| The impact of the COVID-19 Pandemic is 9 times worse for the hotel industry wold-wide than was 9-11 according to industry sources..... |
The Chinese Coronavirus, COVID-19, has devastated our economy nationally.
We are taking on Trillions of dollars in long term debt to blunt the force of this pandemic and to keep our economy from devolving into a depression--let alone a recession.
Oil is tanking, stocks are in choppy, rough waters down significantly from highs of just 4 months ago.
Unemployment is up over 10% nationally now, from fifty year lows of 3.3% booked just this past January.
But hotels are taking a HUGE hit in this crisis. A MASSIVE hit. Nationally, and locally.
This means right here in Escambia County--not just "big cities."
According to an article in Fox business:
"The hotel industry, as a result of the shutdown, is facing economic turmoil. According to a new report from the American Hotel & Lodging Association, the industry has lost $2.4 billion in weekly wages while roughly eight of 10 hotel rooms remain empty. The organization cited data from multiple analytics firms...“With the impact to the travel industry nine times worse than September 11, the human toll of this public health crisis has been absolutely devastating for the hotel industry,” AHLA President and CEO Chip Rogers said in a statement. “Hotels were one of the first industries affected by the pandemic and will be one of the last to recover.”
So, as our area transitions back to a new sense of normal and as areas of the economy that were shuttered in an effort to "bend the curve" now begin a rational, orderly, and safe re-opening--we need to be mindful of the fact that this bad news trickles downward to the workers. Many of these employees will be the last to recover as they struggle to pay bills and navigate the broken Florida unemployment "process" to just hang on.
Our nation and our community will never be the same as it was before this crisis. Now more than ever we have to be agile, intelligent, and decisive as we begin to transition back to an open economy. We did what was necessary, we bent the curve and hospitals (thankfully) did NOT get over run.
Will the goal post now be moved? Will politics and certain segments of the political (not medical) community DEMAND the economy totally and completely COLLAPSE and be kept shackled and shuttered until there is NO VIRUS detectable?
There are some who would like nothing better than this.
So leaders at all levels must now step up and navigate this polarized environment.
For us in Escambia County, this starts Tuesday with the Beach vote.
1 comment:
The local CEOs letter is in agreement to reopening the beaches. The letter does NOT say they support opening beaches with restrictions. The letter says they support easing restrictions WHICH INCLUDES OPENING BEACHES. It looks as though words are being switched for a personal agenda. We need these beaches and businesses reopened. No-one is going to stay in their home for another 18 months while we SEE if we can find a vaccine. Think of the aftermath if you do not open soon. Depression, suicide, violence, criminal activity, theft, and mental disabilities will all soar . People who you may have known your entire life will lose their family business. Those people will be at a loss for resources and become people you've never known. The court system will be overun with lawsuits and who knows what else. We have over three hundred million people in the U.S. population so the death toll is very low. We need to build up immunity to this. Those who want to continue to quarantine can do so but most of us have no income without things going back to a somewhat normal. Quarantine has always been for the sick this is tyranny. There's going to be people going to the beaches with or without permission. Please reopen the beaches with no restrictions so they can go legally and families can enjoy one of the things that makes Florida great!
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