STUDIES ON THE LOMA PRIETA EARTHQUAKE NO. 3. ECONOMIC IMPACTS OF THE LOMA PRIETA EARTHQUAKE: A FOCUS ON SMALL BUSINESS

Abstract

This paper focuses on identifying the economic impacts of the Loma Prieta earthquake, for the regional economy as a whole and for small businesses operating in the heart of the impacted areas. The paper looks both at aggregate impacts, through an analysis of published economic data, and individual experiences, through a survey of small businesses in the cities of Oakland and Santa Cruz. Aggregate effects are covered through a discussion of the damage in the context of total economic activity, identification of areas and sectors where economic impacts are evident, measurement of the magnitude and duration of impacts, and analysis of the effects on the housing market. Disaggregated effects and individual experiences are examined through the survey of Oakland and Santa Cruz small businesses. The paper concludes with a discussion of the broader implications of the Loma Prieta earthquake experience for the long term vulnerability of the region's economy to earthquakes.

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