TYLER, Texas (KLTV) - A new brief from the Hibbs Institute of Business and Economic Research at the University of Texas at Tyler shows the quick impact local stay-at-home orders had on the Tyler and Longview area economy.
"If you close your business for one month, your economic activity is zero,” Dr. Manuel Reyes said
Senior research analyst Dr. Manuel Reyes analyzed four sectors of the economy that have been impacted heavily ─ retail, recreation and entertainment, food services, and personal care services. The findings estimate hundreds of millions of dollars in lost revenue.
In Tyler, the brief estimates, personal care services like hairstylists lost just over $7 million.
Recreation and entertainment industries lost nearly $17 million.
Food services lost about $49 million.
And losing the most money is the retail industry with more than $147 million in losses. That’s a total of $220 million of losses in the Tyler metropolitan statistical area.
The numbers are similar in the Longview metro area, with the exception of a lower loss of retail revenue. "I do think that if we can get control of the spread of the virus that we can come back a lot faster than in a normal recession,” Economist Austan Goolsbee said.