The first stay at home orders for Washington began on March 23, 2020, and since then COVID-19 has had a major negative impact on many regional businesses.
PSRC has been tracking industry impacts due to COVID-19 as it works to update the Regional Economic Strategy. Business recovery and future industry resiliency have emerged as key issues for the new strategy.
As previously reported, COVID-19 hit some industries harder than others and many industries are still working to recover lost jobs. Tourism, including travel, hospitality, and arts and culture businesses, was the hardest hit in the first months after lockdown, with jobs down more than 45% compared to the same period the previous year.
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For more than a year, state and local governments and a network of support organizations have been working to provide financial and technical assistance to small businesses across the region that are struggling, while working to leverage federal recovery funding from the CARES Act and the American Rescue Plan.
Most COVID-19 restrictions in Washington were lifted on June 30, allowing most businesses to fully open again. The new Regional Economic Strategy will help identify ways to support these businesses while they work to recover.
The Regional Economic Strategy is updated every five years and includes analysis of regionally significant industries. The update will pay specific attention to how the effects of the COVID-19 pandemic and related economic downturn have impacted major industries in different ways. The strategy will include a section on improving business climate and competitiveness.
Find out more about the Regional Economic Strategy and give input on our website.