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Economic Impact
Agriculture | Housing | Wood
Products | Oil & Gas
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 profits from the storms. 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. It seems as if people do not want to work outside when it
rains or it is wet. 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. Peach and
strawberry crops bloomed early because of the unseasonably high temperatures. Growers are
worried that a late deep freeze could wipe out much of this year's harvest.
Housing
Housing sales spiked upward in January, leading some to suggest that home-building got a
boost from mild weather throughout much of the country. Most, however, think that
it's too early to see a trend. Strong housing sales, especially in the West, may have more
to do with the strengthening California economy than the storms. Let us also keep in mind
that interest rates are near a five-year low.
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. In the wood-products industry,
El Niņo can be easily eclipsed by the robust economy. 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 incredible 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.