The spread of the coronavirus (COVID-19) and the many efforts to slow it are impacting communities across the nation. In order to best respond to this crisis, information is needed about the scope and scale of challenges in various communities. In April 2020, The Federal Reserve System, through its 12 Reserve Banks and the Board of Governors, began collecting information on the effects of COVID-19 on communities and the entities serving them.
Karen Leone de Nie and David Jackson with the Federal Reserve Bank of Atlanta joined MAX on July 24th to discuss key findings from this research and the implications for workforce partners in Georgia and beyond. Following are some highlights from their presentation:
- 65% of respondents from the sixth district indicated that COVID-19 was having a significant disruption on the economic conditions of the communities they serve and expected recovery to be difficult.
- More than half (53%) cited income loss, job loss and unemployment as the top impacts of COVID-19 on the people and communities they serve.
- 44% of district respondents indicated it will take more than 12 months for their communities to return to the conditions prior to the disruption from COVID-19.
- 72% of district respondents (compared to 55% of the national sample) indicated that demand for their services has increased since early April or is anticipated to increase, and 41% noted a corresponding decrease or anticipated decrease in their ability to provide services.
- Nearly 1 out of every 8 respondents (12%) of district respondents indicated their entity could operate for less than three months in the current environment before exhibiting financial distress.
Click here for the presentation.
Click here to see a recording of the weibnar.
ABOUT MAX MINUTES
Launched in 2014, the mission of MAX is to advance economic competitiveness in the Atlanta region by strengthening connections, collaborations, and practices among workforce developers and organizations engaged in workforce development. Through our webinar series, MAX Minutes, MAX seeks to bring timely insights to providers, intermediaries, and other partners in workforce. MAX Minutes features talks by key experts in the Atlanta region and beyond on important workforce matters.
Click here for recordings of past MAX Minutes webinars.