Hilco Real Estate 6-2024

Dry times ahead as drought worsens

by | Sep 20, 2023 | Latest, news

Drought, generally defined as an absence of water caused by insufficient precipitation over a period of time, is as old as the Bible.

“Thus I was; in the day the drought consumed me,” said Jacob as he described his hardships as a shepherd (King James Version, Genesis 31:40).

The condition can be seasonal, such as Chaucer’s “droghte of March,” or abnormal such as Texas’ record drought of 1949 and 1957 as the state received 30% to 50% less rain than normal. 

According to the Texas Water Development Board (TWDB), the economic impact of that drought was $34 billion when measured in 2023 dollars.

The second-longest drought in Texas history impacted 100% of the state between 2010 and 2015. The TWDB estimated losses from that period at $10 billion to $14 billion. According to TWDB, without the implementation of projects and grant funding to assist communities in need, the next severe drought could cost Texas $153 billion per year by 2070.

This year, about three-fourths of the state was experiencing some stage of drought at the end of August, ranging from moderate drought to exceptional drought. The affected area included about 23.7 million Texans.

By Bob Wieland | bwieland@webmaster

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Hilco Real Estate 6-2024

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