A new study from Ball State University suggests it may take more than a year for Indiana state and local government revenue streams to recover from the COVID-19 pandemic.
Orders across the country for people to stay home in late March and April to slow the spread of the coronavirus led to economic disruptions and ultimately job losses.
A new report from Ball State University suggests the COVID-19 pandemic may lead to cumulative lost local government tax revenues ranging between $218 million and $315 million.
Initiatives by government, private businesses and a host of organizations to slow the spread of the coronavirus is expected to create a recession as mass layoffs cause unemployment to exceed 10.5% nationally and 10% in Indiana within 45 days, according to a report from Ball State University.
The nation’s economy has seen strong job gains in January and February, according to government data, but a Ball State University economist says future job creation numbers could look very different down the road because of fallout from the global coronavirus outbreak.
Ball State economist Michael Hicks believes the labor market report released Aug. 2 may look good from the outside but contains mixed signals.