Emsi was pleased to partner with Mid-America EDC for a recent webinar on understanding the various economic and labor market impacts of COVID-19. We dove into economic impact analysis, the ins and outs of the Input-Output Model, the uniqueness of essential/non-essential workers by MSAs, and how to evaluate ways to pivot a workforce to resilient, in-demand fields.
The full webinar is embedded here and a breakdown of the discussion is below.
Introduction
Welcome – Kyle Adams, President, Mid-America EDC (:25)
Agenda (1:42)
Speaker bios (4:16)
Economic Impact Analysis
Uniqueness of Covid-19 as a Major Event (6:14)
Types of Economic Impact Analysis (9:35)
Input-Output (I-O) Model (12:45)
I-O Multiplier Effects (14:08)
Essential vs. Non-Essential Industries
Generating Essential/Non-Essential Industry Groups (15:56)
Breakdown of Essential vs. Non-Essential Industries by MSA (17:37)
I-O Examples
Springfield, MO “Main Street” (23:57)
Construction in Grand Rapids, MI (28:53)
Workforce and jobs
Pivoting to In-Demand, Resilient Skills (35:48)
High Risk Occupations (38:07)
Occupations in Large Group Settings (39:40)
Need for Resilient Labor Force (42:26)
Using Job Posting Data to Determine In-Demand Skills (45:15)
Closing
Covid-19 Resource Page (50:14)
Q&A (52:22)
For more insights on understanding the economic impact of COVID-19 and strategies for building a recovery plan, download our COVID-19 Recovery Guide.