SALT LAKE CITY – Governor Spencer Cox says the state’s financial system continues to be attempting to recuperate from the financial downturn of the COVID-19 pandemic, which he calls the most important downturn Utah has ever seen. He says we’re in a superb place to try this, however there could possibly be some issues.
One of many industries hardest hit in Utah by the COVID-19 pandemic is the leisure trade. The Utah Cultural Alliance issued their 2020 State of Utah Culture Report saying over 3,000 jobs have been impacted, roughly 22,000 impartial contractors misplaced work, and the cultural trade misplaced over $76 million.
Additionally they estimate venues and promoters needed to roll over $17 million value of tickets into 2021. Utah Symphony-Utah Opera needed to do the identical factor, and CEO Steve Brosvik says they are going to undoubtedly really feel the pressure sooner or later.
“We’re making use of for our ticket patrons into subsequent yr, or this spring in the event that they wish to partake in a live performance. However, there will likely be no new money coming in,” Brosvik says.
He says the businesses have made many adjustments over the course of the yr. They had been allowed to have decreased audiences for some time, however venues had been closed when hospitalizations spiked. Brosvik says they pivoted to streaming on-line live shows and make extra instructional movies for faculties, plus they needed to make some painful cuts.
“Our musicians and employees have all taken a fairly vital pay minimize this yr,” he says.
The businesses are doing “okay” for now, however they’ve been getting numerous assist to maintain them afloat. Brosvik says they obtained federal funding from the federal CARES Act, numerous assist from their season ticket holders and a few very beneficiant donations. With out that continued assist, mixed with the pay minimize to workers, their state of affairs can be a lot worse.
Utah’s hospitality trade can also be taking a large financial hit. The UCA report exhibits that the trade misplaced over $70 million between March and November of 2020.
Governor Spencer Cox says, “There are nonetheless households and industries which were disproportionately impacted by the pandemic, and can want an extended time earlier than they obtain full restoration.”
Some industries, like journey and outdoor, have fared very properly in the course of the pandemic. Nonetheless, that could possibly be because of federal stimulus cash, and economists have some considerations about that.
Governor Cox says, “All of that cash is within the system. What occurs after we don’t have that anymore?”
Regardless of these points, Governor Cox doesn’t imagine it could be a good suggestion to increase the moratorium on evictions. He says the state nonetheless has numerous funding out there for individuals in want that individuals can apply for by way of the state’s coronavirus website.