Local economy continues to be impacted amid the pandemic

Local economy continues to be impacted amid the pandemic

LAWTON, Okla. (TNN) - Local merchants are feeling the pinch as the coronavirus pandemic continues.

Dr. Sylvia Burgess with the Lawton Fort Sill Chamber of Commerce said the local economy has taken a hit and there’s a level of uncertainty about what’s to come.

"At this point what’s going to happen moving forward with the coronavirus. As an example, we know for the foreseeable future life and business operation are different for us,” said Burgess.

Businesses have been limited to the number of consumers that can walk through their doors which over time, has a big impact on small & big businesses alike.

“We need to do that for health, safety and to continue to live. It means that profit margins will go down, now how much they go down is going to depend on the type of business,” said Burgess.

When the cost of a business exceeds the amount of revenue coming in, you can expect a rise in those goods you may be looking for. That could trigger people to cut back on items or services they need.

“If things ever gets back to normal. When that happens it’s may take a year, some businesses might rebound in a couple of months. Others may have to go a year before they can regain lost ground during this period of time," said Burgess.

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