WATCH: Boone County leader expects $20 million graduation business loss

COLUMBIA, Mo. (KMIZ)

Local businesses could lose out on $20 million this weekend thanks to a lack of in-person graduation ceremonies including at the University of Missouri, a Boone County commissioner said Thursday.

MU, Columbia College and Stephens College are unable to have graduation ceremonies because of local rules prohibiting large gatherings. Those events bring families to Columbia who spend money, creating a boon for the local economy, Boone County Southern District Commissioner Fred Parry said in an interview on ABC 17 News at 5.

"When you look at the money that is spent on graduation weekends at local restaurants and bars and hotels and local shops, we are going to lose over $20 million in revenue this weekend alone," Parry said.

Watch the video to see the full interview.