News Release: Ernie Goss & Scott Strain Track Nebraska Economic Impact of COVID-19
NEWS RELEASE from the Platte Institute
COVID-19 Economic Impact: First Cut
Contact: Adam Weinberg
(402) 500-0209
Tracking COVID-19’s Economic Impact on Nebraska
Economists Ernie Goss & Scott Strain to Publish Series
OMAHA, NE — The Platte Institute is releasing the first report in a series on the economic impact of COVID-19 in Nebraska.
Creighton University’s Ernie Goss and senior economist and University of Nebraska-Omaha adjunct professor Scott Strain are the co-authors of the reports, which will model jobs, economic activity, and tax receipts lost in Nebraska as a result of the COVID-19 pandemic and the Directed Health Measure impacting workers and businesses.
The series, "The Economic Impact of COVID-19 on Nebraska's Economy," will be available at PlatteInstitute.org/Policy. The first release in the series is attached in PDF format.
The current figures are based on available state and national data for March. The report will be updated as new state data for April becomes available.
Goss and Strain will join the Platte Institute for a webinar to discuss the updated results. The webinar will be held on Zoom on Thursday, April 23 at 11 a.m. Central. Registration is required at PlatteInstitute.org/Webinar.
Here are highlights of the report:
- The U.S. Bureau of Labor Statistics reports that 70% of the jobs lost due to the COVID-19 pandemic are in lower-wage industries like hospitality and retail. Economic modeling estimates an impact of $63 million in lost economic activity in Nebraska for the month of March, including lost wages and self-employment income.
- Nebraska state and local sales tax receipts are estimated to have declined by $924,469 in the month of March. State personal and corporate income tax receipts are estimated to have declined $794,501 over the same period. An updated estimate of lost receipts will be available when April data is released.
- Under the current Directed Health Measure, Nebraska’s estimated increase in unemployment as a percent of non-farm employment during March 2020 was 0.98%. The average increase among shelter-in-place states is 2.82%, while the average of states that do not have a statewide shelter-in-place order, including Nebraska, is 1.85%.
To schedule an interview on this subject, please contact Adam Weinberg at (402) 500-0209 or aweinberg@platteinstitute.org.
The Platte Institute advances policies that remove barriers to growth and opportunity in Nebraska. More media resources are available at PlatteInstitute.org/Media.