‘Bleaker’ new economic outlook for Montana

The Bureau is also predicting a slower economic recovery in the state, with worse performance in both jobs and income, relative to pre-COVID-19 projections, extending beyond the year 2022.

In April, the Bureau predicted a shortfall in state personal income of $3.9 billion, a 7.1% decline. Now, they’re estimating that personal income in Montana is expected to be $6.4 billion lower in 2020 compared to 2018, an 11.7% drop.

The economic devastation wrought by the COVID-19 pandemic is far worse than a group of University of Montana economists predicted just a month ago, according to a new report. In fact, they predict Montana will now lose 75,000 jobs over the course of the year — compared to their original projection of 51,000 — and the economy will take much longer to recover.