CHARLESTON, S.C. (WCBD) – Trident United Way has released a new analysis indicating that the Tri-County economy could take a nearly $2 billion hit due to COVID-19.
Trident United Way’s Vice President of Evaluation and Public Policy, Jonathan Rauh, conducted the analysis. He estimates that between March 15 and May 25, the Gross Regional Product (GRP) will decline by 20%.
Ruah says that the three pillars of the local economy- industry, agriculture, and tourism- have been impacted. Specifically, the tourism sector will take a major blow during the tourism season. This is especially detrimental, since SC relies heavily on revenue from sales tax.
The analysis predicts lasting economic impacts, especially if unemployment remains high and tourism remains low from May through August.