SANDAG Examines COVID-19 Impacts on Regional Economy
During the COVID-19 pandemic, transportation and commuting habits of San Diegans have been drastically altered as many more stay-at-home. SANDAG has developed the following reports and information, which they have shared with the Mission Hills BID:
SANDAG Chief Economist Ray Major and the SANDAG economics team have developed reports about the COVID-19 Impact on the San Diego Regional Economy to help inform policy decisions that promote economic, social, and environmental prosperity in the San Diego region during the COVID-19 pandemic. The first report focuses on retail sales and TransNet revenue, and forecasts potential impacts including (as of April 3, 2020):
A 9.2% decrease in the voter-approved TransNet half-cent sales tax revenue during fiscal year 2021.
Business sectors will be impacted differently, with industries such as apparel and retail sales potentially seeing sales reductions of 75-80%, while industries like drug stores, food markets, and liquor stores could see increases of 20-30%.
Based on surveys of local businesses, taxable retail sales are anticipated to decline in aggregate by 25% in March and approximately 50% in April.
The second report outlines the geographical distribution of unemployment rates of the nearly 430,000 people in the region who are now unemployed, a majority of them due to the economic crisis following the COVID-19 pandemic. According to the report, communities that have been hit the hardest include the South Bay and Central San Diego where unemployment rates are 22-27%. Learn more and read both reports at sandag.org/economy.