Economists say a wildfire that burned 346 homes and scorched 28 square miles in the Colorado Springs area over the summer could provide an economic boost over the next five years.
Insurance claims for the contents and homes damaged in the Waldo Canyon Fire have reached $350 million and still rising. The Rocky Mountain Insurance Information Association has estmiated that the fire, which occured with in weeks of another massive Colorado wildfire, constituted the two most destructive wildfires in Colorado’s history. Both fires will cost insurers roughly $450 million, according to RMIIA, which said insured losses could easily top a half-a-billion dollars.
Economist Tom Zwirlein told the Denver Post the cost of rebuilding could create more than 750 new jobs over the next five years.
Refurbishing new homes and businesses could create more than 320 jobs and boost tax revenues.
Was this article valuable?
Here are more articles you may enjoy.
Sources: US Treasury to Consult With Insurance Regulators on Private Credit Lenders 
Viewpoint: California’s Surplus Lines HO Market Driven by Access, Not Wildfire Risk 
Chubb: Cyber Claim Severity Nearly Doubled for Large Businesses 
Giuliani Fails to Get $10 Million Sexual Harassment Suit in New York Dismissed 
