Activity in the Second Quarter of 2020 we are going to see eyepopping forecasts in the third quarter. We cannot lose sight of what that means for people who are struggling, businesses who are struggling, in the fact we still have a deep hole. Recovery,led k shaped and those who do not have options to work from home, is already fading away. We see a hollowed out downtown. [indiscernible] what does that mean for city revenue . In high rent districts employment is still at that 45 of precovid levels. Colleagues and i have a clause looking at what this means for cities and how it depends on revenue structure, industry, and exposure to covid as well as federal and state policy response. If i could get the next slide, please . Go. E we going into this there were a lot of things we thought we knew about city economies and finances. Much of that has been upended by covid. You are thought to be a Success Story if you are a service economy, and now they are under threat. We used to think cities
Are been institute, this runs an hour. After recordbreaking declines in Economic Activity in the Second Quarter 1 45,020 we are going to be 25 vote in the Second Quarter. For people who are still struggling to climb out of. What is written about the cake shaped recovery, workers at the low Income Distribution who dont have option to work from home and for whom federal help is already taken away. As we see with fewer workers buying lattes, any service that depends on a smile, what does that mean for revenue . One estimate suggests in high rent districts, employment is at 45 so we have my colleagues and i, for cities and looking at how it depends on revenue structure and exposure to covid19, federal and state policy response. If i could get the next slide please. There we go. The point is going into this there are a lot of things we knew about city economies and finances and it has been upended by covid19. A Success Story and many of those jobs are under threat. Cities that successfully
We should not lose sight of what that means for people who are still struggling and the fact we still have a very deep hole to climb out of. The socalled [inaudible] workers at the low end distribution hedonic options to work from home and federal health is already fading away. Nasa been said about what this means for cities and as we see hollowed out downtowns with your workers coming in, buying lattes and what 115th congress has called any service that depends on a smile what does that mean for city revenues . One estimate suggests especially in high rent districts, employment is still at 45 of precovid levels. We arere about to explore the sinks a bigger graph of blog, my colleagues have a blog looking at what this means for cities and look at how really depends on state revenue structure, well exposure to covid as as the highly uncertain federal policy response. If i could get the next slide, please. There we go. The point of a blog is really going into this were a lot of things we
Cities krs the u. S. From the urban institute this runs an hour. Were about to hear some very good Economic News after recordbreaking declines in economical activity in the Second Quarter of 2020, well be see eyepopping consensus, 25 growth in the third quarter. We should not lose sight of what that means for people who are still struggling and the fact that we still have a deep hole to climb out of. Much has been written about the kshape recovery. Workers at the low end of the distribution who dont have options to work from home and for whom federal help has already been paid in a way. Weve seen who will owedout downtowns with fewer workers coming in, buying lattes. What does that mean for city revenues . One estimate suggests its in highrent zip codes, highrent districts, employment is still at 45 of precovid levels. So we are about to explore these things today. We also have a blog my colleague and i have a black about what this means for cities and each industrys mix and, of course
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