The Baton Rouge Area Chamber today released its COVID-19 economic indicator dashboard that examines and assesses the impact of the COVID-19 pandemic on the regional economy.
Week-over-week data continues to show little movement across major indicators.
“Residents’ response to the increased rate of positive test results has been to curtail non-work travel and spending, which will have a negative impact on the suffering leisure and hospitality industry,” says Andrew Fitzgerald, senior director of business intelligence for BRAC, in a prepared statement. “Nationally, people have engaged in commerce when they feel safe, not when a governmental order tells them they can go spend money; that is holding true in the Capital Region as well. Bottom line: economic recovery hinges on stopping the spread.”
Key takeaways from this week’s dashboard include:
• Consumer spending was flat or down in the largest Capital Region parishes.
• Retail fuel sales were up significantly at the state level and slightly at the metro level.
• Mobility data shows more driving to work by regional residents, but less driving to parks, retail and recreation sites.
• The number of weekly unemployment claims was relatively static for the third consecutive week.
• Hotel occupancy was up for the week, potentially due to travel related to the special legislative session.
• While COVID-related deaths and mortality rates are flat, positive test rates and hospitalizations are up.