Memphis, Tenn., September 16, 2020 – Paragon Bank (OTCBB: PGNN.OB) today announced that its Outlook 2020 Memphis Economic Study will be available for download on Thursday, September 17. The survey will offer insights into local consumer confidence, how it has changed within the past year, and how the COVID-19 pandemic affects those sentiments.
“We knew that with the unprecedented challenges we have all faced during this time, consumer sentiment would be down,” said Robert Shaw, chief executive officer at Paragon Bank. “We are happy to share these results with the Memphis community so we can all better prepare for what is to come.”
This is the third annual Paragon Bank Memphis Consumer Sentiment Survey, conducted by the Sparks Bureau of Business and Economic Research, and led by Dr. John Gnuschke, chief economist, and Dr. Ryan Hanson, GIS Projects Manager.
This year, 650 online surveys were completed during the month of July. In recent years, consumers have kept a relatively positive outlook on the Memphis economy. However, the 2020 pandemic forced an economic shutdown that caused the Memphis economy to suffer, starting in March with the escalation of COVID-19 cases.
Due to the pandemic, Paragon will not hold its annual event to discuss how these sentiments will affect businesses in the Memphis area.
“The data from the July survey and the uncertainty surrounding the economy was evident in the responses we received,” Gnuschke said. “While strong employment growth is occurring in many states, the economy is still fragile due to COVID-19.”
The purpose of the study is to collect the perceptions of the Greater Memphis economy. The survey consisted of 13 questions about consumer sentiment and two newly added questions regarding the COVID-19 impact. All participants were residents of Shelby County in Tennessee and DeSoto County in Mississippi, expanding more than 40 zip codes.
About Paragon Bank
Since its founding in 2005, Paragon Bank has maintained a solid focus on the community and customer service and in 2018 opened its full-service Oxford Banking Center. For 15 years, Paragon has delivered innovative products and financial expertise, convenience, and a deep understanding of what both businesses and individuals need from a bank, in order to provide solutions that make a difference. In the areas of business or personal banking, lending options or wealth management, Paragon delivers cutting edge technology, an experienced team and the most service-oriented staff of any community bank.
For more information about Paragon Bank, please call (901) 273-2900 or visit us online at www.bankparagon.com.
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