Higher Building Code Standards Save the Nation $1.6 Billion Annually, according to FEMA Study

FEMA recently released Building Codes Save: A Nationwide Study, a report about its investigation into the effects of higher building code standards for natural disasters like wind, floods, and seismic activity. The study used newly available nationwide data to provide a quantitative understanding of the impact of adopting the International Codes (I-Codes) introduced in 2000. FEMA found that buildings that adopted the I-Code standards demonstrated reduced damage, resulting in savings to building owners, insurers, the community at large, and the nation, to the tune of about $1.6 billion annually. Additionally, FEMA projects that by 2040 the annual savings nationwide will grow to around $3.2 billion. This adds up to $132 billion in total losses avoided from 2000 to 2040. With projected savings and losses avoided, these dollar values represent considerable financial reasons for adopting hazard-resistant building codes. Read more about the study and access the report and accompanying documents at FEMA.