Yesterday during the Sioux Falls City Council informational there was a presentation on the April Monthly Financial report. A citizen who has an economics degree, Mr. Weber often comes and breaks down the numbers further during public input. Yesterday he brought this graphic comparing 2019 to 2020 by the various business sectors. Makes me want to invest in medical labs.
Fewer people are getting dressed up, having their hair done, going to bars, and then ending up at a hotel. For some strange reason, these activities necessitate eventual surgery, too, but lab needs greatly still exist without these vices, however.
Ouch! Restaurants, apparel. beauty, and hotels way down. Imagine how many lost their jobs. The booming economy is over. There will be migration such that real estate values could plummet. The city must stop building play palaces and vacant parking garages. Social distancing will make city entertainment venues a budget drain. Will the Denty and Public Baths ever reopen?
Because of Huether, Game Match Lose. There’s no Love and lots of Foul.
Do these numbers REALLY surprise anyone?
My biggest shock is that some of these numbers weren’t worse (Hotels, Bars and Restaurants), and that some of these gains weren’t higher (Liquor Stores and Grocery Stores).
These losses are going to be long term and it will be probably a year or more before we start seeing a sustained recovery. We may see some short term rallies, but every time there is another wave of Covid, we’ll see the numbers tank again.