America’s $2 Trillion Economic Drop, by State and Sector #infographic

 

America’s $2 Trillion Economic Drop, by State and Sector #infographic

It just took the U.S. economy a couple of months to reel from the repercussions of COVID-19.

As unemployment rates reached all-time highs and companies struggled to keep alive, new data shows that current dollar GDP plunged between Q1'2020 and Q2'2020 (seasonally adjusted at annual rates) from almost $21.6 trillion to $19.5 trillion.

Although there was a decline in all states, the results were not spread evenly throughout the country. This infographic takes a look at the new Bureau of Economic Analysis results, showing the largest declines across states, and which sectors were most affected by closures and confusion associated with COVID-19.

Stay-at - home orders resulted in disruptions to consumer activity, health and the broader economy between March and June 2020, causing the U.S. GDP would decrease by 31.4% from the numbers published in Q1.

The U.S. economy is the sum of its parts, with each state contributing to overall production , making the fall in COVID-19 much more clear when taking into account state-by - state shifts in GDP.

Within the Lodging & Food Services sector, which was also the sector that suffered most nationally, a total of 18 states took the greatest hit, falling by 4.38 percent.

Highly dependent on tourism, with an 18.85 percent decrease, Hawaii bore the brunt of decline in this sector. A second wave of infections and expired financial assistance were behind this contraction, according to the Economic Research Organization at the University of Hawaii (UHERO).

Next, of the two thirds, the health care & social assistance sector was most affected in 17 states, dropping the most in Tennessee (-6.25 percent).

America’s $2 Trillion Economic Drop, by State and Sector #infographic

infographic by: www.visualcapitalist.com

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