NEW YORK (WWTI) — The statewide economy has seen a significant decrease since the start of the COVID-19 pandemic, but some industries are feeling the impacts harder than others.
The report COVID-19 Economic Impact: A State-by-State Analysis, conducted by Bussiness.org, determined how each state in the United States has been affected by COVID-19. The report ranked each state by the percent change in GDP from 2019 Q4 to 2020 Q4.
The report found that the New York State economy has shrunk -11.37% since the end of 2019. This change is attributed to the COVID-19 pandemic.
A key highlight of the report stated that nationwide, arts, entertainment and recreations industries were the most affected industries; with these industries in New York State being the most affected in the nation.
The Business.org report found that the arts, entertainment and recreation industries in New York State have declined 71.0% since the start of the pandemic.
Additional findings from the report include the following:
- 31 states reported high declines, between 45% and 75% in the arts, entertainment and recreation industries
- 18 states logged declines between 49% and 59% in the mining, quarrying and oil and gas extraction industries
- Virginia saw a 87% decline in agriculture, forestry, fishing and hunting industries
- Wyoming took the biggest GDP hit with a 18.5% decline
- The District of Columbia saw the smallest GDP change logging -5%
Full findings from the report can be found on the Business.org website.
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