The coronavirus epidemic has reset the way we understand and examine the economy. With major changes to employment levels and household spending, plus stimulus checks, increased unemployment benefits, and PPP loans, it is crucial that economic data is updated during this time. With that in mind, IMPLAN is proud to announce the release of ground-breaking data and economic impact models for the COVID-19 era: Evolving Economy - COVID Q2-2020.
Across the country, the service industry has felt the consequences of the coronavirus more severely than most. Through the beginning of May, more than 8 million restaurant jobs were lost. While cities and regions of all sizes have felt the strain, social distancing and business restrictions have affected small businesses in towns reliant on tourism spending particularly harshly. One of these towns is Asheville, North Carolina. Asheville, a city located in the Blue Ridge Mountains of western North Carolina, is known for its beautiful mountain views, tourist attractions, and incredibly robust brewery scene.
According to IMPLAN data, the food service industry supports over 18,000 jobs, making it the largest employment sector in the Asheville MSA. When COVID-19 hit and businesses began closing up shop for indeterminate periods of time, it left many uncertain of how they could continue operating. Gathering restrictions and event cancellations posed a unique threat to the more than 100 food trucks that operate in and around Asheville.
COVID-19 has the world turned upside down. IMPLAN is no different as we have moved to working remotely instead of heading into the office. As the leader in economic impact modeling data and software, we are being continually asked how to model the economic impacts of COVID-19. Unfortunately, the answer isn’t easy, and with things changing so quickly, it won’t fully be known until the pandemic is under control. No model can predict all of the wide-ranging, short- and long-term impacts of such a far-reaching phenomenon as the COVID-19 pandemic, but here are some ways you can examine what is happening in the U.S. and your community.
News coverage around COVID-19 is unavoidable. The worldwide pandemic has upset lives globally and dominated everyone’s attention for weeks. With the situation seemingly changing every hour, experts across industries have come forward with predictions about all aspects of life including from healthcare, personal finance, the economy, and more. Due to the interconnectedness of our economy, a disruption to any industry has ripple effects throughout other industries and geographies. Foreign travel was one of the first industries to be clearly impacted by the emergence of the coronavirus in China, and impact analyses can demonstrate the reach of those affected by this economic turmoil.