WACO, Texas (KWTX) - The year dawned bright on Jan. 1, 2020, but the coronavirus put the brakes on a lengthy expansion and shuttered huge segments of the economy.
“The public health crisis and resultant economic calamity have had wide ranging implications throughout the whole of society,” a report issued recently by Dr. M. Ray Perryman, principal at Waco’s Perryman Group, said.
“Perhaps the most striking feature of the nosedive was its unevenness,” Perryman said, as the pandemic impacted Texans and Texas families in vastly different ways, leaving some workers idled or with reduced hours, while those still working, especially in essential jobs, faced longer hours and a higher risk of contracting the virus.
Millions transitioned to working and schooling at home.
“Some industries are struggling to survive, while others are experiencing steady or even soaring demand,” Perryman said, pointing out airlines, hotels, and other travel businesses, restaurants and bars, and many types of firms have been devastated, yet others, such as online retailers and delivery services, have seen explosive growth.
“Energy was jolted, with oil prices plunging due to collapsing demand paired with a surplus of oil, which has been particularly challenging for the Texas economy,” Perryman noted.
As small businesses struggled, the tech giants propelled the stock market to new heights, he said.
“No one has gone untouched by the pandemic, but COVID-19 has disproportionately impacted low income and racial and ethnic minority communities,” Perryman said.
“From limited resources and inadequate access to health care and broadband to a greater likelihood of working in higher-exposure essential jobs or those lost during shutdowns, these segments have been hit especially hard.
“Other 2020 events with potential long-term economic effects include the presidential election and its accompanying sharp polarization, which was particularly problematic during a time when the nation needed to come together,” Perryman said.
“On a brighter note, the new United States-Mexico-Canada Agreement went into effect in July and will enhance activity across North America with improvements to digital and agricultural trade regulations, intellectual property protection, and labor and environmental standards. In more normal times, that might well have been the biggest economic story of the year.”
States have had vastly varying reactions and approaches to dealing with the pandemic, for better or worse.
But Perryman points out, disparities between rural areas with limited health resources and major urban centers have contributed to a wide range of experiences during this tumultuous season.
“This year has been unprecedented, and its legacy will be scrutinized for decades to come.
“One thing that is already apparent, however, is that the pandemic’s effects have been particularly burdensome for some regions, population groups, and industries,” Perryman said.
“It will take concerted and ongoing efforts to deal with the continuing fallout, but I have every expectation that we will emerge stronger and more resilient.”
Copyright 2021 KWTX. All rights reserved.
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January 10, 2021 at 11:00AM
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2020 unprecedented, will be scrutinized for decades to come, local economist says - KWTX
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