Katrina's Economic Impact: One Year Later

Despite the destruction, and the personal and financial impact to people in the path of the storm, the majority of economists surveyed by the ABC News Business Unit said the storm had a only short-term impact on the nation's economy.

"It's amazing how large and resilient the economy is," said Bill Dunkelberg, economist for the National Federation of Independent Business.

One year later, the majority of economists contacted by ABC gave the U.S. economy a 'B+' to 'A' for its response to Hurricane Katrina.

"New Orleans' impact on the U.S. economy was limited to energy and port activities, and the rest was easily replaced," said Naroff. "And that may be the lesson. You can lose a city and not have any major impact on the economy over time. Many activities will be replaced in other parts of the country."

Bob Hartwig, chief economist at the Insurance Information Institute, gave the economy at 'B+' saying, "I would have given it a higher grade were it not for persistently high energy prices."

That's one price everyone continues to pay since Katrina made landfall a year ago.

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