HOUSTON, June 3, 2015 /PRNewswire/ -- BBVA Compass economists estimate the economic impact of the severe rainfall that left many parts of the Houston metropolitan area underwater last month could range from $200 million to $550 million.  

The estimate includes damage to housing, structures and cars, as well as the total value of lost economic activity and sales tax revenues from May 25-26. Thousands of the city's structures were damaged as a result of the flooding, with parts of Southwest Houston receiving up to 11 inches of rain.  

"The material cost of the recent flooding is significant, but the economic impact for Houston will be lower than Hurricane Ike and Tropical Storm Allison, which were around $154 billion and $6.7 billion respectively," said Marcial Nava, BBVA Compass senior economist.

The estimate is preliminary, with damages still being tallied — it's unknown how much it will cost to repair the Southwest Wastewater Treatment Plant, for instance.

The damage outside of the greater Houston area was substantial as well, with 70 counties — 28 percent of total counties in Texas — declared disaster areas.

Additional information can be found in the report, which can be accessed by clicking here.

Led by BBVA Compass Chief Economist Nathaniel Karp, the bank's seven-member research team analyzes the U.S. economy and Federal Reserve monetary policy. For its analyses, the economists create models and forecasts for growth, inflation, monetary policy and industries. The economic research team also follows a variety of issues that affect the Sunbelt states where BBVA Compass operates.

In addition to Karp and Nava, the bank's economic research group includes Amanda Augustine, Boyd Nash-Stacey, Kan Chen, Kim Chase, and Shushanik Papanyan. Follow their work on Twitter @BBVAResearchUSA and @BBVACompassNews.

About BBVA Group

BBVA Compass is a subsidiary of BBVA Compass Bancshares Inc., a wholly owned subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, is the largest financial institution in Mexico and has leading franchises in South America and the Sunbelt region of the United States. Its diversified business is geared toward high-growth markets and relies on technology as a key sustainable competitive advantage. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies the best practices. The Group is present in the main sustainability indexes. More information about the BBVA Group can be found at www.bbva.com.

About BBVA Compass

BBVA Compass is a Sunbelt-based financial institution that operates 672 branches, including 341 in Texas, 89 in Alabama, 77 in Arizona, 62 in California, 45 in Florida, 38 in Colorado and 20 in New Mexico, and commercial and private client offices throughout the U.S. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass earned the top ranking with customers in American Banker's 2014 annual reputation survey of the top 25 largest U.S. retail banks. It also has been recognized as one of the leading small business lenders by the Small Business Administration, and its mobile app recently earned the Mobile Banking Leader in Functionality Award for the second consecutive year from Javelin Strategy & Research. Additional information about BBVA Compass can be found at www.bbvacompass.com, by following @BBVACompassNews on Twitter or visiting newsroom.bbvacompass.com. 

Editor's Note:
BBVA Compass is a trade name of Compass Bank.

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SOURCE BBVA Compass