• Home
  • News
    • Politics & Government
    • Business & Economy
    • Crime / Courts
    • Health / Medicine
  • Sports
    • High School Sports
    • Radio Iowa Poll
  • Affiliates
    • Affiliate Support Page
  • Contact Us
    • Reporters

Radio Iowa

Iowa's Radio News Network

You are here: Home / Business / Survey: Coronavirus to blame for dragging down Iowa, Midwest economy

Survey: Coronavirus to blame for dragging down Iowa, Midwest economy

March 2, 2020 By Matt Kelley

Ernie Goss

Fears about coronavirus slowed Iowa’s economy during February, along with the overall economy across the Midwest, according to a Creighton University survey of business leaders and supply managers in nine states.

Creighton economist Ernie Goss says the impact on commerce is critical, as the virus has infected tens of thousands of people around the world, with more than three-thousand dead.

“We asked the supply managers, and these are men and women that are buying goods from abroad in many cases and domestically, four out of ten, 40% of supply managers indicated negative impacts from the coronavirus,” Goss says. “That’s a real concern for the regional economy going forward.”

The illness originated in China and that’s where tens of millions of people are quarantined, with factories of all sorts temporarily closed. Goss says that’s gumming up the gears that would ordinarily keep manufacturing moving.

“Twenty-seven percent said they’d switch vendors, actually switch vendors because of the coronavirus,” Goss says. “That’s a real concern if this coronavirus is, if we see do that in the U.S. popping up more so than what we’ve seen thus far.” On the plus side, Goss says some of those supply managers who said they’re switching vendors are switching to -domestic- vendors.

The stock market tumbled last week over fears about the virus and Goss says it’s brought about a quick response. “We’re seeing businesses and individual investors looking for safety, safety is the number-one concern right now, not the rate of return,” Goss says. “Where do you go for safety? Gold. Gold prices are up. Where else do you go for safety? U.S. Treasury bonds, pushing up prices and yields down.”

Goss says hiring across the region is down as businesses continue to struggle to find qualified workers.

The monthly Creighton survey covers Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota.

Share this:

  • Facebook
  • Twitter

Filed Under: Business, News

Featured Stories

Iowans 65+ now eligible in next phase of Covid vaccinations

Bill would remove transfer limits in five Iowa school districts

Former Iowa sports talk host sentenced to federal prison for ticket scams

Feenstra only member of Iowa delegation not at Biden’s inauguration

Congresswoman Axne favors Biden pandemic relief plan, Hinson not ruling out a ‘yes’

TwitterFacebook
Tweets by RadioIowa

UNI adds two nonconference games to basketball schedule

Iowa State-Kansas postponed

Iowa-Michigan State postponed

Fire damage to Riverfront Stadium electrical system will cost Waterloo thousands

Iowa State at Kansas State postponed

More Sports

eNews and Updates

Enter your email address:

Delivered by FeedBurner

Archives

Copyright © 2021 ยท Learfield News & Ag, LLC