TUSCALOOSA, Ala. (WBRC) - Researchers at the University of Alabama believe the state’s economy did better than most when it came to surviving COVID-19. Now they think the state is on track for a full recovery.
Alabama’s economy performed better than the U.S. economy during the pandemic. America’s economy fell by 31.4%. Alabama’s dropped 29.6% in the same amount of time.
That report was compiled by researchers from the University of Alabama’s Culverhouse College of Business. The report showed COVID-19 had a significant impact on the state’s economy. It especially hurt tourism and restaurants. They depend on consumer spending, business and leisure travel were the business hit the hardest. Some manufacturing did OK because of partial shutdowns instead of complete shutdowns. Every sector of the economy felt the impact.
Economists are hoping that things should get back to normal by the middle of 2021.
“Because by third quarter, most of the business either opened up or opened up partially so that will bring the numbers back up,” explained Ahmad Ijaz, an economist at the University of Alabama.
Here’s a link to the report if you’d like to check it out: https://cber.culverhouse.ua.edu/alabama-business/