Hurricane Florence has been downgraded, but it can still be quite devastating. Per electric power company Duke Energy Corporation DUK, heavy rainfall and fierce storms can result in electricity outages for three-quarters of its 4 million customers, particularly in the Carolinas. Many Carolinians are thus in the crosshairs as the deadly storm closes in on them.
While Florence is expected to wreak havoc on the Southeastern coast, insurance, agriculture and restaurant industries are set to bleed. Meanwhile, the hurricane could be a blessing in disguise for companies that supply building products, home improvement retailers, transportation service providers and power generators. Investing in these gainers for the time being, therefore, isn’t a bad proposition.
Florence Nears U.S. Coast
The National Hurricane Center (NHC) warned that even though Florence has been downgraded to a Category 2 hurricane as it nears the U.S. coast late Thursday and Friday, it is still an “extremely dangerous major hurricane.”
The NHC added that “on the forecast track, the center of Florence will approach the coasts of North and South Carolina later today, and then move near or over the coast of southern North Carolina and eastern South Carolina in the hurricane warning area tonight and Friday. A slow motion over eastern South Carolina is forecast Friday night through Saturday night.”
Communities along the North and South Carolina coast prepare for the worst hurricane. More than 10 million residents in North and South Carolina, and Virginia are keeping an eye on the storm. By the way, the track has to some extent shifted south and west, throwing Georgia into a tricky position as Florence moves inland.
Governor Nathan Deal said that “in the light of the storm’s forecasted southward track after making landfall, I encourage Georgians to be prepared for the inland effects of the storm as well as the ensuing storm surge in coastal areas.”