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Hurricane Harvey: Modest Impact on Q3 Growth; Rebuilding in Q4 and 2018
DE assessment: Hurricane Harvey may be one of the worse hurricanes in terms of damage and lost output. The output losses of perhaps $20B may cut Q3 GDP growth by 0.5 percentage point. But rebuilding the damaged capital stock (which might total $50B) will start in Q4 and into 2018. As the capital stock is rebuilt, GDP will be boosted since GDP measures the flow of production, not the stock of wealth.