Damaged Buildings

Is their an impact of having a damaged building? From what I can tell, there is no obvious degradation of the buildings abilities. Unit production building don’t appear to slow down, industry still produces the same amount, air strips still have the same refueling time, etc. Am I missing something or is a building’s HP just to show how close to being destroyed it is. Sometimes I see air strips stop to function if their are too few HP. I have a naval based I captured with 40 out of 160 HP and it appears to function the same, considering the morale of the providence. I’m just. Curious if there is a point to repairing many buildings in captured providences.