GREEN BAY, WI (WTAQ-WLUK) – The pandemic has economically impacted all major industries. From overseas to Wisconsin. But, the business school at St. Norbert College and the New North offer an outlook on when and how things will return to normal.
Copper State Brewing Co. knows the pandemic hasn’t been easy according to General Manager Lee Unrath.
And, the numbers prove it. According to the state Department of Revenue, just restaurants and bars in Northeast Wisconsin have seen an average 24% decrease in year to year sales tax revenues. April being the largest decrease and July the smallest.
Wisconsin Department of Revenue Economist, Emily Camfield said, “we’ve seen some sectors do better. For instance, like fast food sectors. But, sit down restaurants and bars are seeing significant declines.”
And like it varies from restaurant to restaurant, it does from industry to industry.
Wisconsin Department of Revenue Chief Economist, John Koskinen tells FOX 11….
“We have a series of industries that have revived. We have another set that are rebounding. And some that are not only revisionary but continue to contract.”
U.S retail sales are up almost 6% in comparison to last year. The motor industry and construction are also up.
“Where you’re used to thinking home and autos are first to go down and last to recover, the script is a little different this time,” said Koskinen.
A big part of the economic recovery for industries will be when people are comfortable enough to leave their house, to do things like have a meal at their favorite restaurant.
Unrath said, “I think as time goes on and people get more and more comfortable, and the vaccine becomes more readily available, I think there is definitely going to be a push back from people saying all right I’ve been cooped up, I want to get out.”
And business experts predict the same.
“The good news is if we have a successful vaccine roll out, and decline in cases, then added federal stimulus, we will have a stronger expansion than we are currently seeing here,” said Koskinen.
Overall, business experts predict a full recovery for the GDP by quarter one of 2022.
The Wisconsin Department of Revenue also said without a second round of stimulus funding, the economy will continue to struggle.
Areas at risk would be long term unemployment, paying rent, and healthcare.
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