MORGANTOWN, W.Va. – A recent study by WalletHub has found that West Virginia ranks 37 for the economy being exposed to the effects of Coronavirus.
So, what does this mean exactly?
Well, WalletHub officials explained that the Coronavirus isn’t just a danger to the health of Americans, but to their wallets as well. WalletHub stated that some states are better positioned, economically speaking, to deal with the impact of the virus than others and that it took a deeper look into why this may be.
By including factors such as employment rates of small businesses to worker access to paid sick leave and the increase in unemployment claims, WalletHub was able to rank the states in order of their most, to least impacted states.
Here is what they found:
|States with Most Exposed Economies||States with Least Exposed Economies|
|1. Louisiana||42. Arkansas|
|2. Rhode Island||43. Nebraska|
|3. Nevada||44. Alabama|
|4. Maine||45. South Dakota|
|5. New Hampshire||46. Wyoming|
|6. Pennsylvania||47. Utah|
|8. New Jersey||49. Alaska|
|9. Massachusetts||50. California|
|10. Illinois||51. Georgia|
According to officials, what makes a state economy more exposed to Coronavirus impact is that Some states have a higher concentration of jobs in those industries or a higher share of state GDP from those industries than others. WalletHub analyst, Jill Gonzalez explained that some states have higher concentrations in different measurements.
“WalletHub’s study used 10 core metrics to measure the impact of COVID-19 on state economies,” Gonzalez explained. “With the most weight going to the share of each state’s GDP [gross domestic product] and workforce that are from highly affected industries, along with the rate at which initial unemployment insurance claims are being made. Highly affected industries include accommodation and food services; arts, entertainment and recreation services; retail businesses and others.”
While the mountain state was ranked as one of the lowest increases in number of unemployment insurance claims, coming in at 47th place; it was ranked with a top worst work from home infrastructure, coming in at 3rd place.
However, West Virginia did come in with one of the highest state rainy day funds, ranking in 46th place. This means that the higher ranked states like Illinois and Kansas, who are tied for first place, have the less rainy day funding.
Some interesting facts about other states include:
- Rhode Island has the highest increase in number of initial unemployment insurance claims (2020 vs 2019 – 12th week), 4,574.93 percent, which is 90.6 times higher than in Utah, the lowest at 50.52 percent.
- Montana has the highest share of employment from small businesses, 65.20 percent, which is 1.6 times higher than in Nevada, the lowest at 42.00 percent.
- Mississippi has the lowest share of the population working from home, 2.30 percent, which is 3.3 times lower than in Colorado, the highest at 7.70 percent.
- Mississippi has the lowest share of households with a broadband internet subscription, 46.80 percent, which is 1.7 times lower than in New Hampshire, the highest at 78.80 percent.
To view the full report and to learn about WalletHubs methodology and how other states ranked, click here to be taken to its website.