Created: April 06, 2020 06:34 PM
ALBUQUERQUE, N.M.– The University of New Mexico launched a new tool to track how coronavirus is impacting the state's economy.
The tool is called the economic dashboard and is intended to give critical data on New Mexico's economic trends during the pandemic.
The collected data includes information on statewide infections, oil and gas production and unemployment figures.
"From the state's point of view—What we're looking at is completely unprecedented. We're looking at a huge shakeup," said Jeffrey Mitchell, director of UNM's Bureau of Business and Economic Research.
The Bureau of Business and Economic Research at UNM is digging deep into data to get a bigger picture on how the virus is affecting the state's bottom line.
"New Mexico is getting hit by a double whammy," Mitchell said. "On the one hand you have the COVID and the need to stay home so that's having an effect on employment and at the same time it's having a tremendous impact on oil prices which is going to affect money to the state."
The tool is intended to help state and local leader make key decisions moving forward.
"It's not a question of how deep or how bad the economic situation gets—It's how long the problem lasts. If it's a matter of a month or two, many businesses will survive, people will go back, the economy will largely recover although that seems less and less likely if it takes four, five, six months to recover. Many businesses won't make it," Mitchell said.
The bureau is also working on developing and economic forecast, which they plan to roll out in a matter of weeks.
"We are searching, hunting for information that can help us understand the current situation," Mitchell said.
To check out the COVID-19 dashboard, click here.
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