Hurricane Katrina Essay

2147 words - 9 pages

Housing market in New Orleans after hurricane Katrina

Table of contents

1. Introduction………………………………………………………………………3

2. Pre-Katrina situation ………………………..…………………………………..4

3. After-Katrina situation…………………………………………………………..6

4. Current situation New Orleans….………………………………………………8

5. Conclusion……………………………………………………………………...…9

6. References…………………………………………………………………….….10

Introduction

It is August 29th of 2005 when the United States of America is badly affected by one of history’s most catastrophic nature disasters. Hurricane Katrina hits the south of New Orleans and causes severe damage to this city. This second biggest hurricane in the entire history ...view middle of the document...

These topics will be supported by a number of graphs to clarify it even more. After these brief expositions there is going to be a conclusion in the end of the paper.

Pre-Katrina situation

Before directly heading to the main part of this paper we have to look back and see what the situation was before Katrina destroyed most of New Orleans. Prior to August 29th 2005 New Orleans was an incredibly diversified city with Hispanics, Asians and Latinos as big cultural subgroups. Perhaps partly because of these diverse civilians New Orleans was not an attractive area fur business to invest their money in. The American business magazine Forbes (2013) has stated this very clearly in one of their reports were it is talking about the economic state of New Orleans before 2005: “Business executives were not even considering Louisiana as an acceptable state to do business, as it had a reputation for being one of the most corrupt states in the country”. New Orleans was in the pre-Katrina situation not even close of being one of the leading economic states of America. However nobody is surprised if it is said that most of New Orleans economy was destroyed by Katrina, it has also turned out to be a new start. As you will see in the upcoming part of the paper New Orleans has undergone major changes since the disaster in 2005. What would happen if nothing had changed? None of us is 100% sure about this question; however the most reasonable reaction is probably that nothing would really change. After 2005 New Orleans made a remarkable comeback which never had been realized without Katrina.

To focus especially on the housing market in New Orleans we could say that it was similar to the general economic state. From 2000 to 2005 there has been a stable annual growth measured, nonetheless nothing to be really shocked about. As you can see in graph 1 after the 2005, when Katrina destroyed New Orleans, the housing market completely collapsed. Not really surprisingly however if you take into account that the estimated damage was over 80 billion.

Graph 1
To continue and focus even more, we can divide the market into rental and owned houses. From 1990 onwards there was a trend of more owned houses in New Orleans. While the amount of rental houses did not change, the amount of owned houses rose every single year. After Katrina the damage was big as well on the housing market. What stands out though, is that the renting part has been hit harder than the owner part of the housing market. On graph 2 it is visibly shown what the tendency was back then.

Graph 2

After-Katrina situation
Knowing something about the background of New Orleans and the economic situation back then, we can outline and evaluate the situation after Katrina came by. More than 80 billion dollars of damage, over 1800 deaths and plenty of houses from top to bottom destroyed is making a tremendous impact on the economy of an area. Building up New Orleans has shown to be not easy at all....

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