Experts: Sacramento Could Be The First Economy To Bounce Back After Coronavirus
SACRAMENTO (CBS) - Businesses are closing their doors and thousands are out of a job, but there's hope in Sacramento despite the coronavirus pandemic.
Experts say Sacramento's economy could be the first to bounce back from COVID-19
Barry Broome, with Greater Sacramento Economic Council, says the financial market will recover on the back of major construction projects.
Investors have not stopped pushing forward. Projects such as the MLS stadium, the Rail Yards, and Aggie Square at UC Davis, are still a go, which means income to the economy long term, and plenty of construction jobs in the short term.
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"You know what construction jobs do? That's who fills up our bars and restaurants. That's who goes out and buys a home. So these construction projects are really really important that they continue to go forward," Broome said.
Broome says another potential boost for the economy are people in Los Angeles, Silicon Valley and the Bay Area, who were struggling to operate in an expensive market before COVID-19, might be looking for a new and less expensive home.
"When these companies start to expand again, I think there's going to be a significant amount of them that are going to shift people to operations into our market," Broome said.