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Economic Effectiveness of Implementing a Statewide Building Code: The Case of Florida

Economic Effectiveness of Implementing a Statewide Building Code: The Case of Florida <p>ABSTRACT:</p><p>Hurricane Andrew revealed inadequate construction practices were utilized in Florida for decades. In response, Florida adopted a new statewide code—the 2001 Florida Building Code (FBC)—which became one of the strictest in the nation. We use 10 years of paid insured loss data to show that the FBC reduced windstorm losses by up to 72%, then use our results to conduct a benefit-cost analysis (BCA). The FBC passes the BCA by a margin of $6 in full reduced loss to $1 of added cost, with a payback period of approximately 8 years.</p> http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Land Economics University of Wisconsin Press

Economic Effectiveness of Implementing a Statewide Building Code: The Case of Florida

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Publisher
University of Wisconsin Press
Copyright
Copyright by the Board of Regents of the University of Wisconsin System.
ISSN
1543-8325

Abstract

<p>ABSTRACT:</p><p>Hurricane Andrew revealed inadequate construction practices were utilized in Florida for decades. In response, Florida adopted a new statewide code—the 2001 Florida Building Code (FBC)—which became one of the strictest in the nation. We use 10 years of paid insured loss data to show that the FBC reduced windstorm losses by up to 72%, then use our results to conduct a benefit-cost analysis (BCA). The FBC passes the BCA by a margin of $6 in full reduced loss to $1 of added cost, with a payback period of approximately 8 years.</p>

Journal

Land EconomicsUniversity of Wisconsin Press

Published: Apr 17, 2018

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