Photo: Brett Coomer / Staff Photographer
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The impact of COVID-19 on San Antonio’s economy has been “debilitating” as the city will see unemployment rates peak at about 27 percent — higher than than the national average, according to a study from MoneyGeek.
The personal finance website published the unemployment statistics Wednesday, calculating that nearly 380,000 workers in the Alamo City will have lost their jobs or been furloughed by the peak and some of the city’s biggest avenues of revenue being hit the hardest, said Hillary Adler, director of content marketing.
The national unemployment rate is about 25 or 26 percent, she said.
“This is the biggest economic crisis our country has ever seen, and San Antonio is getting hit a bit harder than others,” Adler said.
The industry with the biggest loss is unsurprisingly the service industry, with hundreds of thousands of lost jobs in San Antonio itself, Adler said. But the leisure and hospitality industry and the trade and transport industry have also seen significant losses.
“COVID-19 is tanking local economies, especially San Antonio who depends a lot on their leisure and hospitality industry,” Adler said. “This economic crisis is unlike anything we have ever seen.”
Several industries also may seem like they are thriving at this time, but are also facing massive losses, Adler said. The healthcare industry is a prime example. While the national spotlight is on doctors and nurses on the front lines, other practices such dentists offices, elective and cosmetic doctors and more are facing cuts as offices have had to close.
“It’s scary and it’s worrisome for people,” Adler said.
Austin could see similar numbers to San Antonio, while areas like Houston and Dallas are projected to reach nearly 1 million and 1.1 million, respectively.
MoneyGeek has also created a tool for residents who may be financially struggling to be able to find resources to help around San Antonio, including where to find food banks and social services as well as how to file for unemployment and other resources. To access MoneyGeek’s resources, click here.
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