North Carolina ill-prepared to withstand COVID-19’s economic impacts

WalletHub | Coronavirus isn’t just a danger to Americans’ health. It’s also a menace to our wallets. It’s led to the closing of scores of non-essential events and businesses, hurting the livelihood of many people.

The U.S. stock market has lost over 20 percent of its value, and the U.S. government was forced to pass a $2 trillion stimulus package. Some of the main features of the plan include sending checks to Americans, giving loans to businesses and providing extra funding for hospitals. Hopefully, this aid will start to turn the economic downturn around in a time when the number of unemployment insurance claims being filed is rising sharply.

Some states are better positioned economically to deal with the coronavirus pandemic than others. North Carolina is not among them. In a WalletHub comparison study, North Carolina ranked 15th worst in the nation.

To find out the states whose economies are most exposed to COVID-19, WalletHub compared the 50 states and the District of Columbia across 10 unique metrics. The data set ranges from share of employment from small businesses to share of workers with access to paid sick leave and increase in unemployment insurance claims. Read on for the full ranking, additional insight from a panel of experts and a complete description of our methodology.

Source: WalletHub

 

Here’s the full charge.

State Economies Most Exposed to Coronavirus

Overall Rank State Total Score ‘High Impact Industries & Workforce’ Rank ‘Resources for Businesses to Cope Better with the Crisis’ Rank
1 Louisiana 68.12 1 4
2 Rhode Island 63.17 2 16
3 Nevada 60.71 3 23
4 Maine 57.58 4 31
5 New Hampshire 55.98 5 39
6 Pennsylvania 54.34 8 15
7 Montana 54.27 6 36
8 New Jersey 53.32 15 5
9 Massachusetts 51.91 7 27
10 Illinois 50.57 24 3
11 Kentucky 50.35 34 1
12 Michigan 50.17 20 14
13 Ohio 50.02 18 18
14 New Mexico 49.53 10 33
15 North Carolina 49.36 16 22
16 District of Columbia 49.23 9 38
17 Minnesota 48.90 11 35
18 Kansas 48.03 29 6
19 Indiana 48.02 23 11
20 Maryland 47.25 22 19
21 Mississippi 47.12 44 2
22 South Carolina 46.39 30 13
23 Florida 46.25 19 37
24 New York 45.70 26 17
25 Colorado 45.60 14 44
26 Hawaii 45.24 17 42
27 North Dakota 44.85 13 46
28 Vermont 44.66 21 41
29 Oklahoma 44.52 27 24
30 Tennessee 44.45 31 21
31 Virginia 44.39 25 26
32 Washington 43.82 12 48
33 Delaware 43.57 42 12
34 Wisconsin 42.64 47 10
35 Texas 42.34 36 25
36 Arizona 42.28 33 29
37 West Virginia 41.94 48 8
38 Iowa 40.93 46 20
39 Connecticut 40.45 37 32
40 Missouri 39.99 43 28
41 Idaho 38.82 35 43
42 Arkansas 38.78 49 7
43 Nebraska 38.72 45 30
44 Alabama 38.42 50 9
45 South Dakota 38.12 40 40
46 Wyoming 37.73 28 50
47 Utah 36.75 39 45
48 Oregon 36.43 32 51
49 Alaska 35.74 38 49
50 California 35.69 41 47
51 Georgia 32.87 51 34

 

 

March 31st, 2020 by
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