{"id":1004189948,"date":"2017-09-08T08:29:51","date_gmt":"2017-09-08T16:29:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004189948"},"modified":"2022-12-09T02:20:50","modified_gmt":"2022-12-09T10:20:50","slug":"jll-chief-economist-weighs-in-on-hurricane-harvey","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jll-chief-economist-weighs-in-on-hurricane-harvey\/","title":{"rendered":"JLL Chief Economist Weighs in on Hurricane Harvey"},"content":{"rendered":"<p>By Sanyu Kyeyune<\/p>\n<div id=\"attachment_1004164652\" style=\"width: 310px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004164652\" data-attachment-id=\"1004164652\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/severino-predicts-positive-cre-investment-performance-in-2017\/ryan-severino-jll-1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Ryan-Severino-JLL-1-e1488398191426.jpg\" data-orig-size=\"300,254\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Ryan-Severino-JLL-1\" data-image-description=\"&lt;p&gt;Ryan Severino, Chief Economist at JLL&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Ryan Severino, Chief Economist at JLL&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Ryan-Severino-JLL-1-e1488398191426.jpg?w=300\" class=\"wp-image-1004164652 size-full\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Ryan-Severino-JLL-1-e1488398191426.jpg\" alt=\"Ryan Severino, Chief Economist at JLL\" width=\"300\" height=\"254\" \/><p id=\"caption-attachment-1004164652\" class=\"wp-caption-text\">Ryan Severino<\/p><\/div>\n<p>Economic indicators suggest that Hurricane Harvey&#8217;s effects are likely to be felt beyond Houston for years to come, notes\u00a0Ryan Severino, chief economist\u00a0of <a href=\"https:\/\/www.us.jll.com\/united-states\/en-us\">JLL<\/a>. Following\u00a0the height of the storm, he\u00a0spoke\u00a0with\u00a0<em>CPE<\/em>\u00a0about how the aftermath is likely to play out\u00a0both in Texas and across the nation.<\/p>\n<p><strong><em>CPE<\/em>: What are some of the economic implications (actual and predicted) of the disaster?<\/strong><\/p>\n<p><strong>Severino:<\/strong> Hurricane Harvey\u2019s impact will be felt nationally and locally, both in the short term and the long term. While full assessments have yet to be made, over the short term, Harvey is likely to reduce economic growth in the third quarter by up to 50 basis points.<\/p>\n<p><strong><em>CPE<\/em>: In your view, what will drive the reduction in economic growth?<\/strong><\/p>\n<p><strong>Severino:<\/strong>\u00a0This\u00a0will come from reduced economic activity associated with businesses shutting down and consumers focused on survival, rather than spending.<\/p>\n<p><strong><em>CPE<\/em>:\u00a0What are some of the economic ramifications taking place\u00a0outside of Houston?<\/strong><\/p>\n<p><strong>Severino:<\/strong>\u00a0It has already caused a spike in gasoline prices of roughly 20 cents per gallon over the past couple of weeks. As of last Thursday, 10 refineries representing 16.6 percent of daily U.S. refining capacity were shut down, resulting in a decline of roughly 4.4 million barrels of oil refining production.<\/p>\n<p><strong><em>CPE<\/em>: Have you observed opportunities to\u00a0create\u00a0value by\u00a0rebuilding properties that were damaged by the hurricane?<\/strong><\/p>\n<p><strong>Severino:<\/strong>\u00a0Over the long run, research shows that hurricanes, particularly destructive ones such as Harvey, do not lead to opportunities to create new economic value from rebuilding. There could be a slight boost to GDP in the next few quarters as the process begins, but massive storms like this tend to produce economic impacts that can be felt for decades.<\/p>\n<p><em>Image courtesy of JLL<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the firm continues assessing the effects of the disaster, Ryan Severino provides an early forecast of its economic implications.<\/p>\n","protected":false},"author":1245,"featured_media":1004164652,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1589,23891,21742,21744,21785],"tags":[37461,32796,33556],"class_list":["post-1004189948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-houston","category-national","category-latest","category-people","category-property-management","tag-hurricane-harvey","tag-jll","tag-ryan-severino"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>JLL Chief Economist Weighs in on Hurricane Harvey - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jll-chief-economist-weighs-in-on-hurricane-harvey\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JLL Chief Economist Weighs in on Hurricane Harvey\" \/>\n<meta property=\"og:description\" content=\"As the firm continues assessing the effects of the disaster, Ryan Severino provides an early forecast of its economic implications.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jll-chief-economist-weighs-in-on-hurricane-harvey\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-09-08T16:29:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:20:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Ryan-Severino-JLL-1-e1488398191426.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"300\" \/>\n\t<meta property=\"og:image:height\" content=\"254\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sanyu Kyeyune\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jll-chief-economist-weighs-in-on-hurricane-harvey\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/jll-chief-economist-weighs-in-on-hurricane-harvey\/\",\"name\":\"JLL Chief Economist Weighs in on Hurricane Harvey - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jll-chief-economist-weighs-in-on-hurricane-harvey\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jll-chief-economist-weighs-in-on-hurricane-harvey\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Ryan-Severino-JLL-1-e1488398191426.jpg\",\"datePublished\":\"2017-09-08T16:29:51+00:00\",\"dateModified\":\"2022-12-09T10:20:50+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/e7b65e0bddb12f2406dadf35eb67c6a1\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jll-chief-economist-weighs-in-on-hurricane-harvey\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/jll-chief-economist-weighs-in-on-hurricane-harvey\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jll-chief-economist-weighs-in-on-hurricane-harvey\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Ryan-Severino-JLL-1-e1488398191426.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Ryan-Severino-JLL-1-e1488398191426.jpg\",\"width\":300,\"height\":254,\"caption\":\"Ryan Severino, Chief Economist at JLL\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jll-chief-economist-weighs-in-on-hurricane-harvey\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"JLL Chief Economist Weighs in on Hurricane Harvey\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/e7b65e0bddb12f2406dadf35eb67c6a1\",\"name\":\"Sanyu Kyeyune\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/797379d6c9d8d994c21bf93f70e8931856c68310c11c7210c9a028cec55d0ced?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/797379d6c9d8d994c21bf93f70e8931856c68310c11c7210c9a028cec55d0ced?s=96&d=mm&r=g\",\"caption\":\"Sanyu Kyeyune\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/sanyukyeyune\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"JLL Chief Economist Weighs in on Hurricane Harvey - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/jll-chief-economist-weighs-in-on-hurricane-harvey\/","og_locale":"en_US","og_type":"article","og_title":"JLL Chief Economist Weighs in on Hurricane Harvey","og_description":"As the firm continues assessing the effects of the disaster, Ryan Severino provides an early forecast of its economic implications.","og_url":"https:\/\/www.commercialsearch.com\/news\/jll-chief-economist-weighs-in-on-hurricane-harvey\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2017-09-08T16:29:51+00:00","article_modified_time":"2022-12-09T10:20:50+00:00","og_image":[{"width":300,"height":254,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Ryan-Severino-JLL-1-e1488398191426.jpg","type":"image\/jpeg"}],"author":"Sanyu Kyeyune","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/jll-chief-economist-weighs-in-on-hurricane-harvey\/","url":"https:\/\/www.commercialsearch.com\/news\/jll-chief-economist-weighs-in-on-hurricane-harvey\/","name":"JLL Chief Economist Weighs in on Hurricane Harvey - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/jll-chief-economist-weighs-in-on-hurricane-harvey\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/jll-chief-economist-weighs-in-on-hurricane-harvey\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Ryan-Severino-JLL-1-e1488398191426.jpg","datePublished":"2017-09-08T16:29:51+00:00","dateModified":"2022-12-09T10:20:50+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/e7b65e0bddb12f2406dadf35eb67c6a1"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/jll-chief-economist-weighs-in-on-hurricane-harvey\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/jll-chief-economist-weighs-in-on-hurricane-harvey\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/jll-chief-economist-weighs-in-on-hurricane-harvey\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Ryan-Severino-JLL-1-e1488398191426.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Ryan-Severino-JLL-1-e1488398191426.jpg","width":300,"height":254,"caption":"Ryan Severino, Chief Economist at JLL"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/jll-chief-economist-weighs-in-on-hurricane-harvey\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"JLL Chief Economist Weighs in on Hurricane Harvey"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/e7b65e0bddb12f2406dadf35eb67c6a1","name":"Sanyu Kyeyune","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/797379d6c9d8d994c21bf93f70e8931856c68310c11c7210c9a028cec55d0ced?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/797379d6c9d8d994c21bf93f70e8931856c68310c11c7210c9a028cec55d0ced?s=96&d=mm&r=g","caption":"Sanyu Kyeyune"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/sanyukyeyune\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Ryan-Severino-JLL-1-e1488398191426.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004189948","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/1245"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004189948"}],"version-history":[{"count":10,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004189948\/revisions"}],"predecessor-version":[{"id":1004189965,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004189948\/revisions\/1004189965"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004164652"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004189948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004189948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004189948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}