Specialists: Results of the virus doubtless ‘unprecedented’ for Flagstaff financial system – Arizona Every day Solar

While the results of the institute’s survey may not be known for several weeks, there is some indication the picture revealed may be a dire one.

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Last month, the Brookings Institution published a report on what communities could be the hardest hit economically by a recession caused by the coronavirus and Flagstaff was listed at No. 10.

According to the report, a little more than 27% Flagstaff’s economy was considered at high risk of being impacted by the coronavirus, primarily due to the region’s reliance on tourism.

And Guzman said that report and the numbers contained within didn’t surprise him when he saw it.

“Of course it rings true. We rely extraordinarily on accommodation and food service,” Guzman said. “This is an unprecedented situation. Frankly its equivalent to a natural disaster in terms of the effect on the economy, the effect on people, the effect on jobs, but it’s countywide.”

Robert Maxim, a research associate at the Brookings Institution, was one of the authors of that report. Looking back on it, he said he now thinks they were too conservative and a larger portion of the economy is at high risk of an impact and how severe it could be.

“We thought that there probably won’t be 100% unemployment in the travel arrangement sector, but actually in a lot of sectors, especially in tourism and hospitality, it’s not 100% but it’s pretty substantial,” Maxim said.

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