SALT LAKE CITY – Governor Spencer Cox says the state’s financial system remains to be making an attempt to recuperate from the financial downturn of the COVID-19 pandemic, which he calls the most important downturn Utah has ever seen. He says we’re in a very good place to try this, however there might be some issues.
One of many industries hardest hit in Utah by the COVID-19 pandemic is the leisure business. The Utah Cultural Alliance issued their 2020 State of Utah Culture Report saying over 3,000 jobs have been impacted, roughly 22,000 impartial contractors misplaced work, and the cultural business misplaced over $76 million.
In addition they estimate venues and promoters needed to roll over $17 million price of tickets into 2021. Utah Symphony-Utah Opera needed to do the identical factor, and CEO Steve Brosvik says they may positively really feel the pressure sooner or later.
“We’re making use of for our ticket patrons into subsequent yr, or this spring in the event that they wish to partake in a live performance. However, there can be no new money coming in,” Brosvik says.
He says the businesses have made many adjustments over the course of the yr. They have been allowed to have diminished audiences for some time, however venues have been closed when hospitalizations spiked. Brosvik says they pivoted to streaming on-line live shows and make extra instructional movies for colleges, plus they needed to make some painful cuts.
“Our musicians and workers have all taken a fairly important pay lower this yr,” he says.
The businesses are doing “okay” for now, however they’ve been getting a variety of assist to maintain them afloat. Brosvik says they obtained federal funding from the federal CARES Act, a variety of assist from their season ticket holders and a few very beneficiant donations. With out that continued assist, mixed with the pay lower to workers, their scenario can be a lot worse.
Utah’s hospitality business can be taking an enormous financial hit. The UCA report exhibits that the business misplaced over $70 million between March and November of 2020.
Governor Spencer Cox says, “There are nonetheless households and industries which have been disproportionately impacted by the pandemic, and can want an extended time earlier than they obtain full restoration.”
Some industries, like journey and open air, have fared very effectively through the pandemic. Nevertheless, that might be as a consequence of federal stimulus cash, and economists have some considerations about that.
Governor Cox says, “All of that cash is within the system. What occurs after we don’t have that anymore?”
Regardless of these points, Governor Cox doesn’t imagine it could be a good suggestion to increase the moratorium on evictions. He says the state nonetheless has a variety of funding obtainable for folks in want that individuals can apply for by way of the state’s coronavirus website.
Different Articles:
Utah’s economy projected to bounce back, but not fully unless women return to workforce
U of U study says mask mandates protect people and help the economy
COVID-19 and the economy the focus of Utah legislative special session
