May 28, 2020

Accepting Their New Position: COVID-19's Effect on the Tennessee Economy & Workforce

Tennessee Governor Bill Lee met with economists and other state leaders to discuss how COVID-19 has disrupted their economy and labor force earlier this week, as covered by WBIR TV-10 in Knoxville.

Despite the obvious difficulties that a pandemic brings, attendees believed that the state is set up sufficiently enough to weather the storm. They did agree, however, that it will take well over a year for the economy to regulate after the significant declines across the board to numerous organizations, industries, and state institutions.

“Our work is more important today and in the coming weeks than it has been in some time. We certainly are in a strong financial position in this state and that’s a very good thing because we have unprecedented challenges,” said Gov. Lee.

The Nashville Area Chamber of Commerce’s Research Center recently used the REMI model to conduct a study examining employment levels in the cities of Nashville and Clarksville, as well as the rest of Tennessee as a result of the COVID-19 pandemic. Analysts projected the impact of reduced job totals, personal income, and more out to the year 2030 to potentially determine when normal economic activity might be reinstated in the state.

You can read all of WBIR TV-10’s article by clicking here.

You can also access the Nashville Area Chamber of Commerce’s report, “Economic Impact of Disruption to All Sectors for the State of Tennessee, the Nashville MSA, and the Clarksville MSA,” by clicking here.