States that are recovering the fastest from COVID-19

Things seem to be looking up a bit.

With the unemployment rate at 6% and around 32% of the population fully vaccinated, a new report offers insight as to the states that are recovering the fastest from COVID-19.

To identify the states that are having the most successful recoveries, WalletHub compared the 50 states and the District of Columbia across 22 key metrics. The data set ranges from the share of the population fully vaccinated to the real GDP vs. pre-COVID levels.

For example here is how California rates:

Recovery from COVID-19 in California (1=Quickest, 25=Avg.):

• 28^th – Share of Population Fully Vaccinated
• 28^th – Share of Vaccine Supply Used
• 39^th – COVID-19 Death Rate
• 2^nd – COVID-19 Hospitalization Rate
• 38^th – Share of Hospitals with Staff Shortages
• 11^th – Share of Hospitals with Supply Shortages
• 42^nd – Average Daily Restaurant Visits
• 16^th – Real GDP vs. Pre-COVID Levels
• 45^th – Unemployment Rate vs. Pre-COVID Levels
• 42^nd – Total Weekly Job Postings vs. Pre-COVID Levels
• 44^th – Total Weekly Consumer Spending vs. Pre-COVID Levels
• 15^th – Real Estate Active Listings vs. Pre-COVID Levels

Note: Rankings are based on data available as of May 3, 2021.

For the full report, please visit here

How does a state’s public health recovery impact its economic recovery?

“A state’s public health recovery is essential for its economic recovery. The biggest factors hurting the economy are restrictions on businesses and high unemployment, both of which are a direct result of necessary public health measures put in place to curb the pandemic,” said Jill Gonzalez, WalletHub analyst. “As COVID-19 cases and deaths decline in a state, the government can loosen restrictions and businesses can hire more as a result. Prioritizing vaccination will speed up the country’s public health recovery, which in turn will accelerate the economic recovery.”

Why are some states able to recover from the pandemic a lot faster than others?

“There are many reasons why some states can recover from the COVID-19 pandemic faster than others, some of which are that certain states have done a better job of minimizing COVID-19 transmission and have vaccinated residents at higher rates,” she added.

“A state’s climate can have a big impact on its recovery, too. Warmer states, like Florida, allow people to be outside more easily, which gives extra protection to the elderly and other vulnerable demographics. This has led to an economic boom for warmer states, and as people consider where to relocate after the pandemic, climate and tax rates will be among the biggest factors in their decisions.”

Why does South Dakota rank as having the quickest recovery from COVID-19?

“South Dakota ranks as having the quickest recovery from COVID-19 in part because it is one of only two states in the country whose unemployment rates have decreased between March 2019 and March 2021,” Gonzalez said.

“South Dakota is one of only three states that experienced an increase in small-business work hours compared to pre-pandemic levels, too, and it has the highest share of residents who are fully vaccinated.”

Why does Michigan rank as having the slowest recovery from COVID-19?

“Michigan ranks as having the slowest recovery from COVID-19 in part because it has some of the highest COVID-19 hospitalization and death rates in the country,” Gonzalez added. “Michigan has seen one of the biggest declines in real GDP due to the pandemic, and it’s one of only 14 states with restrictions in place for gatherings of over 25 people.”

Source: WalletHub