The spread of the coronavirus over the past two weeks will be a boon for American job growth, according to Commerce Secretary Wilbur Ross.
Speaking to Fox Business Network, Ross was sympathetic to the victims of the disease but that didn't stop him from looking at the potential bright side of the outbreak.
“Well, first of all, every American's heart has to go out to the victims of the coronavirus. So, I don't want to talk about a victory lap over a very unfortunate, very malignant disease. But the fact is, it does give businesses yet another thing to consider when they go through their review of their supply chain,” Ross said.
The U.S. Centers for Disease Control confirmed Thursday the first U.S. case of human-to- human transmission of the virus.
So far, more than 8,200 people globally have been confirmed to have contracted the virus with another 170 deaths caused by the virus, which started in the Chinese city of Wuhan.
“It’s another risk factor that people need to take into account. So, I think it will help accelerate the return of jobs to North America, some to the U.S., probably some to Mexico as well,” Ross said.
The coronavirus has now officially passed the SARS epidemic in 2003 in terms of how many people were infected with the disease. However, coronavirus has turned out to be much less deadly than SARS.
About one in 10 SARS victims died from the disease, while the mortality rate for coronavirus has been much lower.
U.S. stocks fell Thursday as investors weighed the economic toll of the spread of the virus on global growth.