ROCHESTER, Minn. - Destination Medical Center is analyzing the potential impact COVID-19 could have on the medical hub’s initiatives outlines in its 5-year update.
The goal of the study is to figure out the impact the pandemic is going to have on Rochester’s economy and guide the DMC’s near and long-term planning and investment decisions.
To do that the DMC utilized the economic development consulting firm HR&A. Principal Erin Lonoff says the economic recovery is going to be linked to consumer confidence and that will likely not bounce back until there’s a vaccine.
The firm estimates that will happen some time next year with consumer confidence starting to return a few months after that.
Lonoff said, “We've estimated that by the end of 2020 to December of 2022 Rochester's economy is going to have significantly recovered by is still going to be about 2-7% below pre-COVID levels.”
Rochester’s city-wide employment isn’t expected to return to pre-COVID levels until at least 2022 with hospitality and retail sectors expected to recover much slower than office jobs.
You can watch the full webinar by clicking here.