76°F
weather icon Mostly Cloudy

2nd quarter GDP expected to drop by 25.6% in Clark County, report finds

Updated March 23, 2020 - 5:05 pm

Clark County will take a bigger economic hit than most counties nationwide because of its dependence on tourism, according to a private analysis firm.

Representatives of Cambridge, Massachusetts-based StratoDem Analytics said the second-quarter gross domestic product forecast is projected to be a 25.6 percent decline from the first.

The firm also said Clark County would show $7.9 billion in lost economic activity — roughly $8,600 per household — as a result of business closures related to the coronavirus outbreak.

Nationally, the company’s forecast for the second quarter is down 18.1 percent. StratoDem based its forecast on a composite of projections from Goldman Sachs, JP Morgan, Morgan Stanley and other financial institutions.

Ten of the tourism-driven regions that will probably see some of the steepest drops in the second quarter include two in Nevada, Clark and Washoe counties, seven in Florida and one in New Jersey at Atlantic City.

Manatee County on Florida’s west coast is projected to have the nation’s worst second-quarter GDP, down 28 percent, followed by Washoe County at 27.6 percent.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.

Don't miss the big stories. Like us on Facebook.