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UAH research scientist explains coronavirus impact North Alabama economy
Credit: WAAY ABC Huntsville, AL
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Coronavirus fears are causing u.s. stocks to plummet after president trump announced travel restrictions between the united states and europe.
Today -- stocks fell 10 percent -- which is the biggest drops sine the 1987 market crash.
But how is this impacting north alabama?
Waay 31's shosh bedrosian is live at the university of alabama in huntsville where she spoke with a research scientist about the current market.
You might be concerned about your retirement plan or taking out loans right now.... but: the research scientist i spoke with today told me no one needs to panic yet and that it's important to remember how frequent the stock market fluctuates.
Jeff thompson, research scientist at the college of business at the university of alabama in huntsville ,told me the north alabama economy brings in about 80 million dollars per day.
He says it's possible during this time we will see a change in consumer habits.
For example, he said there could be a reduction in gasoline consumption because fewer people are traveling and going to work so they can avoid getting sick.
He also said it could change habits like going out to eat at restaurants.
I spoke with one man who delivers food through door dash about this.
"not going out to functions sporting events or things with big groups of people so i see a lot of people avoiding that.
On the flip side of that with people not wanting to go out they will turn to door dash" the researcher also told me this stock market plummet may not have a direct impact on north alabama yet.
"i think the north alabama southern tennessee region has a very strong economy with all the industry and diverse industry that we have.
The growth that's going on right now, whenever we're going through today, we'll likely not have any lasting effects.
It's just kinda a time out for certain industries" coming up on waay 31 news at 5 o'clock... i'll have more details about the stock market and it's impacts on the north alabama economy.
Reporting live in