Economic Downturn Will Hurt Some States More than Others
April 8, 2020
While the entire nation is bracing for the economic downturn caused by the coronavirus, some states will bear a larger burden than others. An analysis from IHS Markit identified which parts of the country will see the most severe downturn.
States that rely on tourism will take the biggest hit. Nevada is expected to see employment fall by 9.8%, and Florida’s is expected to fall by 7.9%. States like Texas and North Dakota that rely on energy are also especially vulnerable to a big downturn from plunging oil prices. Rural states like Nebraska and Iowa will fare the best, as their main industries are less likely to be hurt from the pandemic.
The good news is that, according to IHS Markit’s analysis, the regions that are hardest hit are most likely to see a quick recovery once the threat of the virus has passed.