The Nashville Area Chamber of Commerce releases new COVID-19 Economic Impact Analysis
NASHVILLE, Tenn. (August 19, 2020) – The Nashville Area Chamber of Commerce released today the latest update to the COVID-19 economic impact analysis. The recent model is built on unemployment and economic data up to the week ending August 1, 2020 which provides two additional months of data (June and July) since the model’s last run.
Highlights from the Analysis
- On economic activity, the model shows staggered returns for various sectors, but most sectors will return to pre-COVID-19 economic activity by third quarter in 2021. The exception is the hospitality and leisure sector.
- Hospitality and leisure sector should see return to pre-COVID-19 employment by mid-2022. With its delayed return, this sector will pull down the unemployment for the region. Similar impact of hospitality and leisure sector on the region’s overall GDP.
- The next month of unemployment data will be critical as it will reflect the first month without significant federal support for individuals which will create a dip in personal income and consumer spending.
- The next level of analysis for the Chamber’s Research Center is to layer this economic impact analysis with the Research Center’s forthcoming Workforce Study to understand which occupations could be irrevocably harmed by COVID-19 and resulting recession. This will be factored into the Chamber’s workforce efforts.
To access the updated COVID-19 economic impact analysis, click here.
About the Nashville Area Chamber of Commerce
The Nashville Area Chamber of Commerce is Middle Tennessee’s largest business federation, representing more than 2,000 member companies. Belong, engage, lead, prosper embodies the Chamber's focus on facilitating community leadership to create economic prosperity for Middle Tennessee. The work of the Nashville Area Chamber is supported by members and sponsors;the Chamber’s Pivotal Partners (a partnership at the highest level for all Chamber programs and events) are Delek US Holdings, Bass, Berry & Sims PLC, BlueCross BlueShield of Tennessee, Community Health Systems, Gresham Smith, and Regions. Together with its affiliates, the Nashville Chamber works to strengthen the region’s business climate and to enhance Nashville’s position as a desirable place to live, work and visit. For more information, visit nashvillechamber.com.