“There is nothing certain but the uncertain”
No other words could be more accurate to describe the second quarter of 2020. The US, much like the rest of the world has been hit hard by the COVID-19 pandemic, which has ignited widespread uncertainty about the future and driven some countries’ economies to depths not imagined since The Great Depression.
However, in times like these, there exists potential for growth and prosperity as businesses and economies get creative with the hands they’re being dealt, adapt to a new normal, and re- strategize business plans moving into Q3. Already, with May and June job reports as the two largest single month gains in US history, business is on the rebound!
Snapshot of different industries affected in Florida
Accounting and Finance
For the most part, the Accounting and Finance sector has weathered the storm up until now. Work has remained steady for the commercial, industrial and technology industries while retail and hospitality have unfortunately seen tremendous losses. There is hope that these industries will begin to recover as state-wide lockdown restrictions ease and more business are allowed to reopen for trade.
Due to hospitals cancelling elective surgeries and imaging to make space for potential floods of coronavirus patients, revenue-generation from these streams declined. Emergency departments also experienced a noticeable decrease related to in-patient admissions during the pandemic’s highpoint. Concern remains, however, that local hospitals could see an uptick in novel coronavirus patients as businesses, churches, community centers, state and local governments begin to “reopen.” The road back to normalcy will be slow as hospitals and other medical facilities restart their business and fundraising operations.
Hospitality is among the hardest-hit sectors due to fears of infection spreading through travel, community and group environments. However, the industry is now witnessing a gradual increase in activity, which is good news. Of the 46,000 hotels shuttered during the height of the pandemic, half are reopening, with demand for overnight hotel stays climbing, as is traffic to operational beachfront resorts over weekends by holidaymakers. The lifting of beach restrictions in Broward and Palm Beach counties is another encouraging sign, particularly to major oceanfront hotels planning to reopen later in the summer. Unfortunately, the road to recovery remains long.
The technology industry has spiked exponentially as companies urgently rushed to move business models and operations online during lockdowns. Growth in this sector has increased year-on- year in any event, as outlined in various articles on the MSI Recruiting Resource Center but COVID-19 has rapidly expedited the need for businesses to embrace digitalization throughout every touchpoint of their operations in order to stay ahead of the competition.