The Baton Rouge Area Chamber today released a COVID-19 dashboard that examines and assesses the impact of the novel coronavirus on the regional economy. The dashboard is available online, and will be updated weekly.
The dashboard looks at fuel sales, oil prices, hotel occupancy rates, enplanements, and employment, through data from a number of regional stakeholders.
“During this time of economic uncertainty, in which a number of industries have been disrupted both in Baton Rouge and internationally, it’s crucial to take stock of the impact of the pandemic on local businesses and individuals,” says Andrew Fitzgerald, senior director of business intelligence for BRAC. “By engaging in real-time tracking of key economic indicators, we will be able to make informed decisions regarding utilization of resources and charting a path toward economic recovery once the pandemic is over.”
BRAC’s key takeaways from the dashboard, so far, are:
• Daily fuel sales in Baton Rouge were down year over year by 26% or more March 19-22.
• There were 17,290 new unemployment claims in the Capital Region March 15-25, meaning unemployment may have nearly doubled.
• Hotel occupancy rates were nearly cut in half over the year for the week of March 19-25, falling from 63% in 2019 to 32% in 2020.
• Fuel prices, which play a major role in state revenues, fell from $58.15 per barrel in March 2019 to $32.57 per barrel in March 2020.
• The Capital Region has a high number of residents in “essential” jobs, meaning that many businesses are still open, which could allow the virus to spread further but also may insulate the region from as severe an economic shock as other areas.
