NYSAC Report: Coronavirus Economic Impact
The New York State Association of Counties (NYSAC) today released a new report suggesting that the COVID-19 pandemic could have a $1 billion economic impact on counties across the state.
The report covers two economic impact scenarios: one with mild recession and a quick recovery, and the second assumes a more severe and prolonged recession. The range of impact moves from a $350 million loss in local sales tax revenue to more than $1 billion, respectively. The report's estimates do not account for the local workforce related revenue losses, and the costs associated with responding to the COVID-19 pandemic.
Read the full report here: Coronavirus Economic Impact: County Sales Tax Revenue Projections.
The report covers two economic impact scenarios: one with mild recession and a quick recovery, and the second assumes a more severe and prolonged recession. The range of impact moves from a $350 million loss in local sales tax revenue to more than $1 billion, respectively. The report's estimates do not account for the local workforce related revenue losses, and the costs associated with responding to the COVID-19 pandemic.
Read the full report here: Coronavirus Economic Impact: County Sales Tax Revenue Projections.
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