Wildfires Now Frequent and Fierce, Study Finds Economic Impact on Local Communities
Wildfires, once rare, are now frequent and fierce, posing significant threats to local economies. A recent study by Margaret Walls and Matthew Wibbenmeyer delves into the economic effects of these blazes on nearby communities. Wildfires have been increasing in frequency and severity, with 8 of the top 10 costliest fires, measured by insured losses, occurring since 2017. The Camp Fire in 2018, the most expensive wildfire in U.S. history, devastated the city of Paradise, California, destroying 18,804 structures and killing 85 people. The study found that in smaller geographic areas closer to fires, employment growth rates drop by 1.3 percentage points in the year of the fire. However, in the years following, wildfires can stimulate job growth, particularly in the construction industry. Both county and subcounty analyses showed a small but significant 0.4 percent boost in average employment growth rate at the county level. Wildfires, though accounting for only 6 percent of billion-dollar disasters since 1980, are causing significant economic disruption. While they initially slow employment growth, they can stimulate job growth in the construction industry post-fire. Further research is needed to understand the long-term economic impacts of these increasing events.
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