Here Are The State Economies Most (& Least) Affected By COVID-19

As we have seen, the effect on economies due to coronavirus is astronomical. Businesses have had to close their doors and unemployment numbers have risen. WalletHub used two major components to rank the states that are most and least affected by COVID-19. The metrics used were “Highly Affected Industries & Workforce” and “Resources for Businesses to Cope Better with the Crisis.” 

Factors taken into account for “Highly Affected Industries & Workforce” are:

• • GDP Generated by Highly Affected Industries as Share of Total State GDP

  • Share of Small Businesses with Temporary Closings of Business Locations

  • Share of Employment from Highly Affected Industries,

  • WalletHub’s “States Hit Most by Unemployment Claims” Score

  • Share of Employment from Small Businesses

  • Share of Small Businesses Who Shifted to the Production of Other Goods or Services

  • Percent Change in Earnings for Workers in Small Businesses, and Percent Change in All Consumer Spending.

Factors taken into account for “Resources for Businesses to Cope Better with the Crisis” are:

• • States Prepared for Digital Economy Ranking, Share of Workers Working from Home

  • Work from Home Infrastructure

• • State Rainy Day Funds as Share of State Expenditures

• • Share of Workers with Access to Paid Sick Leave

  • State Fiscal Condition Index.

Now, let’s look at which states have been the most, and the least, affected by COVID-19 based off of these factors.

State economies most exposed to coronavirus

1. 1. Florida

   2. Louisiana

   3. Mississippi

   4. Kentucky

   5. New York

   6. District of Columbia

   7. Georgia

   8. Virginia

   9. Illinois

   10. Maryland

   11. North Carolina

   12. Nevada

   13. Rhode Island

   14. New Jersey Oklahoma

State economies least exposed to coronavirus

1. 1. North Dakota

   2. Nebraska

   3. Missouri

   4. Wyoming

   5. Idaho

   6. Alaska

   7. Utah

   8. Arkansas

   9. Oregon

   10. Iowa

   11. Washington

   12. Vermont

   13. South Dakota

   14. West Virginia

   15. Maine

Highest GDP generated by highly affected industries as share of total state GDP

1. 1. Florida

   2. Vermont

   3. Hawaii

   4. Maine 

   5. Nevada

Lowest GDP generated by highly affected industries as share of total state GDP

1. 1. Delaware

   2. Nebraska

   3. Iowa

   4. South Dakota

   5. Kansas

Highest share of employment from highly affected industries

1. 1. Florida

   2. Colorado

   3. Utah

   4. New York

   5. Nevada

Lowest share of employment from highly affected industries

1. 1. Idaho

   2. South Dakota

   3. Iowa

   4. Indiana

   5. Alabama

Highest share of employment from small businesses

1. 1. Montana

   2. Wyoming

   3. Vermont

   4. South Dakota

   5. North Dakota

Lowest share of employment from small businesses

1. 1. Nevada

   2. Florida

   3. Tennessee 

   4. Georgia

   5. Kentucky

Most prepared for digital economy ranking

Tied: Utah, Ohio, Missouri, Michigan, Georgia

Least prepared for digital economy ranking

Tied for 1st: Alaska, New Jersey, Rhode Island

Tied for 4th: Nevada, New Hampshire, Wyoming

Highest share of workers working from home

1. 1. Colorado

   2. Vermont

   3. Oregon

   4. Montana

   5. New Hampshire

Lowest share of workers working from home

1. 1. Mississippi

   2. Louisiana

   3. Alabama & West Virginia

1. 5. Arkansas

Best work from home infrastructure 

1. 1. Maryland

   2. Massachusetts

   3. New Jersey

   4. Washington

   5. Colorado

Worst work from home infrastructure

1. 1. Mississippi

   2. Arkansas

   3. West Virginia

   4. New Mexico

   5. Montana

Highest share of workers with access to paid sick leave

Tied- Washington, Oregon, Hawaii, California, Alaska

Lowest share of workers with access to paid sick leave

Tied- Alabama, Illinois, Indiana, Kentucky, Michigan, Mississippi

Highest state rainy day funds as share of state expenditures

1. 1. Wyoming, Alaska, North Dakota

   2. New Mexico, West Virginia

Lowest state rainy day funds as share of state expenditures

1. 1. Illinois, Kansas

   2. New Jersey, Pennsylvania

   3. Kentucky

Best state fiscal condition index

1. 1. South Dakota

   2. Florida

   3. Wyoming

   4. Nebraska

   5. Tennessee

Worst state fiscal condition index

1. 1. Connecticut

   2. Illinois

   3. Massachusetts

   4. New Jersey

   5. Kentucky