NASHVILLE, Tenn. - Estimates on how much money it will cost to repair some of Nashville's best know buildings have started coming in. The flood waters caused tens of millions of dollars of damage on May 1 and May 2.
"Extensive damage far and wide from the flood," said Belmont University's Dean of Business Administration J. Patrick Raines.
Raines has studied the latest numbers out of Davidson County. Both privately and publicly owned facilities will cost millions to repair.
"Those are property losses and most of those property losses are going to be recoverable through insurance and federal assistance," said Raines.
The price tag for cleanup and restoration at the publicly owned LP Field is $2.4 million. At the privately owned Schermerhorn Symphony Center a permit for $15 million was pulled for repair work. The Country Music Hall of Fame and Museum suffered $300,000 in damage. It will take $3.1 million to get Bridgestone Arena back to the building it was before the flood.
All the repair work needed will create hundreds of new jobs.
"Skilled workers and those that can help with any of those trades are going to find themselves in short supply," said Raines.
Raines warned the jobs will be temporary and most likely will not lower the Nashville area's unemployment rate.
Raines explained the job losses from large employers like Gaylord Opryland Resort, Opry Mills and other businesses will off-set the gain in construction-related jobs.
The dean expects the unemployment rate to hold steady during the flood recovery process.
With help from the state and federal governments, along with Tennessee's volunteer spirit, Raines feels the state will rebound from the disaster.
"We'll find that there will be new roads. There will be new areas where things have been refurbished, and we're going to see our economy come back," said Raines.
He warned it will not be easy. Experts think Nashville will lose $3.9 million in hotel-motel taxes over the next six months.
The Gaylord Opryland Resort has already started to lose convention business scheduled for the fall. A large convention had to move to New Orleans because Gaylord managers could not guarantee the facility would be open in the fall.
The destination and its events put an estimated $50 million a month into the Nashville economy when it is operating.