Heatwave cost Texas 1% of GDP in 2023, says Dallas Fed research

Higher temperatures have significant effects on productivity, but less on jobs, paper finds

climate change heat

Economists with the Federal Reserve Bank of Dallas estimate Texas lost $24 billion in GDP due to this year’s extreme summer heat.

“As climate change intensifies over the next decade, summer heatwaves will likely become more common and severe,” they write. “The effect on Texas GDP growth is likely to be twice as pronounced as in the rest of the US.” Other states in the southern US, they say, feel a similar effect.

The authors look at data from 2000 to 2022 and estimate that for every degree

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