PAGE 8 - POPULAR ANNUAL FINANCIAL REPORT FISCAL YEAR 2020 Major Trends The preparation of the budget and the information provided in the financial statements are impacted by economic trends. These trends include the local economy, long-term local and state financial implications, and the larger national economy.
Economic and Demographic Characteristics After years of a steadily decreasing rates, Rock Hill experienced a significant increase in unemployment rate with the COVID-19 public health response that began in March 2020. Although the COVID-19 related unemployment rate has not reached the same level as the Great Recession, the City has worked to help impacted residents and businesses. Due to the pressure brought about from the pandemic, the City of Rock Hill remains committed to attracting and retaining businesses. Rock Hill shifted to resident and small business assistance, working with local partners to develop the Rock Hill Unite program. This program has several components, one of which assists residents with utilities payments and another provides loan assistance to small businesses. The small business element of Rock Hill Unite was designed to grant assistance to local small businesses that were not eligible for the Federal Small Business Administration Paycheck Protection Program (PPP). Rock Hill Unite began taking applicants for both programs in late FY2020, so results of this program will be seen in FY2021. Despite the challenging unemployment numbers for the end of FY2020, there was an increase in the value of construction activity. FY2020 saw Rock Hill Top Employers permit valuation increased by 4% (from Employer Employees (FTE) $260 million in FY2019 to $271 million Rock Hill School District 2,400 in FY2020). This permit valuation number includes any changes/ Piedmont Medical Center 1,682 adjustments that occur during the Comporium 1,107 construction process. Winthrop University 816 City of Rock Hill Atlas Copco USA Williams & Fudge, Inc. Source: York County Economic Development
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The City of Rock Hill continuously monitors economic trends to ensure the City adapts policy as economic difficulties such as COVID-19 arise.
