Abstract

We use administrative data containing all business establishments in New York City to analyze how businesses reacted to flooding in the context of Hurricane Sandy (October 2012). We find that flooding led to reductions in employment (of about 4%) and average wages (of about 2%) among the affected businesses. The effects were substantially larger and more persistent in some parts of the city (Brooklyn and Queens) than others (Manhattan). Heterogeneity across boroughs reflects differences in the severity of flooding, building types and industry composition. The effects of flooding also vary by industry and businesses in sectors involved in rebuilding after the storm experienced employment growth. Flooding also led to establishment closings and relocation to other neighborhoods, which is a form of adaptation to increased flood risk.

中文翻译：

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飓风、洪水风险和企业的经济适应

摘要

我们使用包含纽约市所有商业机构的行政数据来分析企业在飓风桑迪（2012 年 10 月）背景下如何应对洪水。我们发现洪水导致受影响企业的就业减少（约 4%）和平均工资（约 2%）。与其他地区（曼哈顿）相比，该市某些地区（布鲁克林和皇后区）的影响要大得多，也更持久。各行政区的异质性反映了洪水严重程度、建筑类型和行业构成的差异。在经历了就业增长的风暴之后，参与重建的行业和企业对洪水的影响也各不相同。洪水还导致设施关闭并搬迁到其他社区，这是适应洪水风险增加的一种形式。