Actions

Utah economy fared among best in US during pandemic, study shows

Virus Outbreak Utah Economy
Posted at 12:49 PM, Apr 05, 2021
and last updated 2021-04-05 14:49:15-04

SALT LAKE CITY — A new study released Monday shows how well Utah's economy fared during the pandemic compared to other states.

READ: Utah near top of 'Best State' rankings; No. 1 in economy

Utah ranks 48th in the WalletHub study of State Economies Hit Most by Coronavirus.

The study used two key dimensions, “Highly Affected Industries & Workforce” and “Resources for Businesses to Cope Better with the Crisis" to come up with its findings.

Using the following 13 metrics in the dimensions, each state and the District of Columbia was evaluated and ranked:

  • GDP Generated by Highly Affected Industries as Share of Total State GDP
  • GDP Generated by Highly Affected Industries as Share of Total State GDP
  • WalletHub’s "States Whose Unemployment Claims Are Recovering the Quickest" Score
  • Share of Employment from Small Businesses
  • Percent Change in All Consumer Spending
  • Percent Change in Number of Small Businesses Open
  • Change in GDP (2020 vs 2019)
  • States Prepared for Digital Economy Ranking
  • Share of Workers Working from Home
  • Work from Home Infrastructure
  • Share of Workers with Access to Paid Sick Leave
  • State Rainy Day Funds as Share of State Expenditures
  • State Fiscal Condition Index

Utah ranked No. 46 in “Highly Affected Industries & Workforce,” while placing 33rd in “Resources for Businesses to Cope Better with the Crisis."

WATCH: Too many realtors? Or just not enough homes to sell in Utah?

STATE ECONOMIES HIT LEAST BY COVID-19:

51. Washington
50. Arizona
49. Oregon
48. UTAH
47. District of Columbia

STATE ECONOMIES HIT MOST BY COVID-19:

1. Louisiana
2. Oklahoma
3. Hawaii
4. Ohio
5. Nevada