Back to Business: Restoring the American Workplace
Timestamps
00:00: Panelist introductions & scope of responsibilities
7min: YOY parking demand data across the U.S.
9min: U.S. GDP before and after COVID-19, the cost of the shutdown
19min: The economic impact across various industries such as restaurant and hotel
36min: Given the profound impact, what does it take to restore the businesses, consumer demand, and the economy overall?
44min: The Workplace Recovery Alliance, what's in the bill and how to take action
56min: Q&A
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Current state of the industry in the U.S. and the impact of COVID-19
Current state of parking
25% of commuter parking volume compared to this time last year
5-10% of volume compared to last year for visitor, off-street parking
Parking data can be used as a barometer of recovery by reflecting the demand at businesses and the return to the workplace
US GDP Pre-COVID: $22T
Private sector: 65%
Public sector: 35%
US GDP Post-COVID, 2nd Quarter, down 38%
Shut down cost $600B per month = $7T
40% of employees that make less than $40,000 a year lost their job in March
Brad Cameron: The majority of companies in this country are not doing well. Especially as we know restaurants and tourism. Hotels have lost 90-95% of revenues. And generally, as an industry, they tend to make money when occupancy is over 65%. If you're at 75%, you're doing really really well but by the same token, anything after 65% is a disaster.
There's a business in Texas called, Shady Grove, that during the shutdown, had to furlough 60 employees. Now that they're starting to re-open businesses, they called their employees and only 8 returned, because it doesn't make economic sense for them. There won't be enough demand to generate the tips that they rely