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While the full economic impact of the coronavirus may only be revealed in the months and years to come, one thing is quite likely: rebuilding the nation will largely depend on America’s ability to continue to contain the spread. of COVID-19. As of June 2021, nearly 50% of Americans had received at least one dose of the vaccine, allowing states and businesses to reopen more fully, increasing spending and revenue. But while many states have returned to a semblance of normalcy, most statewide economies will need more time before they return to pre-pandemic levels.
The pace of economic recovery can take many forms. For some economies, it will take a V-shape, indicating a steep decline and an equally sharp recovery. Others will be K-shaped, meaning that some sectors of the economy are recovering faster than others. States that depend on tourism, entertainment and recreation as a crucial source of their economy tend to recover more slowly, as these sectors have often been hit hardest by the coronavirus in many states.
Credible analyzed economic data to create a weighted index that shows which states have recovered the most from the coronavirus. To determine which state economies are recovering the most, Credible looked at four key parameters: changes in unemployment rates, changes in the number of jobs in the state, changes in gross domestic product, and evolution of house values. Each measure and then the weighted average of the four measures were rated on a 100-point scale, so an index score of 100 represents the strongest economic recovery between 2020 and 2021.
Unemployment rates for April 2021 are from the United States Bureau of Labor Statistics. House price index scores come from the Federal Housing Finance Agency and measure changes in house prices in single-family homes. Employment growth statistics also come from the Bureau of Labor Statistics. Real GDP amounts for each state come from the United States Bureau of Economic Analysis. All statistics in this story are the most recent available as of June 10, 2021.
Read on to see which states have recovered the most, and the least, from the economic toll the coronavirus has taken on communities, industries and local governments.