How coronavirus is affecting Central Florida’s economy
On Friday, March 13th, Dale Crossley and Evan Shear contributed to a WFTV9 article noting how the coronavirus is affecting the Florida economy. They also provided present-day financial tips and insights on the future financial outlook.
By: Katlyn Brieskorn
ORLANDO, Fla. — The coronavirus is hitting the economy in Central Florida hard, with several counties missing out on millions due to conventions and events being canceled.
Orange County officials said the county has lost more than $280 million due to conventions being canceled amid fears of the coronavirus, and it could lose even more.
Several Central Florida cities and counties have declared states of emergency. President Donald Trump declared a national emergency.
Channel 9 spoke with financial advisers on the impacts the coronavirus could have on Central Florida.
“Because we are highly reliant on tourism and leisure, we could see a potential financial slowdown in Central Florida. The scope and magnitude will be dependent on how long it takes to peak and level out. We are already seeing the effects with the closure of theme parks, cruises, flights, professional sports,” said Dale Crossley, a financial adviser.
Not only are theme parks being affected, the fears of COVID-19 are affecting local businesses in the area.
Popular restaurants in Oviedo and Orlando have seen a slight decrease in business because people are avoiding large group interactions.
As of Friday, the stock market has begun to rise after its historic plunge Thursday.
Dale Crossley and Evan Shear, both financial advisers, believe the market will rebound; it’s just a matter of when.
“It never feels good when we are going through a correction or major pullback. When things have looked the worst in the past, it has been the best time to invest if you have more than a short-term time horizon,” Shear said.
But what does this all mean for locals wanting to know more about their financial future amid the coronavirus outbreak?
With a pandemic ongoing, Central Floridians should already have financial preparations in place, according to Shear.
Shear said he has been suggesting his clients build some reserves.
“At this point, I would be building a list of names (of stocks) you have wanted to own and prepare to tranche in over the next few weeks," said Shear. “The worst may not be behind us, but if you have more than a myopic outlook, there are some opportunities that could be hard to pass up.”
With the stock market plunging, there is fear of a recession. Both Crossley and Shear believe the probability of a recession in the near future has increased dramatically.
However, Shear believes it won’t be a very long recession. “Many of us believed it was coming before this outbreak, but the virus may have just put the nail in the coffin. That’s the bad news. The good news is that we don’t think this one will be very long or deep like ’08-'09.”
View the WFTV Channel 9 article >
About CrossleyShear Wealth Management | Since 1998, CrossleyShear Wealth Management has served as a premier financial planning team dedicated to helping provide clients and families with innovative financial solutions and wealth management strategies. With offices in Heathrow and Merritt Island, Florida, the company’s tailored customer care philosophy and customized planning process helps empower its clients to achieve their financial goals and provide financial independence for those that matter most. For more information about CrossleyShear Wealth Management and its client-centric approach to financial planning, visit CrossleyShear.com.
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