Stephen Miller, chief economist and economic development director for the Southeast Business Partnership, made his prediction based on wages paid to employees who were unable to get to work for several days last week because of the more than three feet of snow that blanketed the area. The local economy suffered from lost retail sales as well.In addition, one must add the still undetermined cost of snow removal, he notes. Another issue is the number of roofs of retail and office buildings that collapsed under the weight of the snow.
Also, there is some potential lost income to commercial real estate brokers who work solely on commissions, he says. "I guaranty you, no one was showing offices last Wednesday and Thursday," he says.
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