SC - South Carolina's Tourism Collapse Gains Momentum as Apocalyptic Year Draws to a Close
The collapse of the South Carolina tourism industry picked up additional downward momentum during the first week of November – with revenue losses accelerating amidst another spike in coronavirus cases.
According to the latest data from Tourism Economics, industry revenues tanked by $111 million in the Palmetto State during the week ending November 7, 2020 – a decline of 40 percent compared to the “equivalent week” in 2019.
Behold, the carnage …
Revenues are now down $5.3 billion for the year – a 43 percent decline from the same point a year ago.
Talk about terminal velocity …
Those are obviously stunning losses, and they come with truly tragic consequences for tens of thousands of small businesses, employees and families who have borne the brunt of the Covid-19 lockdowns.
Weekly revenue losses have ranged between 31 percent and 40 percent for 21 consecutive weeks – assuming you discount the first two weeks in September. We do … because the “unusually elevated” revenue estimates from those two weeks were likely attributable to the fact that Hurricane Dorian hit South Carolina a year ago during the comparison time period.