Greater Sacramento COVID-19 Update
March 27, 2020
Good afternoon,

As we finish another week of self quarantine, we are learning about the strengths and resiliency of our regional assets amid this crisis. We are tracking changes in industries and how our communities and businesses are evolving quickly to fit current demands. We’ve seen incredible leadership demonstrated by our solid health sciences community. Several area businesses including StemExpress, California Northstate University and UC Davis are stepping up to find solutions to COVID-19. They are restructuring to fit the need of the community and the world and tackling this pandemic head-on.

The Greater Sacramento Economic Council is initiating webinars for the community and remaining connected to all of our partners and advisory councils through online technology and video conferencing. And we are hyper focused on remaining engaged with businesses seeking to locate and expand in the region, with new opportunities tracked and commitments made even over the past week. We are also looking forward to the Federal Stimulus Plan and how state leaders will fit the Greater Sacramento region into California's share. 

It is more important than ever to work together and learn from one another on evolving as this virus spreads. We will rise to meet these challenges and come out stronger in the end. 

Stay healthy,
Barry
In the news
Strengthening the Greater Sacramento Economy amid Coronavirus

Leaders across the six-county region are aligning on initiatives to stabilize the economy.

Going back to work too soon could hurt economy

Barry weighed in on the economic effects of coronavirus and its implications for the regional economy on ABC10.

Coronavirus takes direct hit on California economy

Barry shared with KCRA that while tax revenue is down in the state, tech firms are still showing interest in the region.

Economic impacts and projections updates
Impacts to commercial real estate

Some of our MOU partners are providing great insight on how COVID-19 is impacting the commercial real estate market. Both CBRE and Cushman provided insightful webinars over the past week and JLL and Colliers have comprehensive reports. All of these firms have great resources on the changing dynamics of how this virus is impacting the economy and how we work. Explore their analyses via the links below:
Goldman Sachs recession update

  • Social distancing measures will lead to a sharper than expected drop in Q1 and Q2 GDP
  • Revised quarter-on-quarter annualized growth rates: -6% in Q1, -24% in Q2, +12% in Q3 and +10% in Q4. This leaves full-year GDP growth at -3.8%.

J.P. Morgan COVID-19 assessment update

  • J.P. Morgan economists expect the global economy to experience an unprecedented contraction during the first half of 2020 as containment measures are driving deep collapses in monthly economic activity.
  • U.S. economy revised projections: -14% in Q1, -4% in Q2, +8% in Q3 and +4% in Q4. This puts a definite end to the longest global expansion on record.

Communities likely to be hit the hardest by a recession

Brookings analyzed the places a COVID-19 recession will likely hit the hardest. Sacramento ranked #261 out of 382 metros for jobs in high risk areas.

Announcements
Roseville opened a $1 million small business loan program. Apply here »

Golden 1 Credit Union is waiving many fees and offering payment deferrals. Learn more »

The City of Sacramento and several organizations launched Donate4Sacramento to support residents, businesses and nonprofits affected by the crisis. Donate here »

IEDC analyzed the federal stimulus bill and what it means for economic developers.  Read the report »

The SBA disaster loan center in Citrus Heights is on a hiring spree. Learn more »
Upcoming programs
GSEC programs

The GSEC team is pivoting upcoming events and meetings to virtual sessions. If you have registered for or are planning to attend an upcoming program, stay tuned for instructions on joining us virtually or in some cases, a rescheduled date.
Related programs

COVID-19 Small Business Resource Webinar
Host: Minority Business Development Agency Center
Date: March 31, 10:30 a.m.

Regional Economic Outlook
Host: Haney Biz, featuring GSEC President & CEO Barry Broome
Date: March 31, 2 p.m.

Virtual Entrepreneurship Toolkit Series
Host: Sacramento State Carlsen Center for Innovation & Entrepreneurship
Date: Ongoing
Featured commercial real estate property
East Bidwell Mixed Use Park

37 acres of proposed office, retail and multifamily development across from the Folsom Palladio

#EconomicResilience
Show your solidarity and support for our community by re-sharing our posts and tagging your own with #EconomicResilience. Here are some example posts you can share:

Facebook
< Insert your organization > continues to work with Greater Sacramento leaders on highlighting regional assets that will forge the path of #EconomicResilience. We are in this together.

LinkedIn
The federal government, state of California and Greater Sacramento leaders are all working to construct the most successful path towards economic recovery. Collaboration is more important than ever, and the Greater Sacramento Economic Council is helping to lead that collaboration to strengthen our economy. < Insert your organization >, GSEC and our partners are committed to building an inclusive economy so everyone can prosper. #EconomicResilience.

Twitter
We continue to collaborate with @selectsac on strengthening the economy amid this pandemic. Everyday we are learning how to evolve with the demands of the times and we are rising to the challenge. #EconomicResilience