Climate change-induced higher sea levels combined with storm surge will likely increase the average annual cost of coastal storms along the Eastern Seaboard and the Gulf of Mexico by $2 billion to $3.5 billion, according to a new report by the Risky Business Project.
When hurricanes are factored in, that tab will rise to $7.3 billion, the report says. Coastal property and infrastructure will bear the brunt of the damage. This will bring annual price tag for hurricanes and other coastal storms to $35 billion.
If nations around the world continue to pump current levels of greenhouse gas into the atmosphere, by 2050 between $66 billion and $106 billion worth of existing coastal property will likely be below sea level nationwide. Some $238 billion to $507 billion worth of property would be below sea level by 2100.
Property losses from sea level rise are concentrated in the Southeast and Atlantic coasts, where the rise is higher and the losses are projected to be far greater than the national average.
Related Stories
Standards | Apr 1, 2024
New technical bulletin covers window opening control devices
A new technical bulletin clarifies the definition of a window opening control device (WOCD) to promote greater understanding of the role of WOCDs and provide an understanding of a WOCD’s function.
Office Buildings | Mar 21, 2024
Corporate carbon reduction pledges will have big impact on office market
Corporate carbon reduction commitments will have a significant impact on office leasing over the next few years. Businesses that have pledged to reduce their organization’s impact on climate change must ensure their next lease allows them to show material progress on their goals, according to a report by JLL.
Adaptive Reuse | Mar 21, 2024
Massachusetts launches program to spur office-to-residential conversions statewide
Massachusetts Gov. Maura Healey recently launched a program to help cities across the state identify underused office buildings that are best suited for residential conversions.
Legislation | Mar 21, 2024
Bill would mandate solar panels on public buildings in New York City
A recently introduced bill in the New York City Council would mandate solar panel installations on the roofs of all city-owned buildings. The legislation would require 100 MW of solar photovoltaic systems be installed on public buildings by the end of 2025.
Office Buildings | Mar 21, 2024
BOMA updates floor measurement standard for office buildings
The Building Owners and Managers Association (BOMA) International has released its latest floor measurement standard for office buildings, BOMA 2024 for Office Buildings – ANSI/BOMA Z65.1-2024.
Codes and Standards | Mar 18, 2024
New urban stormwater policies treat rainwater as a resource
U.S. cities are revamping how they handle stormwater to reduce flooding and capture rainfall and recharge aquifers. New policies reflect a change in mindset from treating stormwater as a nuisance to be quickly diverted away to capturing it as a resource.
Plumbing | Mar 18, 2024
EPA to revise criteria for WaterSense faucets and faucet accessories
The U.S. Environmental Protection Agency (EPA) plans to revise its criteria for faucets and faucet accessories to earn the WaterSense label. The specification launched in 2007; since then, most faucets now sold in the U.S. meet or exceed the current WaterSense maximum flow rate of 1.5 gallons per minute (gpm).
Adaptive Reuse | Mar 15, 2024
San Francisco voters approve tax break for office-to-residential conversions
San Francisco voters recently approved a ballot measure to offer tax breaks to developers who convert commercial buildings to residential use. The tax break applies to conversions of up to 5 million sf of commercial space through 2030.
Codes and Standards | Mar 15, 2024
Technical brief addresses the impact of construction-generated moisture on commercial roofing systems
A new technical brief from SPRI, the trade association representing the manufacturers of single-ply roofing systems and related component materials, addresses construction-generated moisture and its impact on commercial roofing systems.
MFPRO+ News | Mar 12, 2024
Multifamily housing starts and permitting activity drop 10% year-over-year
The past year saw over 1.4 million new homes added to the national housing inventory. Despite the 4% growth in units, both the number of new homes under construction and the number of permits dropped year-over-year.