Richmond Fed report says climate change could significantly dampen economic growth in the South

The Richmond Fed’s August Economic Brief presents evidence that higher summer temperatures could hurt a variety of business sectors in the United States, particularly in the South. The evidence challenges long-standing assumptions that economic damage from climate change would be limited to the agriculture sector or to developing nations. 

By examining changes in temperature by season and across states, the Richmond Fed report found evidence that higher summer temperatures could reduce overall U.S. economic growth by as much as one-third over the next century, with Southern states accounting for a disproportionate share of that potential reduction. 

Mike Randle

Author: Mike Randle