Like the rest of the country, San Diego has not been immune to the impacts of the COVID-19 global pandemic. California as a whole has seen massive job losses, and plenty of industries are still hard-hit by the impacts of the pandemic.
While economic recovery may seem like a distant dream, there are resources for companies and business in San Diego, to help them survive these hardships. Sawyer Winston, an entrepreneur, business expert, and real estate investor, is weighing in on the impact of the pandemic on the San Diego economy.
Winston is an innovative leader who is known for taking bold risks which pay off, but also has a reputation for doing good in the communities he’s involved in. Now, Sawyer Winston is weighing in and breaking down some of the key facts and figures when it comes to the impact of the pandemic on the San Diego economy.
Some of the key figures
The San Diego regional economy has taken big hits due to the COVID-19 pandemic. An analysis of six-months of the economic impacts shows that about 176,000 workers in the San Diego were left unemployed due to COVID-19, and that $4.8 billion in wages were lost in the first six months of the pandemic.
And not all industries were hit equally. 80% of job loss due to COVID-19 was in the Tourist, Retail, and Education sectors, according to that six-month economic study, 2 in 3 younger workers (ages 16 to 24) who lost their jobs were in the Tourism sector.
This report also found the females, minorities, lower-income workers, and younger employees in San Diego have been disproportionally affected by the economic hardships of the pandemic.
The state of the economy
It’s projected that the entirety of the coronavirus pandemic will end up costing the San Diego regional economy more than $12 billion. That’s a contraction for about 4.7% compared to the previous year.
Expert economists also say that the Tourism industry is taking a worse hit than it did during the 2008 financial crisis. Economic experts also say that the San Diego economy is not expected to fully recover until 2024, but there are many factors which could still impact that recovery timeline.
But there is silver of good news: it appears San Diego’s economy may not have been the most ravaged in the state of California, due to the number of essential workers in the region. Experts say that about 67% of workers in San Diego county are considered essential and were less likely to face furloughs and layoffs.
That’s a higher percentage than Silicon Valley, Los Angeles, and San Francisco.
Resources for companies
Companies and business in San Diego can tap into plenty of local resources if they’re facing economic hardships during this time. There are grants, loans, and other support services for businesses of every type.
While some loan applications have closed, plenty are still open and accepting applications. There are also state, federal, and private resources to help your business get through these challenging times.
About Sawyer Winston
Sawyer Winston is an entrepreneur and innovator, who has founded, developed, and managed about 10 different companies. He will be launching his blog soon where he would share his previous and current business endeavors to help young entrepreneurs gain some valuable insights.