Economy in Brief: New Dallas Region Economic Report Shows Initial Impact of COVID-19

The report, released by the DRC and presented by Bank of America, offers data and analysis to help the business community make better-informed decisions and give the public a better understanding of more-vulnerable workers in Dallas-Fort Worth.

Few doubt that the world and DFW economy have suffered a roundhouse blow with the arrival of the COVID-19 pandemic.

In a report released today, the Dallas Regional Chamber drills down into data that presents a historical economic snapshot, and also spells out which industries and jobs stand to be most affected by the pandemic.

“Economy in Brief: Indicators for the Dallas Region,” presented by Bank of America, offers data and analysis to allow the business community to make better-informed decisions, and to give the public a better understanding of more vulnerable workers in Dallas-Fort Worth.

“Companies are trying to make sense of what is happening in the economy today,” said Dale Petroskey, DRC President and CEO. “This new research product will be a pulse check on our region and an invaluable resource for decision makers.”

The report shows the dramatic whipsaw created by COVID-19. For example, it highlights that the region added more than 86,000 new jobs from March 2019 to March 2020, maintaining its status as the top U.S. location for job creation for the seventh month in a row. It also points out initial unemployment insurance (UI) claims, and in the process, a dramatic change in the region’s employment.

New UI claims originating in the Dallas region totaled 371,000 through April 25, a 1,225% increase over the same period a year ago, according to the report. It also states that COVID-19 brought a decade of employment growth in the region. Aside from employment data and other stats, the report points out:

• 70 percent of the Dallas region workforce are considered ‘essential’;
• More than 50 percent of unemployment insurance claims in Texas come from just five industries; and
• Health care and retail workers are still in demand during this crisis.

“The Dallas Regional Chamber has been a leader for its members and our greater community during this unprecedented time of uncertainty,” said Jennifer Chandler, Dallas Market President for Bank of America. “Our support of the Economic Indicators Report stems from a shared vision to publish valuable information so decision-makers and the business community have the power to make local, data-driven decisions that will foster economic recovery.”

The “Economy in Brief” is a companion to flagship DRC publications, including the annual Regional Economic Development Guide, which provides a regional overview of the economy for the purposes of corporate recruitment. This is an ongoing series that will be updated multiple times per month as new data and indicators become available.

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Dave Moore has 30 years’ experience in writing, editing, reporting, and analysis. He’s traveled to Bosnia to observe efforts to boost the country’s post-Soviet economy, explored the causes of ho(...)