Robinson Analytics Estimates Economic Cost to Twin Cities Could be 3.4 Billion
With the recent unrest in the twin cities (Minneapolis and St Paul) of Minnesota related to the tragic and unnecessary killing of George Floyd, Robinson Analytics thought they would weigh in with an estimated cost to the local economies from the rioting.
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The economic cost estimate takes into consideration the direct damage to the buildings in the community. For example, more than 500 shops and restaurants in Minneapolis and St. Paul have reported damage
I also take into account the impact of lost sales of these businesses and the impact of lost tourism to these cities. Additionally, keep in mind, that riots also produce a clear disincentive for business owners to locate their operations in riot-prone areas.
Riots are also bad for property values, as people do not want to live in those areas and many property owners are hesitant to rebuild or repair in the aftermath (some parts of Washington, D.C. for instance, still carried the scars of riots in 1968 decades later). Riots also appear to be bad for employment – businesses are not going to put valuable capital at risk like that, so they will locate their operations in safer places.
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