3% of 2022 regional GDP (gross domestic product),' according to the paper. The wind damage from such a storm, which they explain is independent from flooding, is estimated to cause $4.4 billion in destruction. Most of the damage to buildings would occur to residential homes and apartments. 'We see over $2.3, $2.4 billion of total damages to the commercial sector, approximately $1.8 billion of uninsured damages — but that is dwarfed by total damages to the residential sector,' said ODU economist Dr. Bob McNab during a presentation of the paper. 'Even after assuming insurance coverage, you still have approximately $8 billion of uninsured damages in the residential sector.' To mitigate the damage, the paper stresses the importance of expanding flood insurance coverage. To read the report, see below: Estimating-the-Economic-Impact-of-A-Natural-Disaster-on-the-Workforce-ResiliencyDownload Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
