Ice Storm Blamed for 11 Deaths, 550,000 Lose Power

[jakeXT]

11. Winter's Price Tag Is $15 Billion and Counting

A succession of winter storms that have walloped large swaths of the country since December have taken a $15 billion bite out of U.S. businesses so far, according to one estimate, and the season has weeks still to go.

In the short run, the impact of softer retail sales, property and crop damage and lost productivity at work is likely many times that amount. But since much of the hit will be offset by a pickup in sales and production later this year once temperatures rise, the lasting impact on the $16 trillion economy will be minimal, say economists.

“If the first quarter takes a little hit there’s going to be some bounce back to make up for it in the second quarter,” said Chris Christopher, an economist who tracks consumer spending IHS Global Insight. “For the year as a whole this should not have much of an impact.”

Car dealers, for example, have taken a big hit as severe winter weather kept potential buyers away from showrooms. Last month, sales of vehicles and parts dropped 2.1 percent, or roughly $1.7 billion, according to data release by the government Thursday.

http://www.nbcnews.com/storyline/deep-freeze/winters-price-tag-15-billion-counting-n29781