COVID-19 economic impact hitting Houston from oil on down

The coronavirus is having an impact far beyond the national economy. It's hitting the Houston economy as well.

For starters, the energy sector is dealing with plunging oil prices, and Steven Craig at the University of Houston says that has a trickle down effect.

"It hits the direct supply chain into the energy sector. We are still the manufacturing center for a lot of this. We're the research and high tech center for the energy industry," Craig said.

You may have noticed less people eating at your favorite restaurant this week, and Craig says that's another economic impact of COVID-19.

"You don't even realize how much of your industry is entertainment. But it's a lot of it, and it's in every dimension," Craig stated.

But, Craig says this looks like 1987 to him, when the economy dropped quickly, and recovered quickly.

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