According to housing data from CoreLogic, over 232,721 homes along the Texas coast with a reconstruction cost value (RCV) of approximately $39.6bn are at potential risk of hurricane-driven storm surge damage from Hurricane Harvey, based on Category 3 predictions.
The RCV is the cost to completely rebuild a property in case of damage, including labour and materials by geographic location, assuming a worst case scenario of 100% destruction.
Hurricane-driven storm surge flooding can cause significant property damage when high winds and low pressure cause water to amass inside the storm, releasing a powerful rush over land when the hurricane moves onshore. This CoreLogic analysis measures exposure to damage from storm surge and does not include potential damage from wind and rain associated with hurricanes.
The storm has already forced key oil and gas operations to close in Texas and the commodity futures prices for both have increased by more than 2% as a result.