TEXAS — The recent surge in COVID-19 cases is not only hitting the state in terms of lives lost, but it's taking its toll on the Texas economy. That's according to a new report from the Perryman Group, an economic research and analysis firm in Waco.
They estimate the state's failure to contain the disease has led to nearly 72,000 job losses. The analysis also found on average, the state loses roughly $187,000 for every employee unable to return to work because of the pandemic. That amounts to total potential losses of about $13 billion per year, the firm found.
But they argue many of these potential losses are preventable.
“What we need to do right now is do everything we can to make it safer for people to return to work. That includes masks where appropriate. That includes safety in schools so people that have issues with their children in childcare and things like that that prevent people from returning to work,” said Ray Perryman, president and CEO of the Perryman Group. “These are what we call preventable [economic] losses.”
Perryman said certain industries are being hit harder than others.
“In terms of dollar impacts, obviously a worker in a tech industry per worker has a much bigger impact than say a worker in a restaurant. But from an industry perspective, the ones being hit the hardest are the ones you’ve been hearing about since the beginning of the pandemic that deal in interpersonal relationships – retail, particularly restaurants, salons, airlines,” he said.
He says getting more people vaccinated is also key to avoid future economic losses.
Click the video link above to watch our full interview with Perryman.