As it has in virtually every corner of the globe, the crisis caused by the spread of the coronavirus—and the state-mandated stay-at-home orders designed to slow its spread—have wreaked havoc on the Baton Rouge economy with swift and astounding devastation.
Literally overnight, hundreds of businesses have been forced to shut down and thousands of mostly wage-earning, service sector employees have lost their jobs.
Those businesses that have been allowed to remain dopen are seeing revenues plummet, as Capital Region residents obey orders to work remotely and remain socially distant in an effort to flatten the curve of a killer virus that has become a global pandemic and forever changed life as we know it.
Baton Rouge is no stranger to disaster, having weathered hurricanes, floods and economic recessions. But this crisis is different, affecting every sector of the economy and every country in the world at the same time, with no playbook or precedent to follow and, more troubling, no end in sight.
Even seasoned business leaders who have survived many downturns and disasters are at a loss for how to make sense of the crisis and to predict how it might all play out.
“We’re in uncharted waters here,” says H&E Chairman and real estate developer John Engquist, who has put residential development at his Rouzan TND on hold for the time being. “Everything is running on fear.”
One of the most surprising aspects of the crisis is how quickly it has caused the economy to grind to a halt.
Read the latest Business Report cover package, which details how Baton Rouge is dealing with the coronavirus crisis, and what could be next for area businesses.
