Assessing the impact of Hurricanes Helene and Milton on small businesses

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After making landfall in Florida on October 9, 2024, Hurricane Milton swept a path across the state, affecting 34 counties, many of which had already been exposed to Hurricane Helene only a few days earlier. The counties Milton affected are collectively home to almost 60 percent of the state's MSMEs. Those 1.9 million small businesses employ about 4 million people and generate more than half a trillion dollars in revenue. Of these 34 counties, the 25 that endured winds of greater than 58 miles per hour are home to 35 percent of the state's MSMEs.

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Milton's path cut relatively evenly across a wide range of Florida's small-business sectors, affecting 50 to 60 percent of small businesses in most sectors. The healthcare sector leads the way in workforce numbers, with about 476,000 people employed by MSMEs in hurricane-affected counties. The construction and professional-services sectors are not far behind. In-person sectors, including retail-which has approximately 333,000 workers employed by MSMEs in Milton's path-could potentially feel more pronounced effects related to the storm. The personal-services and real estate sectors, in which 80 percent of workers fall into the more vulnerable self-employed and microenterprise segments, could face substantial challenges.

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Of North Carolina's roughly 1.1 million total MSMEs, about 471,000 are based in the 39 counties that FEMA designated for individual disaster assistance as of October 21, 2024. These small businesses in Helene's path collectively employ about 1.1 million people and produce about $168 billion in revenues. Affected counties include Mecklenburg and Buncombe, home to the important population centers in, respectively, Charlotte and Asheville.

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Helene's sector-level impacts in North Carolina were relatively evenly distributed, affecting approximately 40 to 50 percent of the state's MSME firms, employees, and revenues across most sectors. In the affected counties, healthcare MSMEs, with a total of roughly 132,000 employees, topped the list in worker populations, followed by construction MSMEs and accommodation and food services MSMEs. MSMEs in the wholesale trade, with their roughly $34 billion in collective revenues, had the most sector-level economic output put at risk. The professional-services and construction sectors feature a large proportion of workers-about 70 percent-in the more vulnerable self-employed and microenterprise segments.

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