Sandy could have impact on local economy

Sandy could have impact on local economy

(WTVM) - It's still early, but economists say Sandy could have a major impact on the economy not only in the northeast but also here at home.

Initial estimates say there could be a $30 to $50 billion impact from Sandy, and that may be a conservative figure.

Economists say there will be definite winners and losers. The losers include the retail sector.

"That draws a large portion of their income from the holiday season in the fourth quarter to the extent that they depend on New York producers to get them the material; they're going to be short," said Dr. Keivan Deravi. "All over the United States, even Alabama, no matter where."

Winners include the construction and lumber industry. For example, companies in Alabama and across the south will have to send materials and labor up north.

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