ESI President Stephen Mullin was quoted in a Philadelphia Business Journal article on “Can severe, unpredictable winters hurt region’s economic competitiveness?”. This winter’s weather, which cost the U.S. economy a reported $50 billion, has had chilling effects on businesses across the nation. Research shows that $15 billion of it won’t be made up in the warmer months. A total of 63 inches of snow since December in Philadelphia — the third snowiest winter in the city’s history — has tortured local companies with delays, early dismissals and cancellations, causing revenue to slip for many.
Mullin shared his expertise on the issue, explaining the negative effect of this winter season:
“This winter, everything north and west of Philadelphia has been clobbered by the harsh weather,” Mullin said. “What has happened to the overall economy is what is of interest, but we won’t know what was lost until the end of the year.”