Earlier this week, the Eastern United States was shaken by a 5.8 magnitude earthquake. The quake, originating just outside of Louisa, Virginia, began at 1.51 PM EST and was felt as far north as New York. Buildings were evacuated, but there was no serious damage in Manhattan or the outlying areas.
There was significant damage near the quake’s epicenter. Some people may be forced to relocate temporarily while they repair their homes and offices.
In Washington, damage to the iconic Washington National Cathedral has forced officials to look for a new site in which to hold Saturday’s memorial service honoring Martin Luther King Jr. A spokesman for the Cathedral, Richard Weinburg, stated that structural engineers and architects are continuing to assess the damage. Repairing the damage is expected to cost millions of dollars, but without insurance or government funding the Cathedral is relying heavily on the public to assist with the renovations.
While the earthquake has caused significant upheaval in urban areas, forced relocation provides an opportunity for business owners to reevaluate their needs. While their current location may have been financially successful in the past, a shifting client base, business growth and increasing rents may mean that business relocation raises profit considerably. When considering where to move, speak to other businesses in order to gain an inside perspective on the current economic situation in that area. With careful consideration, a natural disaster affecting your company could become an economic success.