Economic experts weigh-in on local impact of COVID-19
SALISBURY, Md. – One of the questions we’re all eager to have answered is: how will COVID-19 impact our local economy? Community experts are working to answer that through a webinar series called “Getting Ahead of the Wave”.
On Tuesday, the Salisbury Chamber of Commerce and Beacon at Salisbury University hosted part three of the series. Panelists explained the different industries that impact each county on the lower shore. For example, Worcester County has a tourism driven economy while Wicomico has a fair balance of industries. They say almost half of Somerset County’s economy is related to government spending which may be good in the short run.
“Folks who work for the government generally don’t lose their jobs or their paychecks and they keep spending locally but as the state and local governments try to balance future budgets, there may be cuts down the road. A year or two years on,” says Dr. Dustin Chambers, an Economics and Finance professor at Salisbury University.
Since there’s no definite end to the coronavirus pandemic yet, organizers say this is just the very beginning of this webinar series. As the series moves forward, experts will host more specific webinars that are geared toward different industries.