Flood damaged businesses pull $2.8B from economy

Tuesday, June 1, 2010 at 2:08am

Businesses damaged during Nashville’s historic flood collectively have an annual revenue stream of $2.8 billion, according to Nashville Area Chamber of Commerce President Ralph Schulz.

“A $2.8 billion revenue stream lost or at least interrupted to the community is big,” Schulz said. “It affects jobs. It affects tax collections. And obviously it affects the stability of those businesses going forward. It underlines the urgency to get those businesses back up and operating.”

“We don’t know at this point how many of those businesses are already up and operating at a different location,” he added.

In the weeks following last month’s flood, the chamber and Metro have been assessing damages sustained by businesses throughout Davidson County, so far identifying 1,649 hurt companies. That number is likely to increase.

“We and Metro are out in the field now, and it’s likely that the number of businesses is going to go up,” Schulz said. “Some of the field reports that are coming in could indicate that there may be as many as 1,000 other businesses that were damaged beyond that 1,649.”

Damaged businesses employ a total of 8,368 workers. Fourteen hurt businesses are employers of more than 100, while another 63 businesses employ more than 25 workers.

Already, Schulz said there are 56 Nashville businesses that have lost more than $10 million each from not operating over the last month.