Most states are reopening some non-essential businesses, but state economies are still reeling from the loss of revenue and massive unemployment caused by the coronavirus pandemic. WalletHub released updated rankings for the State Economies Most Exposed to Coronavirus. Analyst Jill Gonzalez says Georgia is the 7th Most Exposed.
“Some states are better positioned economically to deal with that than others. Unfortunately, Georgia is one of the state’s economies that was most exposed to coronavirus.”
She says Georgia was hit in several of the state’s industries.
“So when it comes to both employment and GDP (Gross Domestic Product) generated by these industries, those include: accommodation and food services, arts and entertainment, retail, real estate, rental leasing, all of those things very much affected by coronavirus,” according to Gonzalez. “Because of that, not only was employment taking a hit, but really the GDP as a whole took a hit.”
The personal finance website considered several factors when compiling the list.
“We also looked at how much employment was from small business, the share of those small businesses with temporary closings, the percentage of the change in earnings for people and consumer spending, and then resources for businesses.”
Analysts say before COVID-19 hit; Georgia was actually faring pretty well. Florida was the most impacted state and North Dakota was the least. For more information, visit WalletHub.com.
