As Harvey continues to dump rain on Houston, the estimates of economic damage to the nation’s fourth-largest city continue to escalate.

Morgan Stanley says if media reports about the damage ranging between $30 billion and $40 billion are correct, Harvey would rank as fourth worst storm, when adjusted for inflation.

Storm Date Damage (billions)
Katrina Aug. 25-30, 2005 $160
Sandy Oct. 30-31, 2012 $70.2
Andrew Aug. 23-27, 1992 $47.8
Ike Sept. 12-14, 2008 $34.8
Harvey Aug. 25, 2017- $30-$40
Ivan Sept. 12-21, 2004 $27.1
Wilma Oct. 24, 2005 $24.3
Rita Sept. 20-24, 2005 $23.7
Charley Aug. 13-14, 2004 $21.1
Hugo Sept. 21-22, 1989 $18.2
Irene Aug. 26-28, 2011 $15

Goldman Sachs, which estimates damage of $30 billion, says major hurricanes in the past have been associated with a temporary slowdown in retail sales, construction spending and industrial production, and a rise in jobless claims.

(The first report to focus on will be the jobless claims release set for Sept. 7.)

Opinion: No, hurricanes are not good for the economy

The rebuilding in time should lift gross domestic product, however, both from the rebuilding and the catch-up in activity.

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