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| Economic Impact Agriculture | Housing | Wood Products | Oil & Gas | Recreation Agriculture
California's crop damage is estimated at $75 million. Strawberries and asparagus are among the hardest hit but will recover. Strawberry growers lost about 15 percent of their yearly profit from the storms. It's really hard on the plants. California dairy farming took a big blow, with at least 6,500 dairy cows dead and losses topping $6 million. Also hit is the state's $6 billion nursery business. Most people do not work outside when it rains. Elsewhere, the U.S. Agriculture Department is predicting that corn could get a late start and farmers could see lower yields. A warm El Niņo winter is also being blamed for crop worries in the
South. Housing sales spiked upward in January, leading some to suggest that home-building got a boost from mild weather throughout much of the country. Strong housing sales, especially in the West, may have more to do with the strengthening California economy than the storms. And don't forget that interest rates are near a five-year low, too. Wood Products After tornadoes trashed parts of Florida and California hillside homes
slid into masses of rubble, someone has to supply the lumber to rebuild. On the other coast, loggers and wood-products companies are more likely feel to the pain from slipping Asian markets and competition from Canada than they are the boost from El Niņo. Oil and Gas Despite the terrible ice storm that pummeled New England, temperatures across the country have been milder than average. Overall the season has been 9.4 percent warmer than average. Natural-gas use for heating fell 4.3 percent in January, although it rose 2.4 percent in February. Oil consumption for January was down 3.6 percent from last year. To hear club-maker Callaway Golf Co. tell it, profits are taking it on the nose with a nine ironswung in part by El Niņo. Then again, warmer temperatures in the fall helped keep some golfers on the links later into the season. On the other end of outdoor playground, January's crushing ice storm kept Maine's skiers away in droves, as people worried more about getting lights and heat in their communities than schussing. But some warmer temperatures in February have helped bring out the skiers. |
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