Record-breaking heat takes mounting toll on the U.S. economy
Summary
A record-breaking heat wave in July caused businesses in the U.S. to face big problems, like power outages and lost work time. Higher temperatures are hurting the economy by making it hard for companies to operate and their workers to stay productive.Key Facts
- July 2024 was the hottest month ever recorded in the lower 48 U.S. states.
- Businesses like Canal Park Brewing in Minnesota had to close or reduce hours due to heat and air conditioning failures.
- Extreme heat lowers worker productivity and disrupts normal business activities.
- Many U.S. regions, especially in the Northwest, Midwest, and Northeast, are not prepared for intense heat waves.
- Heat waves cause more widespread and longer-lasting economic harm compared to disasters like hurricanes or floods.
- Urban areas suffer more because they trap heat and have many businesses close together.
- Estimated economic loss from recent U.S. heat waves is about 0.6 percentage points of gross domestic product (GDP).
- Rising electricity costs are a further challenge, especially as cooling demands increase for both businesses and new data centers.
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