FOR IMMEDIATE RELEASE
March 24, 2020
Brown: “The events of the last two weeks are unprecedented, and the full impacts are just beginning to be understood.”
Denver, CO – Today, Common Sense Policy Roundtable (CSPR) announced an ongoing project to study the economic impact of the COVID-19 virus. The first analysis, released today, examines the overall, potential impacts of social distancing policies.
“The events of the last two weeks are unprecedented. There have been no greater policy shifts enacted in history,” said Chris Brown, CSPR Director of Policy and Research. “While we remain hopeful that the most significant impacts of the actions to prevent the spread of the COVID-19 will be felt in the short-term, it is important to be aware and consider the potential longer-term impacts on the economy as well.”
According to Brown, “Given the rapid pace of change, the full impacts to our economy are still unclear. However, we can begin to develop economic modeling scenarios to gain important insights, as lawmakers look to curtail the worst of the economic effects.”
Key findings from the first CSPR COVID-19 Analysis reveal:
- A potential reduction in 50% of business in 4 key sectors, including retail, arts, entertainment & recreation, accommodation and food services and drinking places;
- Total employment could be reduced by over 183,000 jobs – nearly the entire population of Fort Collins and Littleton combined – or 4.6% of the state’s total workforce; and,
- Despite recent estimates forecasting the state will face a $1 Billion reduction in revenue from previous projections for the next budget cycle, it appears that those estimates will only be revised downward.
CSPR will continue to monitor the impacts of COVID-19 and release updated economic impact analysis as the crisis evolves. Follow the analysis at www.commonsensepolicyroundtable.org
“No doubt, these findings will change and perhaps even improve as new policies are implemented,” continued Brown.
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Common Sense Policy Roundtable is a non-profit, free enterprise think tank dedicated to the protection and promotion of Colorado’s economy.