Providence area vulnerable to $8B in storm surge damage
MORE THAN $8 billion worth of property in the Providence-Fall River-New Bedford area is vulnerable to damage from a hurricane-driven storm surge, CoreLogic said Thursday. For a larger version of this chart, click HERE
PROVIDENCE – More than $8 billion worth of property in the Providence-Fall River-New Bedford area is vulnerable to damage from a hurricane-driven storm surge, CoreLogic said Thursday.
Out of all metropolitan areas in the United States, Providence ranks 21st in total dollar value at risk of storm-surge loss, the California-based real estate data firm said.
New York City leads the way with $168 billion worth of vulnerable property and Boston is sixth at $23 billion.
In all, 31,512 properties in the Providence area were deemed vulnerable to flooding from a tropical cyclone.
Based on value, Narragansett has the most at risk with $930 million worth of property.
Surprisingly, Barrington is second on the list with $869 million in potential losses and actually ranks first in the number of properties at risk with 3,062 to Narragansett’s 3,028.
The other most vulnerable communities were:
Fairhaven: $565 million
Westerly: $475 million
Newport: $468 million
The Riverside section of East Providence: $437 million
The Wakefield section of South Kingstown: $410 million
Swansea: $356 million
Charlestown: $351 million
Portsmouth: $324 million
Of the total Providence area properties deemed vulnerable, CoreLogic considered 6,887 of them extreme storm surge risks, the most severe out of five categories.
Nationwide, 3.6 million properties worth $650 billion are vulnerable to storm surges.
"Though more frequently-impacted states like Florida, Texas and Louisiana get the most attention when it comes to hurricane vulnerability and destruction, Hurricane Irene made it very clear last summer that hurricane risk is not confined to the southern parts of the country," Howard Botts, vice president and director of database development for CoreLogic Spatial Solutions said in prepared remarks.
In addition to Providence, the Bridgeport-Stamford-Norwalk area in Connecticut was ranked 16th in storm-surge vulnerability and New London-Norwich, Conn. was ranked 40th.
Join PBN and two panels of successful female executives, business owners and entrepreneurs as we delve into what women should do to advance their careers, and become leaders in the corporate world and their own enterprises.
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.