Sometime, we may have, looking back, a transparent view of the financial fallout and ache created by the COVID-19 pandemic. At this second, we don’t have a whole image as a result of, clearly, the coronavirus continues to be with us. However we do have some concept of simply the way it’s impacting all of us.
There are numerous threads on this tapestry, and one in every of them is the income image for the Metropolis of Yankton.
This has really been a stunning story all through a lot of 2020. Dealing with not solely the COVID pandemic but additionally a sagging agricultural economic system, Yankton’s income scenario all through the central portion of the yr exceeded expectations — or fears — for a number of months, together with producing the town’s first $1 million income month ever in July. On this case, the pandemic could have really given a jolt to the native economic system as native consumers and lake-area guests selected to spend more cash at native shops moderately than journey elsewhere. This was a pleasantly gorgeous growth.
Extra lately, nevertheless, actuality has taken a flip. Final week, it was introduced that Yankton’s income for November was down 1.47% in comparison with November 2019. It was the third straight month that revenues had been down from final yr. Not coincidentally, maybe, this slide mirrors the autumn COVID surge that has hit the Central Plains exhausting.
Yankton’s general income image for the yr continues to be in constructive territory, up 1.36% for the yr, however the development is regarding.
That development can also be extra reflective of what’s occurring in broader phrases on the bottom. Some companies have struggled greater than others throughout the pandemic, and now they head into the winter months full of uncertainties.
How the vacation season performs out could also be a telling indicator. There have been basic fears amongst a number of economists that many consumers would possibly flip extra to on-line purchasing as their most secure and surest choices. Nonetheless, supply points have reportedly been an issue. Additionally, anecdotal proof could counsel that purchasing at native brick-and-mortar shops could also be holding its personal this vacation, though that’s removed from conclusive at this writing.
All this brings us to a New 12 months with new financial prospects.
On the plus aspect, at the very least two new vaccines to fight COVID-19 have been launched and are actually being distributed; despite the fact that they in all probability gained’t be accessible to most people till at the very least spring, at the very least it’s a starting within the battle.
There’s additionally numerous pent-up demand that could be unleashed when the virus is in the end and hopefully contained. That would assist companies, particularly small companies, regain their footing shortly.
However first, these companies should survive to get there, and that leads us to the “however” portion of this dialogue.
Many companies are struggling, each nationally and domestically, and an extended COVID winter could be a mighty problem.
It may very well be made much more formidable with a brand new COVID aid invoice that critics counsel doesn’t do almost sufficient to assist shoppers and small companies. The sharp variations reported with the current negotiations don’t bode effectively because the “pandemic economic system” staggers on.
Lastly, one should watch what is occurring this Christmas in England and South Africa, the place a brand new variant of the coronavirus is surging. It helped produce a lockdown measure of London over Christmas, and it could be the opening salvo of the following battles we face in 2021. Whether or not the brand new vaccines can cope with this menace stays unclear.
The COVID battle for native companies has been an extended one, and it stays unabated this vacation. We be part of many others in working for and praying for higher issues in 2021.