The Economic Impacts of Covid-19 in Montana Bureau of Business and - - PowerPoint PPT Presentation

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the economic impacts of covid 19 in montana
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The Economic Impacts of Covid-19 in Montana Bureau of Business and - - PowerPoint PPT Presentation

Apr 10, 2023 296 likes •414 views

The Economic Impacts of Covid-19 in Montana Bureau of Business and Economic Research University of Montana Economic Impacts of Covid-19 in Montana Economic Impacts of Covid-19 in Montana Dec-2019 vs. Apr-2020 and May-2020 Forecast Comparisons

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Economic Impacts of Covid-19 in Montana

The Economic Impacts of Covid-19 in Montana

Bureau of Business and Economic Research University of Montana

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SLIDE 2

Economic Impacts of Covid-19 in Montana

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Dec-2019 vs. Apr-2020 and May-2020 Forecast Comparisons Real GDP, U.S., Billions

15,000 16,000 17,000 18,000 19,000 20,000 21,000 22,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Dec-19 Apr-20 May-20 Source: IHS Markit

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Percent Change in Consumption, 2020, U.S. Selected Goods and Services – Revised May 2020

  • 50
  • 40
  • 30
  • 20
  • 10

10 20

On-Premise Food Clothing and Footwear Recreation Motor Vehicles and Parts Other Services Furnishings and Durable Household Equipment Motor Vehicle Fuels, Lubricants, and Fluids Transportation Services Household Utilities Housing Other Nondurable Goods Financial Health Care Services Food and Beverages Purchased for Off-premises

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BBER Analysis of Covid-19 Impacts

  • Compare two forecasts:
  • December 2019, pre-Covid
  • May 2020
  • “Moving target”
  • Purpose of the analysis is to give insight on magnitude of Covid-19

impacts

  • Clear conclusion – Montana will not be spared the pain of this

downturn

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Dec-2019 vs. Apr-2020 and May-2020 Forecast Comparisons Total Employment, Montana, Thousands

560 580 600 620 640 660 680 700 720

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Dec-19 Apr-20 May-20

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Dec-2019 vs. Apr-2020 and May-2020 Forecast Comparisons Personal Income, Montana, $ Billions

30 35 40 45 50 55 60 65

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Dec-19 Apr-20 May-20

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Dec-2019 vs. Apr-2020 Forecast Comparison 2020 Employment by Industry, Montana

  • 18
  • 16
  • 14
  • 12
  • 10
  • 8
  • 6
  • 4
  • 2

2

Forestry, fishing, and hunting Mining Utilities Construction Manufacturing Wholesale trade Retail trade Transportation and warehousing Information Finance and insurance Real estate and rental and leasing Professional, scientific, and technical services Management of companies and enterprises Administrative, support, waste management, and remediation services Educational services; private Health care and social assistance Arts, entertainment, and recreation Accommodation and food services Other services (except public administration) State and Local Government Federal Civilian Federal Military Farm

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Dec-2019 vs. May-2020 Forecast Comparison 2020 Employment by Industry, Montana

  • 18
  • 16
  • 14
  • 12
  • 10
  • 8
  • 6
  • 4
  • 2

2

Forestry, fishing, and hunting Mining Utilities Construction Manufacturing Wholesale trade Retail trade Transportation and warehousing Information Finance and insurance Real estate and rental and leasing Professional, scientific, and technical services Management of companies and enterprises Administrative, support, waste management, and remediation services Educational services; private Health care and social assistance Arts, entertainment, and recreation Accommodation and food services Other services (except public administration) State and Local Government Federal Civilian Federal Military Farm

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Dec-2019 vs. May-2020 Forecast Comparison 2020 Employment Difference by Region, Thousands