In mid March, every major and minor US sporting event was canceled or postponed. This surreal move impacted approximately 1.3 million sports jobs in the US: furloughed, reduced, or erased. By mid June, sports occupations could also lose a total of $12.3B in earnings. That’s an average of $133.4 million in earnings every day, or $92.6K every minute.
COVID-19 and the great shutdown have gutted the US hospitality industry. With scant passengers rattling around inside empty airplanes, hotels abandoned, and thousands of weddings—usually considered recession-proof—postponed, hospitality is losing an average of $534 million in earnings and over 12,000 jobs every day.
In a perfect world, economic impact studies would only be conducted to determine the likely effects of positive events in a community: expansion of a local manufacturer, increase in education attainment, or a reduction in the poverty rate. Unfortunately, sometimes negative impacts must also be measured, such as the economic impact of COVID-19. To ensure that the results of impact studies are accurate, and thus most useful in developing recovery efforts and allocating relief funds, it’s important to be thorough.
Economic and workforce development professionals are on the front lines of their community’s response to COVID-19. To support their community and provide impactful assistance to local businesses, they need to be armed with the right data. We recently hosted a webinar to discuss the real-time and traditional labor market data that can help identify, prioritize, and support local businesses impacted by restrictions and closures.
Economic and workforce developers are always expected to have a pulse on the local economy and know its levers and pulleys. As communities grapple with the impacts and economic fallout of COVID-19, this is more true than ever. By providing sound data to help frame conversations and make better decisions, economic development organizations can greatly assist in efforts to lessen the immediate shock and quicken the recovery.
With 160 new full-time jobs and a 1.2 million-square-foot distribution center, Goodyear Tire & Rubber will soon be one of Forney’s top employers. Learn how Forney used Emsi data to seal the deal with Goodyear.