State Economies Hit the Most by Coronavirus
from Wallet Hub, Apr 5, 2021
Coronavirus isn’t just a danger to Americans’ health. It’s also a menace to our wallets. Due to the pandemic, many states still have restrictions on businesses, though the country is gradually reopening more and more as vaccination increases. The U.S. is still struggling to recover from the unemployment caused by business closures, too. While the federal government has helped mitigate some of this damage through multiple rounds of business loans, direct stimulus payments to individuals and increased unemployment benefits, it will take a long time for state economies to fully recover. That’s especially true in states that depend heavily on the industries that were most affected by the pandemic.
Some states are better positioned economically to deal with the coronavirus pandemic than others. To find out the states whose economies are hit the most by COVID-19, WalletHub compared the 50 states and the District of Columbia across 13 unique metrics. Their data set ranges from the share of employment from small businesses to the share of workers with access to paid sick leave and the increase in unemployment insurance claims….
read … Full Report
State Economies Most Exposed to Coronavirus
| Overall Rank |
3 |
| State |
Hawaii |
| Total Score |
56.75 |
| Highly Affected Industries & Workforce |
2 |
| Resources for Businesses to Cope Better with the Crisis |
10 |
GDP Generated by Highly Affected Industries as Share of Total State GDP Ranking
| Overall Rank |
2 |
| State |
Hawaii |
| Total Score |
61.61 |
| Accommodation and Food Services |
1 |
| Arts, Entertainment, and Recreation |
9 |
| Retail Trade |
10 |
| Mining, Quarrying, and Oil and Gas Extraction |
40 |
| Educational Services |
20 |
| Real Estate and Rental and Leasing |
1 |
| Other Services (except Government and Government Enterprises) |
8 |
Share of Employment from Highly Affected Industries Ranking
| Overall Rank |
5 |
| State |
Hawaii |
| Total Score |
56.84 |
| Accommodation and Food Services |
1 |
| Arts, Entertainment and Recreation |
20 |
| Advertising, Public Relations and Related Services |
40 |
| Retail Trade |
18 |
| Transportation |
1 |
| Oil and Gas Extraction |
27 |
| Educational Services |
45 |
| Health Care and Social Assistance |
19 |
| Real Estate, Rental and Leasing |
1 |
| Employment Services |
34 |
| Other Services, Except Public Administration |
17 |
Note: With the exception of “Total Score,” all of the columns in the tables above depict the relative rank of that state, where a rank of 1 represents the worst conditions for that metric category.
|