Virginia's Potential Economic Outcomes Amidst the COVID-19 Pandemic

WTVR CBS 6 News Richmond published a recent article discussing the University of Virginia’s Weldon Cooper Center for Public Service’s latest report, “COVID-19 Economic and Tax Revenue Impacts: Estimates for the Commonwealth of Virginia and Localities.”

The article covers how the Weldon Cooper Center used the REMI PI+ model to produce two economic scenarios related to the impact of COVID-19 on the state of Virginia and its tax revenues, as well as highlights a few of the key results discovered in their analysis.

Bill Shobe, Director of the Weldon Cooper Center’s Center for Economic and Policy Studies, spoke with WTVR 6 about the intent of the study, saying, “Understanding the likely range of changes in income (GDP) and employment will help state and local government develop budget contingency plans that can reduce the overall costs of the economic emergency.”

You can read WTVR 6’s article by clicking here.

You can also access the full report produced by the University of Virginia by clicking here.