The economic effect of weather events

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Writing a business column was not my first love in journalism — it was sports. But through writing about business and the economy for around three-and-a-half years has taught me a lot, and I’ve come to see what it means and how important it is.

So I keep going, endeavoring to bring you the most interesting, quirky or relevant news in business in Chatham County, North Carolina and across the country. If you have any suggestions for something for me to look into or include in these weekly columns, shoot me a note at zhorner@chathamnr.com.

Billion-dollar disasters

According to data gathered from the National Oceanic and Atmospheric Administration, the 2010s had 119 billion-dollar disasters, double the number from the 2000s, with total costs exceeding $800 billion.

The report, authored by climate change research firm Climate Central, looked into the amount of money lost due to damages from severe weather and climate events. North Carolina averaged 2.03 a year from 1980 to 2019. Last year, the state saw three, including Hurricane Dorian sweeping through the area in late August and early September.

North Carolina was one of 34 states and territories to see more billion-dollar disasters in the 2010s compared to the previous three decades. States in the central U.S. saw the highest spikes, including Texas seeing 33 more last decade than in previous ones.

“Many of these disasters are getting worse with climate change, although some extreme events are easier to attribute than others,” the Climate Central report stated. “Warmer oceans are fueling the rapid intensification of hurricanes, while a warmer and wetter atmosphere intensifies their rainfall. Heavier downpours worsen inland flooding and crop damage; coastal flooding is heightened by sea level rise. And extended heat and drought can set the stage for more dangerous wildfires in the West and Alaska.”

Not as lucrative as you might think

Dwight Schrute from NBC’s “The Office” once described his “perfect Valentine’s Day” like this: “I’m at home, three cell phones in front of me, fielding desperate calls from people who want to buy one of the 50 restaurant reservations I made over six months ago.”

Well, sorry to say for those restaurants, Dwight may be making more from those reservations that you do. According to small business research firm Womply, Valentine’s Day ranked 94th in customer spending at local restaurants across America last year, with establishments making just 21 percent more revenue than an average day. For context, Cinco de Mayo was 93rd, the Friday before Memorial Day was 21st and the Saturday before Labor Day was 52nd.

The best day money-making-wise was the Saturday before Mother’s Day, with restaurants making 62 percent more than average, followed by Mother’s Day which saw 60 percent more than average. Third was the Saturday before Father’s Day. Fourth was March 30 and fifth was April 13.

According to the report, titled “The State of Local Restaurants 2020,” Womply analyzed daily revenue for more than 36,000 local restaurants across America.

One example of coronavirus’ effect on N.C. business

The Hickory Daily Record reported last week on how the spreading coronavirus has impacted a North Carolina business. Craftmaster Furniture in Alexander County is owned by China-based Samson Holdings, and company President and CEO told the Daily Record that his business’ upholstery supply could be in jeopardy.

“The company imports much of its fabric and leather supply from mills in China, which have been shut down for several weeks for the Chinese New Year holiday,” the Feb. 14 story in the Hickory paper stated. “The holiday was extended because of the coronavirus. Craftmaster built six to eight weeks of stock in preparation for the holiday. But that stock might not be enough, Calcagne said.”

Reporter Zachary Horner can be reached at zhorner@chathamnr.com or on Twitter at @ZachHornerCNR.