“ Economic opportunities will likely look different from what we have experienced in the past , and not all industries will rebound at the same pace .”
— Wendy Dant Chesser
Jeffersonville Mayor Mike Moore speaks in August during a ribbon cutting at the new Xscape Theatres at Gottbrath Parkway . Photo by Brooke McAfee been full of uncertainties that have caused many disruptions to our local employers ,” Chesser said . “ Those companies that can adapt quickly to new circumstances are the ones that will emerge as the most resilient . Flexibility and the ability to pivot your business model seems to be a key lesson .”
Jeffersonville Mayor Mike Moore was formerly a small business owner , and he agreed that adaptation is one of the most important characteristics of a successful enterprise .
“ It seems like there ’ s always something out there lurking that can cause problems for a small business ,” Moore said . “ COVID was a much greater magnitude .”
And like small businesses , Moore said governments also have to adjust .
New Albany and Jeffersonville essentially froze spending , cut line items and held off on filling some positions to adapt to reduced revenue projections for 2021 . Southern Indiana ’ s largest municipalities were able to avoid layoffs or pay cuts .
“ We will adapt and be stronger because of what we went through ,” Moore said .
THOSE HIT HARDEST
Weekly claims for some Southern Indiana counties were “ easily five times the level that existed during the Great
Recession ,” Dufrene said .
The labor expert said that while unemployment claims have subsided , they are still elevated compared to pre-pandemic levels .
“ Manufacturing , accommodation and food services , retail , and health care continue to see elevated claims when compared to pre-pandemic levels ,” Dufrene said .
“ When looking at continued claims for unemployment , the region is now at the level that existed during 2011 . Claims have been coming down , but are still elevated when compared to pre-pandemic levels .”
LOOKING TO 2021
By late summer , the region was enjoying a rebound on the labor front . Many laborers were called back to work and restrictions on businesses were lifted or reduced .
Moore said there were several positive indicators in Jeffersonville in the way of new businesses opening including a movie theater and a coffee shop while ground was broken for additional developments like a hotel and a medical facility .
“ Honestly , I think every time you face some dark times , it makes you stronger . And I think we come out of this stronger ,” Moore said .
Chesser said she ’ s optimistic about 2021 .
“ But the future economic opportunities will likely look different from what we have experienced in the past , and not all industries will rebound at the same pace ,” she said .
“ Attraction of new businesses to our area remains strong in the logistics and food / beverage sectors , and several existing manufacturers in filtration and packaging industries are positioning themselves for growth opportunities .”
“ While many large companies are bullish on their economic outlook in the nearterm , our smallest businesses are at the most risk . As a community and a business association , we need to look at ways to help them with continued access to capital , training on business tools and practices , and promotional assistance .”
Dufrene also believes 2021 will be a better year for Southern Indiana , especially when it comes to jobs .
“ The region has made considerable progress , and we will continue to chip away at the job losses ,” Dufrene said . “ By 2021 , we should be back up to job levels that existed prior to the pandemic . Depending on what happens with a vaccine , it may take other industries , such as hospitality and entertainment , longer .”
22 November / December 2020