Issue Brief: Hurricane Ian Impact on Taxable Sales
The January 2023 edition of Regional Economic Indicators reported that seasonally-adjusted taxable sales for the Southwest Florida workforce region (comprising Charlotte, Collier, Glades, Hendry and Lee counties) increased 16 percent in October 2022 compared to October 2021. October 2022 information was of interest because it represents the first full month of data after Hurricane Ian made landfall in late September 2022. Because of the increase, a natural question arises – which types of businesses saw increased economic activity after Hurricane Ian and which saw sharp declines?
In this issue brief, we provide some insights on how Hurricane Ian impacted taxable sales and which types of businesses contributed to this increase. Main findings from the report include:
- Businesses relating to automotives, construction and repair saw increases in economic activity in October 2022, as the region continued to recovery from the aftermath of the storm.
- Businesses in accommodation, food service and retail trade experienced sharp year-to-year declines in economic activity.
Download the latest Issue Brief for more information.