Texas economy

‘Inadequate’ COVID protections hurt Texas economy

TEXAS — The recent surge in COVID-19 cases is not only hitting the state in terms of lives lost, but it’s impacting the Texas economy. That’s according to a new report from the Perryman Group, an economic research and analysis firm in Waco.


What do you want to know

  • Recent spike in COVID-19 cases is wreaking havoc on Texas economy, says new report by Perryman Group
  • The analysis also found that, on average, the state loses about $187,000 for each employee unable to return to work due to the pandemic.
  • The company argues that many of these potential losses are avoidable

They estimate that the state’s inability to contain the disease has led to nearly 72,000 job losses. The analysis also found that, on average, the state loses about $187,000 for each employee unable to return to work due to the pandemic. That represents total potential losses of about $13 billion a year, the company found.

But they argue that many of these potential losses are preventable.

“What we need to do now is do everything we can to make it safer for people to return to work. This includes masks, if applicable. That includes making schools safer so people who are having issues with their kids in day care and things like that that are preventing people from going back to work,” said Ray Perryman, chairman and CEO of the Perryman Group. “These are what we call preventable [economic] losses.”

Perryman said some industries are hit harder than others.

“In terms of dollar impacts, obviously one worker in a tech industry per worker has a much bigger impact than, say, one worker in a restaurant. But from an industry perspective, the hardest hit are the ones you’ve been hearing about since the start of the pandemic that deal with people-to-people relationships — retail, especially restaurants, lounges, airlines,” a he declared.

He says getting more people vaccinated is also key to avoiding future economic losses.

Click the video link above to watch our full interview with Perryman.