The Bloomington Economic Development Corporation is forecasting major changes to the regional economy. The corporation’s annual address said the previously stable situation before the pandemic is no more.
Carol Rogers is the co-director of the Indiana Business Research Center at IU and opened the discussion.
Rogers said as employers have been forced to lay off workers, the Corporation started to generate an impact model to show how different economic sectors in the region will be hit by COVID-19.
She says the model is tied to unemployment claims by sector. Manufacturing has one of the highest numbers for unemployment claims in the region, and is projected to take the biggest hit to its GDP, at around 14 percent.
“Manufacturing, the impact's going to be much tougher because it’s an industry that packs huge earning power per job," she says.
Another economic sector in the region that is projected to take a big hit is accommodation and food service, at around 10 percent loss in the next year.
It is the industry with the highest rates for unemployment claims for the region, according to Rogers.
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