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APEC Update: COVID-19 Research Highlights

Date: April 3, 2020

APEC staff continue to provide research, insights and ideas on the unfolding economic impacts of COVID-19 on Atlantic Canada. Here are highlights of our work this week. Follow us on Twitter and LinkedIn for daily updates. Please continue to share within your networks.


Tracking COVID-19 Cases - Provincially & Globally
APEC continues to track the number of COVID-19 cases for all provinces and select countriesThe US remains a concern and few signs of a slowdown in new cases in Canadian provinces. Charts are updated every weekday by 10am ADT.



Economic Impacts to Atlantic Canada Industries
Shutdowns and disruptions of normal business practices and operations due to COVID-19 are affecting every sector of the economy. APEC’s initial assessment of how Atlantic industries are being impacted is available here.

APEC has also provided detailed analysis on: 

  • Accommodation - With some hotels seeing revenues down 80%, APEC estimates the Atlantic accommodation industry will lose $80 million in revenue in April, with upwards of 7,500 layoffs. 
  • Construction & Major Projects - Several large projects, especially in Newfoundland and Labrador, have been shutdown and planned projects postponed. Work continues at other sites, but with productivity impacted by COVID-19 health and safety measures. 
  • Rental Market - Atlantic households pay about $100 million in monthly rent while businesses pay up to $200 million. 
  • Restaurants & Bars - APEC estimates Atlantic restaurants will lose upwards of $0.8 billion in April revenues April through May. 
  • Retail Sales - While grocery stores and pharmacies have benefited from a temporary increase in demand, most other stores are seeing sales drop substantially. 


CEO’s Perspective
This week APEC’s CEO, David Chaundy, shared his perspective on just how long this shutdown might last and the economic cost to containing COVID-19


Thank You
We recognize the huge impacts COVID-19 is having on our members and the economy. As a member-supported organization, we want to thank you for your ongoing partnership. We could not provide our independent insights without your support.

 


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