As state governments respond differently to the COVID-19 pandemic, their economies are also responding to the sudden changes sweeping across multiple industries. Shifts in labor force, state revenue, and local budgets are producing real-time effects to public finance and regional forecasts.
Regional Economist Terance Rephann, Ph.D. from the University of Virginia’s Weldon Cooper Center for Public Service will join REMI for a special guest webinar, “COVID-19 Estimates for Virginia: Economic and Tax Revenue Impacts,” that is scheduled for Wednesday, May 6th from 2:00 to 3:00 p.m. (ET).
This webinar presentation examines the potential economic and fiscal impacts of the COVID-19 pandemic on the Commonwealth of Virginia and its localities.
Dr. Rephann will describe the rationale for the “moderate” and “severe” recessionary scenarios used in his assessment where industry exposure varied due to social distancing concerns, shelter-at-home orders, and restrictions on non-essential business operations. Revenue impact estimates were made for both the state and its localities to explore the relative sensitivity of each to the drops in economic activity.
How COVID-19 is impacting employment and gross domestic product, the methodological approaches utilized by Dr. Rephann, and the key findings from this analysis of the Commonwealth of Virginia will all be included in this discussion on May 6th.