TYLER, Texas — Business around the country is suffering due to the effect social distancing has on many industries. The business impact in Tyler is no different.
The University of Texas at Tyler Hibbs Institute for Business and Economic Research released a special report detailing estimated losses of more than $100 million for Tyler-area businesses due Smith County's stay-at-home order.
Dr. Manuel Reyes is the Acting Director of the Hibbs Institute and the author of this report. He says by entering estimated data into a software, he can predict the businesses hit the hardest.
“The ones that will be shutting down are the ones that will have the most negative impacts: Retail, recreation and entertainment, some food services and some personal care services, but the list is large," Dr. Reyes explained.
In addition, Reyes says many restaurants are operating with only a fraction of their usual business.
“Some of them are going to be at 75%," Reyes said. "In some, they're going to be at 50% of their common business activity."
As the economy remains stifled under COVID-19 restrictions, Reyes says it will bounce back, but time is key.
“Of course, we will bounce back," Reyes said. "When? It's very hard to tell, because at this point, we are at the middle of it. The larger the damage, the larger the time and effort that we will need to recover."
Reyes also said the best way to help that bounce back is to continue to observe social distancing guidelines and allow for healthcare workers to continue to battle the virus.