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Commerce Lexington Leader Spells Out Economic Challenges To Rotarians

Stu Johnson

Uncertainty remains for future business activity as the pandemic lengthens.  Lexington Rotarians got some insight Thursday from Commerce Lexington officials.

Marketing and Communications Director Mark Turner spoke about the last eight months and how over 52 hundred Lexington businesses had received Paycheck Protection Program funds.  He says 167 benefitted from the city’s business stimulus monies.

Commerce Lexington CEO Bob Quick said questions remain about the near future. “I think a lot of it depends on capital and the economy turning and quite frankly can we get the vaccine where the efficacy is high where people are confident in it,” said Quick.

Quick pointed out how Lexington’s unemployment spiked at just over 15% in April, but fell to just below 5% in September.  The Commerce Lexington President said airline industry officials project anywhere from a three to seven year pull up.  Quick noted it may be the same for the economy as a whole.

The business organization leader added advancement of the coronavirus vaccine will likely be key in moving the economy ahead. Quick said the potential is still out there for business closures again, depending upon the infection rate and if there are further limitations on gatherings.?

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