Climate change-induced higher sea levels combined with storm surge will likely increase the average annual cost of coastal storms along the Eastern Seaboard and the Gulf of Mexico by $2 billion to $3.5 billion, according to a new report by the Risky Business Project.
When hurricanes are factored in, that tab will rise to $7.3 billion, the report says. Coastal property and infrastructure will bear the brunt of the damage. This will bring annual price tag for hurricanes and other coastal storms to $35 billion.
If nations around the world continue to pump current levels of greenhouse gas into the atmosphere, by 2050 between $66 billion and $106 billion worth of existing coastal property will likely be below sea level nationwide. Some $238 billion to $507 billion worth of property would be below sea level by 2100.
Property losses from sea level rise are concentrated in the Southeast and Atlantic coasts, where the rise is higher and the losses are projected to be far greater than the national average.
Related Stories
MFPRO+ News | Jul 15, 2024
More permits for ADUs than single-family homes issued in San Diego
Popularity of granny flats growing in California
Codes and Standards | Jul 15, 2024
New York City code update changes definition of a major building
Changes affecting how construction projects in New York City are permitted will have significant impacts for contractors. On Dec. 11, the definition of a major building in the city’s code will change from 10 stories to seven, or 75 feet. The change will affect thousands more projects.
Government Buildings | Jul 8, 2024
GSA adopts new accessibility guidelines for federal properties
The U.S. General Services Administration (GSA) adopted a new rule with new accessibility guidelines for federal buildings. The rule establishes that pedestrian facilities in the public right-of-way are readily accessible to and usable by people with disabilities.
Office Buildings | Jul 8, 2024
Office vacancy peak of 22% to 28% forecasted for 2026
The work from home trend will continue to put pressure on the office real estate market, with peak vacancy of between 22% and 28% in 2026, according to a forecast by Moody’s.
Green | Jul 8, 2024
Global green building alliance releases guide for $35 trillion investment to achieve net zero, meet global energy transition goals
The international alliance of UK-based Building Research Establishment (BRE), the Green Building Council of Australia (GBCA), the Singapore Green Building Council (SGBC), the U.S. Green Building Council (USGBC), and the Alliance HQE-GBC France developed the guide, Financing Transformation: A Guide to Green Building for Green Bonds and Green Loans, to strengthen global cooperation between the finance and real estate sectors.
Codes and Standards | Jul 8, 2024
New York State building code update would ban fossil fuels in new buildings
New York’s Building Code Council is set to include the All-Electric Buildings Act in its 2025 code update. The Act would ban natural gas and other fossil fuels in new buildings.
Contractors | Jul 1, 2024
New emergency cooling vest can prevent heat-related deaths on construction sites
A new emergency cooling vest is designed to prevent heat-related deaths without requiring electricity or refrigeration. The lightweight ColdVest is the world’s first portable, Class 1 FDA emergency cooling device that can rapidly lower core body temperatures up to 5 degrees in under 3 minutes.
Smart Buildings | Jul 1, 2024
GSA to invest $80 million on smart building technologies at federal properties
The U.S. General Services Administration (GSA) will invest $80 million from the Inflation Reduction Act (IRA) into smart building technologies within 560 federal buildings. GSA intends to enhance operations through granular controls, expand available reporting with more advanced metering sources, and optimize the operator experience.
Sustainability | Jul 1, 2024
Amazon, JPMorgan Chase among companies collaborating with ILFI to advance carbon verification
Four companies (Amazon, JPMorgan Chase, JLL, and Prologis) are working with the International Living Future Institute to support development of new versions of Zero Carbon Certification.
K-12 Schools | Jul 1, 2024
New guidelines for securing schools and community spaces released by the Door Security and Safety Foundation
The Door Security and Safety Foundation (DSSF), in collaboration with Door and Hardware Institute (DHI), recently released of “Are Your Door Openings Secure?.” The document provides guidelines to equip school administrators, building management personnel, and community leaders with a clear roadmap to create a secure and safe environment.