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As Texas waters continue to rise, so do the damage estimates

For a fourth day, heavy rains kept rivers and creeks swollen and spilling into neighborhoods in Houston
Texas storm damages estimated at more than $1 billion 01:41

HOUSTON --Houston got no break Thursday fromrelentless storms. As rivers and creeks rise, so too are the bills for homeowners and businesses.

For a fourth day, heavy rains kept rivers and creeks swollen, spilling into neighborhoods and paralyzing parts of the city.

CBS News' Manuel Bojorquez talks to Sabino Hernandez in the flooded parking lot of his Houston restaurant CBS News

Sabino Hernandez says the flooded parking lot of his restaurant will likely shut him down for a week. He said he has lost at least $5,000 in just the past week.

The losses are adding up -- financial services group BBVA Compass estimates close to $2 billion has been lost in business and damages.

Texas A&M professor Sam Brody says Houston's geography and urban sprawl are proving to be a costly combination.

"Between 1996 to 2011, this area has increased pavement by 25 percent. The water has nowhere to run other than people's home and businesses."

New rescues as more Texans impacted by flooding 02:15

Brody estimates that roughly every ten square feet of pavement in Houston equates to about $4,000 in extra flood damage. And in the last eleven years, the city's flood costs total $3.5 billion in just insured losses.

He says this kind of economic loss will continue. "It will continue and our data shows it's spiraling upwards, not just here but nationwide."

Brody says one solution is to build higher. For example, one apartment complex that was built on stilts has a flooded parking lot -- but we're told no homes have been affected.

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