-
Hurricane Ian was a powerful storm. Real estate developers made it a catastrophe.
A century ago, the coast of southwest Florida was a maze of swamps and shoals, prone to frequent flooding and almost impossible to navigate by boat. These days, the region is home to more than 2 million people, and over the past decade it has ranked as one of the fastest-growing parts of the country. Many of those new homes sit mere feet from the ocean, surrounded by canals that flow to the Gulf of Mexico. When Hurricane Ian struck the region on Wednesday, its 150-mile-per-hour winds and extreme storm surge smashed hundreds of buildings to bits, flooded houses, and tossed around boats and mobile homes. Cities including Fort Myers…
-
Home improvement companies could see increased sales after Hurricane Ian, Wells Fargo says
Hurricane Ian is barreling toward Florida after strengthening to a Category 4 storm, and analysts are forecasting billions of dollars in damages. Beyond the impact to human lives, storms of this nature also turn into economic events as people, towns and cities rebuild after extensive damage. Wells Fargo said Wednesday that retail names exposed to the housing theme could see a “possible uptick in 2H Home Improvement demand.” Analysts led by Zachary Fadem said that these companies, including those in the flooring and auto part industries, tend to benefit from hurricane preparation and clean-up activity. Fadem pointed specifically to Home Depot , Lowe’s , O’Reilly Automotive and Floor & Decor…
