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It may take years for economy to recover, construction economist says
Associated Builders and Contractors Chief Economist Anirban Basu said that it will likely take years for the nation’s economy to recover from the COVID-19 pandemic’s blow. “One of the reasons for this is that state and local government budgets are now under severe pressure. With retail sales, hotel and income tax revenues declining, many state […]
State tax collection revenue fell 26.2% in April
State revenue from tax collections fell 26.2% in April, Gov. Ralph Northam announced Thursday. This is primarily due to tax deadline extensions for individual and corporate income taxes, which were extended until June 1 due to the COVID-19 pandemic. “April tax receipts are consistent with our estimate of a $1 billion reduction in the fourth […]
D.C./Va./Md. COVID-19 task force forms for economic strategy
Connected DMV, a regional nonprofit collaboration in Northern Virginia, Washington D.C. and Maryland, announced Thursday it has formed a 45-person COVID-19 Strategic Renewal Task Force to make formal recommendations for addressing short-term and long-term COVID-19-related economic recovery. Founded in 2019, Connected DMV focuses on economic development in Virginia, Washington, D.C., and Maryland. [...]
Reopening: Too early, or not soon enough?
UPDATED MAY 8 Gov. Ralph Northam is likely to loosen restrictions next Friday on “nonessential” businesses, allowing gyms, spas, theaters, dine-in restaurants and other enterprises to reopen after more than seven weeks, but feelings are mixed about the wisdom of this decision, given that Virginia saw a 36% increase in confirmed and probable COVID-19 cases […]
72k+ Virginians filed jobless claims last week
More than 72,000 Virginians filed initial claims for unemployment last week, according to the Virginia Employment Commission, a decrease of about 10,000 jobless claims from the week prior. “Though the 12.4% decline indicates that the volume of initial claims has retreated from its recent peak, it may not return to pre-pandemic levels for some time,” […]
Central Va. CEOs expect revenues to decline in next six months
A majority of Central Virginia CEOs expect sales revenues to decline during the next six months but don’t expect to significantly reduce their workforces as a result of the economic crisis brought on by the COVID-19 pandemic, according to a follow-up 2020 CEO Economic Outlook Survey released Wednesday by the University of Richmond’s Robins School […]
